MAHA RERA Completing One Year

The Government came up with the Real Estate Regulatory Act (RERA) to regulate the real estate sector which helps buyers and sellers. RERA Bill was introduced in 2013 and it was approved in March 2017. It is helping home buyers the timely delivery of projects.
The RERA is a central Government law, but the implementation of the RERA depends on the state Government, as this sector comes under the state government subject. Maharashtra government has approved the RERA act as MAHA RERA act.
Some of the benefits of RERA are
• Buyers has the right to claim the compensation in case of any structural defect after possession of the property. Such defect needs to be rectified by the builder at no extra cost within 30 days .
• RERA makes it mandatory for all residential and commercial projects , or where the land is over 500 sq.ft. or above eight apartments, in such conditions builder will have to register with the regulator before launching the project.
• The buyer has to pay only for the carpet area. The Builder cannot charge for the super built-up area from Buyer.
• All the builders and agents will have to register themselves with the regulator, Under RERA.
• Builders or developers can sell the projects only after the necessary clearances.
• The RERA act clearly specifies that rate of interest (ROI) to be paid shall be same for both parties buyer and builders.
• The Builder is liable to deposit 70% of the amount in separate bank account and he can withdraw the same only after the completion of the project. This reduces the risk of builder’s bankruptcy.
• The builder can not take more than 10% as advance payment fees, before entering into an agreement of sale.
• The builder has to share all the information to the buyer related to the project such as floor plan, master plan, layout of plans, execution of plans, stage wise completion status, etc.
• The builder has to specify the completion date of the project, if the builder fails to complete the project within the given due date of completion then the buyer has the option to withdraw from the Project and he shall be entitled to full refund with interest from the due date of completion.