A year has passed since the implementation of RERA Act, 2016 and Maharashtra always been the first to set an example. Along with the implementation of the act, the authority also having the watch on the Builders or on their activities.
MAHARASHTRA has been the leading state if we talk about the RERA registration since last year. The RERA Authority has registered more than 17000 projects. Vidarbha and Nagpur are leading the chart having 850 and 400 registrations respectively.
Being the leading State MAHARERA is very strict on the builders as far as the RERA compliances are concerned, in Maharashtra, a promoter should update the progress report of the project on the MAHARERA website by every 90 days and if builders fail to do so then penal actions shall be taken. A proposed end date of the project should also be extended if the builder has not got the Occupancy Certificate from the authorities and it can be done by paying 20 % of the initial amount for a maximum period of one year.
Lately, MAHARERA has found 50 violations in an ongoing project of the city and serious actions have also been taken by authority on flight by night builders and this drive is still on progress and any builder who has violated the provisions of the Act will not be spared.
BR Hadadre, technical head of MAHARERA from Mumbai made a statement, wherein he said, if used by the realtors and customers the provisions of RERA has the ability to bridge the gap between the home-buyers and the builders and this will fetch transparency to the Real Estate Sector.
At last, we can infer that as far as the implementation of RERA is concerned MAHARERA is doing every possible effort to keep the builder in line with the provisions of the act. In addition, they are not restricting themselves to just registration and grievances parts only they have their eyes on every builder who has the intention to not to follow the RERA laws.
Disclaimer – The readers are expected to take expert opinion before placing reliance on it.