With the enactment of Real Estate (Regulation & Development) Act, 2016 (RERA), homebuyers are ultimately able to bid goodbye to undue project stays and inferior quality of construction. RERA has incorporated the much-required respite to homebuyers as now the builders are accountable for the delivery of the projects on time.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has proved to be of great advantage for homebuyers.
Knight Frank, a leading real estate research firm conducted a study and analyzed 60 verdicts from September 1 to December 6, 2017, and discovered that 47 rulings, or 79%, were decided in favour of consumers throughout Maharashtra; 11 (18 %) swayed in favour of builders; while the rest two (3%) were neutral.
With the institution of RERA, in place of wasting time in consumer courts, homebuyers can approach MahaRERA and get their complaints solved within one month.
Nibodh Shetty, consultant, research, Knight Frank India commented that MahaRERA has been successful in bringing an extraordinary change in the outlook of real estate developers to consumers. For the very first time, developers are held answerable for bringing what has been assured. In one case a group of buyers filed a complaint of time-consuming progress of work in their tower. Here, the RERA directed that complainants must be granted possession of flats in the other two towers in the compound where work was advancing at a quicker pace.
For another situation, purchasers complained that the project culmination date given to RERA and distributed on its site and that on their understandings were different. Here, RERA requested the manufacturers to pre-pone the fulfillment date with the goal that it coordinates the date submitted to RERA. It additionally gave directions to the developer to pay interest to purchasers until the point that ownership date, if work gets postponed.
Senior real estate KK Ramani said MahaRERA in an exceptionally persuasive forum said that it is the main forum in the nation that gives a verdict within one month. Prior to this, individuals would invest a long time in consumer courts, which was both a costly and a tedious issue. That is not the case now.
He additionally indicated out that till date, MahaRERA’s rulings have been viable. MahaRERA has taken care not to be brutal on developers as this would just influence the project, and eventually the purchaser.
Remarking on the issue, Gautam Chatterjee, chairperson of MahaRERA, said the point is to cultivate an amicable connection between the developer and the purchaser. They urged the two parties to sit together and resolve the issue harmoniously. He explained that the main motive is to carry professionalism into the realty part, and see that purchasers get what they have paid for.”
Of the 1,400 cases enlisted up until this point, 525 have been disposed off. Individuals from MahaRERA endeavor to solve no less than 25 cases every day, with the normal transfer time being one month, although the Act takes into account 60 days for a case.
Thus we can say that MahaRERA has been successful in achieving its purpose. The purpose of MahaRERA is clear, that is the satisfaction of homebuyers and giving them incentive for their money. By and by, it is a justifiable reason for homebuyers to cheer, as they will feel more satisfied as a homebuyer going ahead.
Note – Please note that the above article is for education purpose only. This is based on our interpretation of laws which may differ person to person. Readers are expected to verify the facts and laws