First legal step for non-registration in RERA Act 2016 has been taken in Maharashtra. Sai Estate Consultant of Maharashtra has been issued with the show-cause notice for violating the provisions of Real Estate (Regulation and Development) Act 2016 and the state rules formed under the Act. As per RERA Act 2016, no property broker or … Continue reading “MAHA-RERA FIRST HAVOC STEP, Issued notice to broker.”
Before the RERA, Real Estate Agents were not required to get their business registered and thus resulted into many manipulation and fraudulent activities
Among many harsh provisions for builders, Maha-RERA relief to builder community is on its last phase.
Government of Maharashtra notified RERA rules and established Maharashtra Real Estate Regulatory Authority (Maha-RERA), vide Notification dated 8 March 2017, for regulation and promotion of real estate sector in the State of Maharashtra.
Real Estate (Regulation and Development) Act, 2016 was first passed by Rajya Sabha on March 10, 2016 and passed by Lok Sabha on March 15, 2016. RERA Bill was first introduced in the year 2013.
MahaRERA has imposed a fine of Rs. 1,20,000 on Sai Estate Consultant, for advertising unregistered real estate project of Haware Builders and misleading the consumers.
RERA, the new realty law that aims to bring transparency and accountability to the real estate market.
There is a large chunk of unsold inventory across the locations and available with almost all the builders. They would in all likelihood be trying to offload them and even offer a reduced rate along with other freebies. Buyers showing renewed interest in this market have to be cautious as the chances of falling into a trap could be high.
The government has described the implementation of the consumer-centric Act as the beginning of an era where the consumer is a king.
The Ministry of Housing & Urban Poverty Alleviation has notified all Sections of the Real Estate (Regulation & Development) Act, 2016 and it is coming into force from today i.e. May 1, 2017 and with this a new era of development of real estate sector begins in an atmosphere of investor confidence.
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