Regulating real estate: Tips from Maharashtra

livemint.com:

Mint explains: The Real Estate (Regulation and Development) Act 2016 aims to regulate transactions, so that projects are completed and handed over in time. MahaRERA has now issued more orders for developers—on delivery dates, maintenance of bank accounts, parking space and complaint redressal. It kept the registration of 1,750 lapsed projects under suspension due to delays.

Senior citizen housing project guidelines have also been issued. And the registration of 20,000 property agents has been suspended for a year. It also issued a framework for third-party monitoring of construction quality.

Buying a home is the biggest investment a person makes in their lifetime. However, homebuyers have been victims of delays and unkept promises by developers. The slew of new orders from MahaRERA addresses many of these challenges.

For instance, it has noted that developers have not handed over amenities years after delivering the homes in many cases. In a first, all the details and exact delivery dates of amenities will be included in the sale agreement. MahaRERA will also start a project grading system, with legal, technical and financial details, so that homebuyers can make informed decisions.

The Confederation of Real Estate Developers Association of India has expressed support, saying this will boost trust and confidence among buyers. The orders will also strengthen the integrity of the projects and the real estate assets, making them more attractive for investments. Developers would aim to set higher standards for buyers.

MahaRERA continues to lead, with over 46,000 projects having been registered since its launch in May 2017. Uttar Pradesh RERA, which has received most consumer complaints, leads in complaint resolution. MahaRERA