1. Registration of Real Estate Projects:

   – RERA mandates that all real estate projects with an area exceeding 500 square meters or more than eight apartments need to be registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA).

   – Developers are required to provide details of the project, including project layout, approvals, timeline, and financial details, at the time of registration.

2. Transparency and Disclosure:

   – Developers are required to provide accurate and transparent information about the project, including layout plans, sanctioned plans, carpet area, amenities, specifications, and completion timeline.

   – Developers must update project status, construction progress, and financial details regularly on the MahaRERA website for public access.

3. Accountability and Compliance:

   – RERA holds developers accountable for adhering to the project timeline, delivering the project as per promised specifications, and complying with all regulatory norms.

   – Developers are required to obtain all necessary approvals, maintain a separate escrow account for each project, and utilize funds for project construction only.

4. Protection of Homebuyers’ Interests:

   – RERA provides various protections to homebuyers, including the right to information, right to timely possession, and right to claim compensation for delays or defects in the project.

   – Homebuyers can file complaints with MahaRERA against developers for any violations of RERA provisions or deficiencies in the project.

5. Dispute Resolution and Adjudication:

   – RERA establishes Real Estate Regulatory Authorities (RERAs) at the state level to adjudicate disputes between homebuyers and developers and to ensure the timely resolution of grievances.

   – RERA provides for the appointment of adjudicating officers and appellate tribunals to hear and decide disputes related to real estate projects.

6. Standardized Sale Agreements:

   – RERA mandates the use of standard sale agreements between developers and homebuyers, specifying the terms and conditions of the sale, possession date, penalties for delays, and other contractual obligations.

7. Promoting Ethical Practices:

   – RERA aims to promote ethical practices and professionalism in the real estate sector by setting standards of conduct for developers, real estate agents, and other stakeholders.

   – Developers and agents are required to register with RERA and comply with the prescribed code of conduct and ethics.

8. Monitoring and Enforcement:

   – RERA authorities monitor the progress of registered projects, ensure compliance with RERA provisions, and take enforcement actions against non-compliant developers.

   – MahaRERA has the power to impose penalties, revoke project registrations, and take other disciplinary actions against developers for violations of RERA norms.

In summary, RERA plays a crucial role in regulating the real estate sector in Mumbai and Maharashtra by promoting transparency, accountability, and consumer protection, and ensuring the timely completion of real estate projects.

For more contents click : plotforsales.com, Shelter Layouts Pvt Ltd.