The wait is over. The Maharashtra website for RERA compliant homes is up and running. From now on, if one wishes to buy a home, all material information about the real estate project could be had sitting at home itself.
What is RERA (Real Estate Regulatory Act)?
The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act passed by the Indian Parliament. The RERA seeks to protect the interests of home buyers and also boost investments in the real estate sector.
RERA states that it is mandatory for all commercial and residential real estate projects, that have an area of more 500 sq.m. to register with The Real Estate Regulatory authority. This is with the view of providing more transparency in the execution and marketing of projects.
Remember, every RERA compliant project will have its specific ‘registration number’. Ask for it the next time, whenever you are searching and exploring properties.
Accessing project details
On the website, one can either search for RERA registered projects or could also find out the projects being handled by registered real estate agents.
The same can be accessed at https://maharera.mahaonline.gov.in/Home/Index
On the top panel of the website, click on ‘Registration’ and then ‘registered projects’, which will take open up a new window. Here, one has to select the – Division, District and the Project name to view the registration certificate and the entire details of the project.
As of now, only a few developers have uploaded the project details for the prospective buyers to view along with the certificate provided by the state regulatory authority. Most of them are ongoing projects with a revised date of delivery. To see what’s in store, try for – Konkan – Mumbai Suburban – and then the project name (Chosen randomly)
Project disclosures
Some of the information available online will include all the details of the project, the promoter’s name, address and any previous experience, proposed date of completion of project and any revised date as well, details about the development work such as amenities, internal roads and their stage of completion, number of apartments, stage of completion of the buildings etc.
Along with this, one can download to view the documents related to the projects such as copy of the legal title report, details of encumbrances, copy of layout approval (in case of layout), proforma of the allotment letter and agreement for sale, Affidavit Declaration by the promoter in FORM B, commencement certificates and building plan approval.
Real estate agent verification
On the same website, the details of the agent can be verified by inserting the agent registration number. As a buyer, always ask for the registration number from the agent you are dealing with. Get it verified from the RERA about the credentials and also if any adverse orders are passed against the agent by the regulatory authority and then only deal with them.
All real estate agents have to register under this Act. However, it is also mandatory under RERA for the agents to be registered under the developer.Real Estate agents are not permitted to act on their own agency or on behalf of someone in order facilitate the sale or purchase of apartment/building or any other real estate project unless he obtains a registration under this section.
Commencement of real estate regulator’s role
The real estate sector got its own regulator from May 1, 2017, the date when the Real Estate (Regulation and Development) Act, 2016 (RERA) became effective in the entire country. Each state and UT will have its own Regulatory Authority (RA) which will frame regulations and rules according to the Act.
Online access to project’s information
Each Regulatory Authority in the state will have the responsibility to register and regulate real estate projects and real estate agents registered under this Act. It will also be required to maintain a website for public viewing, of all real estate projects for which registration has been given.
Online information
After registration with RA, the builder will be given a login-id and password to create a page on RA’s website to upload the project related information on authority’s website. It will show the quarterly status of booked apartments and up-to-date status of the project and amongst others.
Conclusion
The Maharashtra state regulatory authority has set the ball rolling. Understandably, the regulator will keep fine tuning the disclosures and the information dissemination process. Maharashtra is in fact amongst one of the first states to implement this pioneering ruling. It is indeed a welcome decision who wish to deal in a transparent atmosphere. The transparency and proper disclosures could go a long way in helping the buyers taking a more informed decision as well.
