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RERA IN MAHARASHTRA
Realtors' bank details set to be included in recovery warrants
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made it compulsory for real estate developers to include their bank account details in recovery warrants sent to the revenue department. This move aims to streamline the compensation recovery process for homebuyers facing delays or discrepancies in property transactions. By disclosing developers' bank account information, MahaRERA aims to enhance accountability and ensure timely compensation for affected parties. The authority has recovered over ₹125 crore in the last 14 months and appointed a retired additional collector for compensation recovery.
'Keep 3 bank A/Cs for each realty project'
MahaRERA mandates three bank accounts in the same scheduled bank for real estate projects, ensuring compliance, efficiency, transparency, and accountability with a focus on revenue allocation, loan interest, refunds, and cancellation procedures.
MahaRERA proposes each real estate project maintains 3 bank accounts
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has proposed draft guidelines requiring real estate projects to maintain three bank accounts in the same scheduled bank for compliance, efficiency, transparency, and accountability. The Collection Account will receive revenue from allottees, while the Separate Account will cover project expenses and buyer compensation.
Maharashtra RERA cancels registration of 13,785 real estate agents
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has cancelled the registration of 13,785 real estate agents who failed to renew their licenses. These agents must complete training and obtain certification to operate as brokers again. The highest number of delisted agents are from Mumbai, followed by Thane and Pune.
Homebuyers' body FPCE raises RERA functioning issues with the Ministry of Housing
The suggestion from the Forum for People’s Collective Efforts (FPCE) came at a meeting called by the ministry of housing and urban affairs last week, where the FPCE flagged several issues regarding the functioning of state RERAs, some people who attended the meeting told ET.
MahaRERA ties up with ASCI to identify non-complying real estate developers
The collaboration, a first by any real estate regulator in the country, is aimed at protecting homebuyers who may decide to buy or invest in properties that are yet to be or not allowed to be sold for any specific reason.
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Housing ministry asks state RERAs to set recovery mechanism for homebuyers’ refunds
“It is a major concern that homebuyers across India are facing challenges in getting their refund orders enforced. We gave our report after studying the Gujarat model of recovery to the ministry for its consideration. It's a very positive step that the ministry has written to all states suggesting the Gujarat model as a way forward for effective recovery,” said Abhay Upadhya, President of pan-India homebuyers body Forum for People’s Collective Efforts (FPCE).
MahaRERA floats model guidelines on regulation of senior living projects
The guidelines require developers to include special provisions in the Agreement for Sale and other relevant documents. MahaRERA drafted the guidelines in response to feedback that developers were falsely advertising their projects as 'Retirement Homes' and not meeting the necessary standards. The guidelines detail minimum physical criteria for projects, including building design, lifts and ramps, lighting, ventilation, and safety measures.
MahaRERA takes suo moto action against developers selling plots sans registration
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against developers selling non-agricultural plots without registering with the authority. Show cause notices have been issued to 41 developers in Maharashtra. Registration with MahaRERA is mandatory for selling plots, flats, or buildings. Majority of the violating projects are from Pune, followed by Konkan and Nagpur regions.
Keystone Realtors secures 3-acre redevelopment project in Mumbai’s Malad west
Keystone Realtors, a part of Rustomjee Group, has secured the rights to redevelop two housing societies in Mumbai's Malad West suburb, covering nearly 3 acres. The project is expected to have a sale potential of over 3.42 lakh sq ft of RERA carpet area, with an anticipated Gross Development Value (GDV) exceeding Rs 1,200 crore.
MahaRERA mandates single registration number for each standalone project
According to the latest directive, going forward, any promoter seeking new registration for a housing project must submit a declaration-cum-undertaking on their official letterhead. This document, in the prescribed format, attests that neither the proposed project site nor any of its parts holds a MahaRERA registration number, nor is there any pending application.
MahaRERA plans 3-Tier audit of housing projects
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is implementing a three-level scrutiny process for housing projects to enhance compliance from developers and eliminate complaints from homebuyers. The new mechanism involves scrutinizing project registration applications at legal, financial, and technical levels by independent teams.
MahaRERA reports 3,927 projects completion in 2023; highest since authority established
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has reported a significant progress in the completion of housing projects in 2023 after facing a setback in 2022 due to the Covid-19 pandemic. In 2023, a record-breaking 3,927 housing projects were successfully completed, showcasing a remarkable improvement from the previous year's count of 1,749 completed projects.
MahaRERA brings in three-level scrutiny for housing projects’ registrations
With the introduction of new application scrutiny measures, MahaRERA aims to ensure projects to be completed within the scheduled time frame without any hurdles and eventually bring down the complaints from the home buyers to zero.
MahaRERA’s action on non-compliance prompts increase in quarterly project updates
Maharashtra Real Estate Regulatory Authority (MahaRERA) sees an increase in housing projects submitting Quarterly Progress Reports (QPR) preemptively, following strict regulatory measures. Out of 480 projects registered in April 2023, 46.25% comply with QPR requirements without notice. MahaRERA aims for 100% compliance, with the regulator suspending registrations of over 388 non-compliant projects in September.
MahaRERA makes certification for real estate agents mandatory from January 1
The new regulations also extend to employees associated with developers and those involved in related tasks. They are required to upload their certificates on the designated portal before January 1.
MahaRERA recovers nearly Rs 140 cr as homebuyers’ compensation through warrants
The recovery also assumes significance in the backdrop of enforcement of orders and execution of recovery warrants issued by RERA regulatory authorities across various states facing several issues and homebuyers raising concerns over the same.
RERA: 69% homebuyers’ disputes resolved in UP, Haryana and Maharashtra; property registrations up by 552% in Tamil Nadu
RERA across 27 states and eight Union Territories have resolved up to 1,16,300 cases of homebuyers' disputes till November 28, 2023, according to ANAROCK Research report based on data from the Ministry of Housing & Urban Affairs (MoHUA). On the other hand, registrations for projects and real estate agents under RERA have increased by 63% in the last two years. All you need to know
Over one lakh complaints by homebuyers resolved by RERA of various states
The Real Estate Regulatory Authority (RERA) in India has resolved up to 1,16,300 cases of homebuyers till November 2023, with Uttar Pradesh, Haryana, and Maharashtra accounting for nearly 69% of the total disposed cases. As of November 28, 2023, nearly 1,16,117 projects and 82,755 real estate brokers were registered under RERA, a 63% and 47% growth over the previous two years. Maharashtra leads the field in project registrations, with 36% of all projects registered.
MahaRERA to set framework for quality assurance of real estate projects
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to introduce a comprehensive framework for quality assurance in real estate projects, following the model of Singapore's Building and Construction Authority. This framework, a first of its kind in India, aims to ensure the quality of construction and defect-free apartments for homebuyers.
MahaRERA recovers over ₹133 crore from defaulting builders
Real estate regulators issue recovery orders against developers who have failed to hand over possession of properties to homebuyers. District collectors are responsible for the execution of the warrants. However, many of these orders are not being complied with. Homebuyers and their associations have been raising concerns over non-enforcement of these orders.
MahaRERA suspends 388 realty projects’ registration for not providing quarterly updates
Promoters of the project are also expected to update any changes in project professionals including architect, engineer, chartered accountant, real estate agents, formation of legal entity or society within a period of three months of the majority of allottees having booked their plot or apartment or building.
MahaRERA plans mechanism to monitor housing projects’ quality
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is planning to implement rules to monitor the quality of housing projects in order to protect the interests of homebuyers. The new mechanism aims to resolve disputes between developers and homebuyers related to quality issues. MahaRERA has finalized the criteria for grading housing projects, making it easier for homebuyers to select the right project.
In a first, real estate projects, promoters to be graded in Maharashtra every six months
MahaRera, the real estate regulatory authority in India, is set to introduce a project grading system to enhance accountability in the sector. Builders will be required to submit project details every six months, which will be accessible to the public. This transparency will help prospective homebuyers make informed investment decisions. Additionally, project promoters will need to appoint a grievance redressal cell, with the officer's contact information displayed prominently.
Maharashtra RERA finalizes criteria for proposed grading of housing projects
Maharashtra Real Estate Regulatory Authority (MahaRERA) has finalized the criteria for the proposed grading of housing projects which is called the MahaRERA Grading Matrix. Housing projects registered after January 2023 will be eligible for the rating.
MahaRERA asks realty developers to set up redressal cells for homebuyers’ issues
These cells for the developers’ projects are expected to have at least one grievance redressal officer. The regulator has highlighted that if all the developers set up a dedicated grievance redressal cell for their respective projects, these issues can be kept under control as the complainant will get official and reliable information on time.
MahaRERA issues registration cancellation notices to 563 project developers
As per the Real Estate (Regulation & Development) Act, 2016, once a project is registered with the regulator, certain information provided by the project’s promoter at the time of registration needs to be updated every 3 months and financial details once in a year.
Maharashtra RERA to start grading of real estate projects, promoters
MahaRERA, the Maharashtra Real Estate Regulatory Authority, aims to grade real estate projects based on a set criterion to help homebuyers make better decisions when selecting a project. MahaRERA's initiative will rate projects and their promoters as well, based on various factors like financial viability, technical approvals, compliance reports, and pending litigations.
MahaRERA issues notices to 14 projects for advertising without registration number
The regulator has asked all these projects to present their case within 7 days from the date of notice. The errors are expected to be rectified within the prescribed period and penal action will be taken against the developers that fail to respond appropriately.Load More
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