By TIOL News Service

MUMBAI, MAY 02, 2018: MAHARASHTRA has successfully moved forward in getting developers to register under the Real Estate Regulation Act (RERA). Maharashtra is the first & the only state in India to commence on-line registration of new and ongoing Real Estate projects on the mid-night of April 30/May 01, 2017. Maharashtra is also the only state in India so far to have the maximum number of Real Estate projects (more than 16,000) registered. In last nine months, MahaRERA has disposed off 1168 complaints. Out of 90 Appeals, 45 Appeals have already been disposed of.

The MoS (I/C) for Housing and Urban Affairs, Mr Hardeep Singh Puri, yesterday was present at the ‘MAHARERA Conciliation Forum' in Mumbai. This event was jointly organized by NAREDCO, Mumbai Grahak Panchayat, CREDAI MCHI, CREDAI Maharashtra. Mr Puri expressed his happiness on participation of the 1st Anniversary of MahaRERA which he called as ‘a vision that has come true'. He added that people have begun to not only appreciate the virtue & importance of RERA but also realize that you cannot have a situation without it.

The Minister enlisted important things which ‘MahaRERA' stands for and has initiated to implement them for the betterment of the industry:

RERA aims to ensure that there is accountability towards allottees & their interest will be protected.

It ensures fair-play and infuses transparency & reducing frauds.

It aims to increase professionalism & pan India standardization, along with establishing symmetry of information between the promoter & the allottees.

MahaRERA stands to imposing certain responsibilities for both promoter and allottees along with establishing regulations to enforce contract.

It also aims to enforce a fast-track dispute resolution mechanism. These points will help us take our Real Estate Industry to newer Heights.