For years the real estate industry was said to be skewed towards developers. Hence to protect the interest of the home buyers and bring the much-needed reforms, the government passed the Real Estate (Regulation and Development) Act, 2016 (RERA) in the Indian Parliament. Apart of protecting the interest of the buyers, RERA also seeks to promote investment in the sector. The biggest advantage is that it seeks to ensure that the terms of buying and selling are transparent between developer and home buyer. It is also working towards ensuring that the home buyers get timely possession of their dream house.
Every state and union territory in India is required to form its own set of rules that will be imposed and oversee the functioning of the sector and work as a regulator. Axis Ecorp has many upcoming projects in Sindhudurg. Sindhudurg is an upcoming district that is known for its lush greenery and untouched beaches.
The forthcoming projects of the group in the area include the uber luxurious Axis Yog Villas, Axis Blues, Axis Lake City and Axis Lake City Plaza. All these come under the gamut of MahaRERA.
What is MahaRERA and what is its purpose?
MahaRERA is the state Authority of Maharashtra and is governed by the National RERA act to promote and regulate the real estate sector in Maharashtra. Headquartered in Mumbai, It came in to effect from March 8, 2017. The main purpose that it seeks to offer to all real estate buyers in the state are as follows:
- To protect the interest of the customer in the sector and bolster investments
- To make sure that all the transactions in the sector are transparent
- In case of dispute/s, MahaRERA needs to establish a method for resolution that is efficient and quick
- To form an Appellate Tribunal to hear appeals from the directions, decisions or orders of RERA.
All promoters are required to register all their projects under MahaRERA and only post that they are allowed to advertise about them. As a matter of fact, even sale of an upcoming project can only happen after it is registered. Any person who believes that things are not transparent can file a complaint or share their grievance under the MahaRERA act and the body is required to provide a quick and timely resolution to it.
There are amendments made in the MahaRERA from time to time to protect and serve the customers’ interest. A recent update that was done in April 2021, the government proposed to crack down on builders who sell a single flat to multiple buyers in a significant step. It was seen as a grave problem and the decision was lauded by the developers.