Property in Maharashtra: How RERA is making every square foot count
Come 1 May, the authority will complete a year. In this time span, MahaRERA made headlines as it heard thousands of cases — of which many were amicably settled. However, certain actions taken by the authority have turned many heads. One such decision was to not hear tenants in the case of redevelopment of building as it considered them co-promoters
Maharashtra Real Estate Regulatory Authority was the first of its kind vigilance authority launched by the state to regulate real estate. Come 1 May, the authority will complete a year. In this time span, MahaRERA made headlines as it heard thousands of cases — of which many were amicably settled. However, certain actions taken by the authority have turned many heads. One such decision was to not hear tenants in the case of redevelopment of building as it considered them co-promoters. Another important action has been that of forming two bodies under itself to hear cases respectively. A conciliation forum was formed earlier this year wherein home buyers and developers could approach in order to reconcile, however, if either party still had grievances, they could approach MahaRERA. Further, they could file a case in the appellate tribunal. In one such case earlier this month, the tribunal asked MahaRERA secretary, Vasant Prabhu to initiate action against an architect too.
DNA spoke to home buyers and experts from the real estate sector in the state in order to reflect MahaRERA’s overall performance.
There are so many problems but we can’t expect that all of them to be solved by one authority. Under the ambit of MahaRERA, almost 80-90% things have come and in a way it is a good thing. It was harsh insistence for developers as well as for buyers. It was not just developer who has to suffer but everyone had come under the ambit of MahaRERA. We believe it should be rationalised and not one sided(sic).
—Dhaval Ajmera, Director, Ajmera Realty.
MahaRERA has been a good step and till now there haven’t been much or many complaints against MahaRERA and its functioning. However, the decision of not entertaining the cases related to redevelopment there is a major concern(sic) as most buildings in Mumbai are being redeveloped, this will keep a lot many projects out of its reach. MahaRERA should re-think on this and decide suitably.
—Arqam Shaikh, Owner, ARC Associates.
MahaRERA has been the biggest success across India - Maharashtra has the largest number of projects registered. The authority is doing its work such that it sets an example for other states. In terms of MahaRERA’s performance, the prognosis so far is good. MahaRERA has brought in transparency and accountability for home buyers, which has enhanced trust and confidence in them.
—Dr Niranjan Hiranandani, National President, NAREDCO
With RERA implementation, the previously unorganised real estate sector is slowly getting organised. It has brought a lot of transparency and structural process in the sector as every project now needs to be registered and share their construction status on the RERA website every quarter. Home buyers are protected by the regulator in terms of timeliness, possession, no extra cost and charges only as per the carpet area. MahaRERA has brought an overall potential growth in the sector by enhancing professionalism and standardisation.
—Rohit Poddar, Managing Director of Poddar Housing and Development.
MahaRERA has increased not only developers’ the confidence but also of the end buyers. The real estate market has shown positive signs of revival as various aspects of MahaRERA law have helped build customer confidence in the sector at large. With the overall market moving towards ease of doing business, we are expecting that buyers will relook at the market for investment opportunities as the market is picking up. Since the market is consumer friendly, buyers can invest in luxury and affordable housing segment owing to great options at prices and good investment returns with time bound possession.
—Farshid Cooper, Managing Director, Spenta Corporation.
The Real Estate Regulation & Development Act (RERA) is a landmark legislation poised to catapult the sector into its next phase of growth, laid on the foundation of being transparent, competitive, hassle-free and consumer-centric, which certainly benefits corporate developers like us.
—Amit Ruparel, Managing Director, Ruparel Realty.
Implementation of MahaRERA has helped in bringing transparency and providing a unified legal regime for purchase of residential apartments. It has helped in rebalancing the relationship between the builder and buyers. All information regarding the project, layout plans, land status, government approvals, delivery timelines, amenities, details of necessary approvals and more is available under a common platform.
—Ms Manju Yagnik, Vice-Chairperson, Nahar Group
MahaRERA leadership is trying to be more pragmatic while regulating the real estate sector, so much so that many a times it is being perceived as too soft towards promoters. MahaRERA’s top most concern appears to promote the real estate sector.
—Shirish Deshpande, Chairman, Mumbai Grahak Panchayat.