‘Maha RERA to bring transparency in dealings

Source: The Hitavada      Date: 09 Jul 2017 09:33:13

Business Bureau,

THE Maharashtra Government was the first State to introduce the Maharashtra Real Estate Regulatory Authority (Maha RERA) on May 1 to regulate the real estate industry and safeguard the interests of buyers of property. The RERA provisions have been framed to empower the consumers to take informed decisions while buying a home. “Maha RERA will facilitate trust among the buyers and sellers of real estate,” said Gautam Chatterjee, Chairman of Maharashtra Real Estate Regulatory Authority (Maha RERA) while talking at an interactive session on Real Estate Regulatory Authority (RERA) organised by Credai Nagpur Metro in association with Credai Maharashtra on Saturday.

It has become mandatory for brokers and builders to get their ongoing projects registered on the Maha RERA website by July 31 which happens to be the deadline. On this, Chatterjee gave a detailed presentation on RERA registration process for builders and brokers. He said that with the introduction of RERA, the real estate industry would go from better to best and would get industry status. He highlighted that RERA stood on the five basic pillars which consisted of financial discipline, transparency, accountability, customer centricity and compliance. On financial discipline, builders would have to deposit 70 per cent of the booking amount in a special account. There were stringent conditions for withdrawals which had to be cleared from chartered accountants.

“Transparency will lead to accountability of all stakeholders including Government bodies. The chain of decision-making will be held accountable under Maha RERA,” he said. The Maha RERA had been formulated in such a manner as to give more teeth by penalising the buyer or the seller on committing any violation. On customer centricity, he said that the builder would have to upload detailed information about the project on the Maha RERA website which would be placed in the public domain to facilitate better transparency.

This would enable consumers to make informed decisions while buying property. The registration process involved stringent compliances. The registration certificate would enable consumers and lenders to trust the real estate industry in a better manner, he added. He also explained about the rights and duties of allottees, timely payment as per agreement, occupancy certificate, project updates after every three months, withdrawal in accordance of chartered accountant, litigation related to project, document upload, cost details, etc. Chatterjee said that builders should immediately start registration process of ongoing projects and not wait till the last date which was July 31.

Anil Nair, President of Credai Nagpur Metro said that with the introduction of RERA, builders needed to understand and comply with the various provisions of the Act. Gaurav Agarwala, Secretary of Credai Nagpur Metro compered the programme. Mahesh Sadwani, Vice-President, Credai Maharashtra proposed the vote of thanks. Prominently present were Dr Deepak Mhaisekar, Chairman, Nagpur Improvement Trust (NIT ), Shantilal Katariya, President, Credai Maharashtra, Girish Joshi, Secretary, Maha RERA and Pradeep Khandwani, Treasurer, Credai Maharashtra. Builders, promoters, brokers, chartered accountants, architects, lawyers and Credai members from 41 cities were present.