RERA a boon in Maha: Quick case disposals, 79% rulings in favour of homebuyers, shows study
Real estate research firm Knight Frank analysed 60 rulings; grievances are being resolved within one monthUpdated: Jan 13, 2018 16:30 IST
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has proved to be a blessing for homebuyers.
A study conducted by Knight Frank, a leading real estate research firm, analysed 60 rulings from September 1 to December 6, 2017, and found that 47 rulings, or 79%, were made in favour of consumers across Maharashtra; 11 (18 %) swung in favour of builders; while the remaining two (3%) were neutral.
Following the introduction of RERA, instead of spending years in consumer courts, homebuyers are now able to get their grievances resolved within one month.
“MahaRERA has succeeded in bringing about an unprecedented change in the attitude of real estate developers towards consumers. For the first time, developers are being held accountable for delivering what has been promised,” said Nibodh Shetty, consultant, research, Knight Frank India.
One of the cases involved a consortium of buyers, who complained of slow progress of work in their wing. In this case, the RERA ruled that they should be given flats in the other two wings in the complex where work was progressing at a faster pace.
In another case, buyers complained that the project completion date given to RERA and published on its website and that on their agreements were different. Here, RERA ordered the builder to pre-pone the completion date so that it matches the date submitted to RERA. It also instructed the builder to pay interest to buyers until possession date, if work got delayed.
Senior real estate advocate KK Ramani said MahaRERA was a very effective forum. “This is the only forum in the country that gives a decision within one month,” he said. “Before this, people would spend years in consumer courts, which was both an expensive and a time-consuming affair. That’s not the case now.”
He also pointed out that to date, MahaRERA’s decisions have been practical. “MahaRERA has taken care not to be harsh on builders as this would only affect the project, and thus, ultimately the buyer,” Ramani added.
Commenting on the issue, Gautam Chatterjee, chairperson of MahaRERA, said the aim is to foster a harmonious relationship between the developer and the buyer. “We encourage both parties to sit together and solve the issue amicably,” Chatterjee said. “Our aim is to bring professionalism into the realty sector, and see that buyers get what they have paid for.”
Of the 1,400 cases registered so far, 525 have been disposed off. Members of MahaRERA try to solve at least 25 cases a day, with the average disposal time being one month, though the Act allows for 60 days for a case.