Maharashtra Real Estate Regulatory Authority (MahaRera) has taken a lead over similar bodies in other states with the registration of 20,901 projects and 19,787 real estate agents.
Gautam Chatterjee, chairman of Maha-Rera, said, “The basic intent behind formulating the Rera Act at the central level was to create security for homebuyers who invest their life’s savings into buying a home.”
“Maharashtra was the first state to implement the Act in the country,” Chatterjee said.
He said that since the inception of Maha-Rera, at least 4,000 projects registered under it have been completed successfully without any complaints. “While our projection say that this number will increase to 8,000 in the coming year, we are equally committed to conducting expedited trials on the complaints received,” he said.
Maha-Rera has garnered the support of builders and developers.
Rajiv Parikh, president, Confederation of Real Estate Developers’ Association of India, (Credai), said, “Maha-Rera has brought discipline in the real estate industry and the complaints from flat consumers are properly addressed by the authorities while protecting their basic rights.”
Rohit Gera, managing director, Gera Developments, said, “There has been a clear shift among developers to focus
on project completion and to live up to customers’ promises. The outstanding implementation of the Act in letter and spirit has led to renewed confidence among homebuyers in the real estate segment.”
{{/usCountry}}on project completion and to live up to customers’ promises. The outstanding implementation of the Act in letter and spirit has led to renewed confidence among homebuyers in the real estate segment.”
{{/usCountry}}Meanwhile, while highlighting a loophole in the Act, Gera said, “While there were challenges for many ongoing projects, the law, when framed missed out on putting in place a transition road map for these projects.”