When you buy a property, you’re making two large commitments: the first is that you’ve made a significant investment in a long-term asset, and the second is that you’ve committed to all of the promises made in the contract for an extended length of time.
Both of these accounts for essential transactions, emphasizing both the buyer’s and seller’s honesty. However, multiple disagreement reports with prospective lawsuits relating to these contracts have been filed in recent years. More often than not, purchasers end up in legal wranglings as a result of the developers’ lengthy contracts.
In March 2016, the Indian Parliament approved the Real Estate (Regulation and Development) Act, also known as RERA. The Act aspires to establish a regulatory practice that will be monitored by the respective state RERA authorities across the country.
Since the act’s inception in 2017, MahaRERA has been in operation. Maharashtra is a highly advanced state with organized residential and business sectors, as it is home to one of India’s largest metropolitan areas and the country’s financial capital. MahaRERA has taken on the obligation of ensuring that the regulations are met to preserve these high-functioning zones.
Here, We the Sukhwani Builders focuses on the important highlights of MahaRERA are mentioned:-
- Real estate project registration:
No promoter could promote or sell their real estate offer, market sale proceedings, report the identities of the recipients, prepare to sell or transfer, or encourage them to purchase a piece of land, flat, or building without first registration with the real estate regulatory agencies. Top Builders in Pune must identify their real estate with the Real Estate Regulatory Authority if they have not secured a construction certificate or an occupation certificate by the approved plan in ongoing developments.
- Registration of Real Estate Agents
The law requires all real estate brokers to register. Promoters such as Sukhwani Builders will not be able to buy or sell flats in the project until they are licensed, and they will not be able to arbitrate sales/purchases on behalf of another person/persons unless they are registered. If promoters like Sukhwani Builders fail to file or register, a penalty of Rs. 10,000 per day would be applied. Furthermore, the penalty will be charged from the day of non-registration to the day of registration, with the percentage escalating to 5% of the purchase or sale price of the building, flat, or plot (if applicable) by the Top Builders in Pune.
- A Complaint is a lawful paper that is used to file a formal complaint against someone.
Any affected person can register a petition with the Administration or the Authority responsible for the complaint about any breach of the Act’s provisions or any action taken in violation of the provisions. In Pune, Top Builders must be filed with the project authority. The Authority should establish a method for quickly resolving complaints. An individual can appeal to the Appellate Tribunal if they are unhappy with a decision, course, or order. An individual can submit an appeal with the Hon. High Court if they are unhappy with the Appellate Authority’s decision or ruling.
- Financial prudence
If the promoter like Sukhwani Builders is not enrolled with the authority, he or she will be unable to receive more than 10% of the apartment, building, or plot’s cost.
Beneficiaries must deposit 70% of the total sum spent for the real estate project into a separate account with Schedule Bank to cover building and land costs.
Money can be removed from this account depending on the development of the project and the quantity used. This requires a certificate of progress and expenditure, as well as certification from an architect, project engineer, and a working chartered accountant.
If a promoter such as Sukhwani Builders provides misleading info, the customer shall receive a full refund, plus interest.
The project’s accounts must be examined by the financial year, and a copy must be given to MaharRERA. MahaRERA has the authority to freeze the bank account if this is not done.
Achievements of MahaRERA
Maharashtra was the very first state in India to effectively implement the act after it was enacted.
- In Maharashtra, a wide spectrum of applicants has applied for RERA authorizations. So far, more than 18000 applicants have enrolled, and the number is growing. This contains MahaRERA’s RERA registrations in the union territories of Dadra and Nagar Haveli and Daman and Diu.
- A highly effective grievances portal recorded a total of 2387 complaints in the previous year. In total, 2000 appellants have completed the appeal procedure, with 1200 of them being successfully resolved.
- The Maharashtra RERA website was created with a user-friendly layout in mind, allowing applicants to register for RERA in no time. Several sections are also offered for buyers, which explain all of the scheme-related information of the project registered. Upgrades on the current stages of under-construction projects, new projects introduced, building designs, and a list of authorized compliant facilities included in the project.
- MahaRERA includes several rules that benefit both buyers and developers. Developers are not allowed to publicize their projects until they have been registered. If they fail to make the deadline, they would be fined up to Rs.10 lakhs and given a three-month extension. Policies are offered to the developers that allow them to make changes to the project even after they have registered.
Sukhwani Builders Projects are all registered with MahaRERA, and the registration numbers of RERA of each project are mentioned on the website. Sukhwani Builders is answerable to the State and has to follow the provisions of MahaRERA.