In a bid to protect homebuyers, the Maharashtra government on Saturday framed the rules for the first real estate regulatory authority (RERA) in the country. As per the rules, the developers will be forced to disclose the sale component of a redevelopment project to bring in transparency. Also, the real estate agents have been made accountable in the rule.
There are 40 rules covering registration of promoters and real estate agents, administrative machinery, authority and tribunals and penalties and punishment.
The Centre passed The Real Estate (Regulation and Development) Act, 2016, in March for which the state has formed the rules. The rules are incorporated under section 84 of the Act. The rules will be uploaded online on the government’s website and kept open for public suggestions and objections.
This will help to appoint a regulatory, quasi-judicial body that will address all the problems pertaining to buying and renting of houses.
“It will be mandatory for the promoters to give the sale component early in the scheme. Now, the developer gets additional floor space index (FSI), allowing it to sell in the (sale component) after rehabilitating tenants under the rehab component,” said an official.
Intending to curb malpractices, it will be compulsory for the developers and the real estate agent to register with the body. The RERA can penalise the agents or the developer for not abiding the rules laid by the housing department. This will prevent false claims made to homebuyers.
The office of the RERA is likely to come to the BKC in Bandra where the hearing will take place regarding any complaints.
