Maharashtra has set up a regulator in accordance with the Real Estate (Regulation and Development) Act, more commonly known as RERA, making it part of a small community of states that have notified their respective realty regulators to be set up for the first time ever.
So far only 13 States and Union Territories have reportedly notified their rules.
While the Centre had first shown the way to states by implementing RERA in the union territories last year, only Uttar Pradesh, Gujarat, Madhya Pradesh, Odisha, and Delhi have followed its footsteps by notifying RERA rules in their respective regions.
Maharashtra’s draft RERA rules had covered all under-construction projects, irrespective of whether some of the individual towers or phases received occupation certificate or not.
Sixteen other states, which include Haryana, Punjab, Kerala, Rajasthan, Karnataka, West Bengal, Bihar and Tamil Nadu, have reportedly prepared draft rules and are expected to notify them soon.
The Act passed by Indian Parliament in 2016, which is expected to be implemented in its full entirety by all states, is very clear on the subject of under-construction residential projects. The consumer-centric law prescribes compulsory registration of all ongoing and upcoming real estate projects, as well as penalties and punitive measures on developers who delay their projects.