Maharashtra Real Estate Regulatory Authority (Maharera) is a government body established to regulate and promote the real estate sector in Maharashtra. In a recent statement, Maharera President Mr. Ajoy Mehta emphasized the authority’s commitment to ensuring that homebuyers are not cheated in any way. This article will explore Maharera’s efforts to protect homebuyers and the importance of compliance with regulatory provisions.
Micro-Managing the Real Estate Sector:
Maharera is dedicated to micro-managing the real estate sector at various levels to ensure that all information about a project is available to the homebuyer. According to Mr. Mehta, “From the start of the project to the completion of the project, all the information about the project that is available to the project developer should be available to the home buyer.” This level of transparency is essential to prevent fraud and protect the interests of homebuyers.
Compliance Cell for Compliance Reporting:
To ensure that the current status of each project registered with Maharera is updated on the authority’s website, Maharera has created a fully dedicated Compliance Cell. The Compliance Cell is responsible for monitoring the compliance of each project and ensuring that the compliance report is submitted within the prescribed period. This proactive approach to compliance reporting will help to prevent delays in project completion and protect the interests of homebuyers.
Importance of Compliance with Regulatory Provisions:
Maharera’s efforts to micro-manage the real estate sector and ensure compliance with regulatory provisions are essential to protecting the interests of homebuyers. In the past, there have been numerous instances of fraud and delays in project completion, which have caused significant hardship to homebuyers. By ensuring that all information about a project is available to the homebuyer and that the project is in compliance with regulatory provisions, Maharera is helping to create a more transparent and accountable real estate sector in Maharashtra.
Conclusion:
Maharera’s commitment to protecting homebuyers in Maharashtra is evident in its efforts to micro-manage the real estate sector, create a dedicated Compliance Cell, and ensure compliance with regulatory provisions. These efforts will help to prevent fraud and delays in project completion, which will ultimately benefit homebuyers. As the real estate sector in Maharashtra continues to grow, it is essential that Maharera continues to prioritize the interests of homebuyers and work to create a more transparent and accountable sector.
