By Staff Reporter
The Maharashtra government has expressed its readiness to make amendments and enhancements to reinforce the Real Estate Regulatory Act (RERA) Act of 2016, with a primary focus on safeguarding the interests of homebuyers. These potential changes might encompass measures to streamline the recovery process for outstanding payments from developers who have delayed the delivery of homes.
Deputy Chief Minister Devendra Fadnavis shared that the state government is receptive to any issues or recommendations put forth by the Maharashtra Real Estate Regulatory Authority (MahaRERA), led by Ajoy Mehta. Notably, Ajoy Mehta also serves as a member of the Central Advisory Council (CAC). Fadnavis assured that if necessary, discussions with the Central government would be initiated to address these matters.
The Deputy CM’s response came in reply to Sachin Ahir, a member of the legislative council, who inquired about potential changes or amendments to the RERA Act.
Fadnavis disclosed that he recently attended a CAC meeting attended by heads of various regulatory bodies. This forum delved into the challenges faced in implementing the RERA Act and identified areas for potential enhancements.
He conveyed that during the CAC meeting, he emphasized the importance of engaging other stakeholders to understand the issues at hand. The government stands committed to resolving these issues through appropriate measures.
“In cases where central authorities are involved, we will collaborate with them as well, and any necessary changes will be pursued accordingly,” Fadnavis affirmed.
A key proposal under consideration by the CAC is to improve the execution of recovery warrants issued to developers who fail to deliver possession of homes as promised. These recovery warrants, issued by regulators, empower collectors to attach and auction properties to recuperate outstanding dues from developers.
The existing recovery process, however, encounters challenges related to property ownership claims and ongoing litigations. Ajoy Mehta highlighted that the CAC is actively working on a proposal to amend or enhance current provisions to make the execution of recovery warrants more robust.
The Central Advisory Council is also exploring methods to empower RERA further in this realm. Established by the government to facilitate effective implementation of real estate laws, the council is contemplating mechanisms to augment RERA’s authority and capabilities for executing recovery warrants.
In essence, the Maharashtra government’s proactive approach to fortify the RERA Act signifies its commitment to creating a fair and transparent environment for homebuyers while ensuring timely and satisfactory resolutions to issues within the real estate sector.