In a bid to maintain the functioning as per the guidelines under Real Estate (Regulation and Development) Act 2016, Maharashtra government has appointed retired bureaucrat Gautam Chatterjee as ‘officer on special duty in the Chief Minister’s Office’.
He will be acting as a regulator until a well-functioning housing regulatory authority is put in place.
Maharashtra government on December 8, 2016 has put forward its draft for RERA rules. Mirroring the original draft, the state RERA has maintained the ideals of transparency and accountability. It seeks of the promoter to furnish all the relevant details and documents to the Regulatory Authority for property registration.
It also asks of the developer to disclose estimated cost of development, including that of land cost and cost of construction. The refund to the buyer, in case of delay in project completion, has to be done, along with appropriate interest and compensation, within 30 days from the date on which such refund becomes due.
The only striking exclusion is the leniency provided to the developers by doing away of the proviso that originally required the realtors to make public all of the building approvals on the concerned housing regulator’s website.