In what can be termed as good news for the homebuyers, the Maharashtra government on Thursday has put forward its draft for RERA rules. The draft is open to question and suggestions till 23rd December, 2016 either through email “email@example.com”, or in post, which may be received by the Principal Secretary, Housing Department, Mantralaya, Mumbai 400 032. Maharashtra becomes seventh state to notify RERA rules and regulations.
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.
So far, apart from Maharashtra, states and union territories like Uttar Pradesh, Gujarat, Madhya Pradesh, Karnataka, Delhi and Chandigarh have drafted their state-inclined rules and regulations.