Real Estate

Everything about Panel Set-up Under MahaRERA to Revive Stuck Realty Projects

The Real Estate Regulation and Development Act (RERA), 2016 was implemented in the following year 2017 to eliminate the malpractices prevalent in the realty sector and to oversee its protocols. Other than that, RERA is also responsible for providing quick dispute redressal. In its 3-year term, more than 12,400 complaints have been filed with MahaRERA, the Act’s customised implementation in Maharashtra, out of which over 8,550 orders were passed.

Regardless, less than 10% of refund orders are being executed. As a result, the entire redressal process is stagnating. As per reports, the delay in redressal was witnessed due to several disarrangements, a lack of staff being one of them. So, to tackle it, the regulatory body decided to set up proactive panels to revive realty projects stuck for long.

MahaRERA panels – In a nutshell

The panels formed under RERA Maharashtra comprise consumer as well as developer representatives. Ideally, these panels are developed to facilitate timely delivery of real estate projects.

Above all, these panels serve as a cushion to protect the interests of buyers from property price fluctuations in case the construction is held back.

As a part of their functions, MahaRERA panels are thorough in following the things mentioned below –

  • The panels are interacting with financial institutions, home buyers, and building agents who are likely to take over the pending project to finish it in time.
  • The regulatory body will be working actively with building experts, financiers, and other concerned bodies to finish due projects in time.
  • RERA in Maharashtra is separating projects from their recovery phase when the seizure of builders’ properties stand probable due to stalled constructions.
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In July 2019, the regulating body ordered a seizure and subsequent auction of around 253 properties of building agents. Such an order benefitted buyers who were yet to receive property ownership handover as the builders were directed to refund them.

MAHARERA panels – Underlying objectives

The most crucial goal of the RERA Act is to facilitate the completion of a property construction project in time. It is because timely completion of projects is the most effective and sustaining way of providing relief to stakeholders like homebuyers and financial institutions extending funding like home loans, among others.

With the help of this panel set-up under RERA Act in Maharashtra, one can expect a reduction in bottlenecks in the real estate sector. Nonetheless, individuals must make it a point to find out how to file a complaint against real estate discrepancy so that they can receive timely redressal.

Steps to file complaints under MahaRERA

The MahaRERA Act allows homebuyers to file complaints against – promoters, real estate agents and allottees in case of any breach in agreed terms. One can quickly raise a complaint online and seek redressal in the most hassle-free manner.

Step 1 – Go to MahaRERA’s official portal.

Step 2 – Click on the ‘New Registration’ option and select ‘Complainant’ as the user type.

Step 3 – Select username and password and click on ‘Create User’.

Step 4 – Login with the help of new credentials.

Step 5 – After RERA registration, you can access essential personal and residential information.

Step 6 – Navigate to the ‘Add New Complaint’, input your grievance, and provide documents that serve as relevant evidences of your claim.

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Step 7 – Click on the payment link to submit your complaint.

Once these steps are complete, both consumer and builder will be asked to visit the MahaRERA office. Subsequently, they will need to provide the required evidences and state relevant facts based on which the regulatory body will provide redressal. With the Act being a homebuyer-friendly endeavour, there are several benefits that first-time homebuyers can experience with RERA in action.

To further improve their home-buying experience, individuals should make it a point to avail housing loans from a financial institution that extends simple terms of repayments.

Trustworthy financial institutions may also provide pre-approved offers to their customers to help them experience a less cumbersome process of financing. Generally, one can avail such offers on home loans and loans against property, among other financial products. Check your pre-approved offer in a few seconds only by proving your name and contact number.

Conditions to raise a complaint under RERA

You must note that one can file a complaint under RERA under these circumstances –

  • The possession of property was delayed.
  • A buyer was duped by misleading advertisements.
  • If the builders demand over 10% of the property’s price as initial deposit.
  • Improper registration of the property.
  • Prominent structural defects in the property.
  • If project details are not uploaded on MahaRERA’s e-portal.

Gaining a fair idea of the functionality of the RERA panels and the steps involved to raise a complaint proves useful for all homebuyers, especially urban residents who can get a house under PMAY.

Lastly, it can be expected that setting up proactive MahaRERA panels will help resolve real estate-oriented issues and streamline the process of providing timely redressal significantly. Subsequently, it is vital to know the process of filing complaints accurately and to the right authority for timely and effective redressal.

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