INTRODUCTION TO RERA VIS-À-VIS STATE OF MAHARASHTRA
The Real Estate (Regulation and Development) Act, 2016 (RERA) came into existing after receiving the assent of the President on 25th March, 2016. All provisions of RERA has come into force in the State of Maharashtra from 1st May, 2017. This article introduces the enactment and its relevance with the existing Maharashtra Ownership Flat (Regulation of the promotion of construction, sale, management and transfer) Act, 1963 (MOFA).
1. Entry 18 of the State List of the Seventh Schedule of the Constitution of India, the State has powers to make laws related to land, rights in or over land, land tenures including the relation of landlord and tenant, and the collection of rents; transfer and alienation of agricultural land; land improvement and agricultural loans; colonization.
2. Entry 6 and 7 of the Concurrent List of the Seventh Schedule of the Constitution of India deals with transfer of property and contracts respectively.
3. As the scope of RERA deals with regulation of transactions pertaining to transfer of property and contracts between allottees and promoters for the transfer of property, the subject matter of RERA falls within the scope of the Concurrent List and therefore, the powers to make laws in relation thereto lie with both the Central and State Governments.
RERA Consists of 92 Sections divided by 10 Chapters:
II. REGISTRATION OF REAL ESTATE PROJECT AND REGISTRATION OF REAL ESTATE AGENTS
III. FUNCTIONS AND DUTIES OF PROMOTER
IV. RIGHTS AND DUTIES OF ALLOTTEES
V. THE REAL ESTATE REGULATORY AUTHORITY
VI. CENTRAL ADVISORY COUNCIL
VII. THE REAL ESTATE APPELLATE TRIBUNAL
VIII. OFFENCES, PENALTIES AND ADJUDICATION
IX. FINANCE, ACCOUNTS, AUDITS AND REPORTS
By and under the Notification No. S.O. 1544(E) dated 26th April, 2016 published in the Official Gazette by the Central Government the following provisions of the Act were notified and brought into effect from 1st May, 2016:
Further, by and under the Notification No. S.O. 1216(E) dated 19th April, 2017 in the Official Gazette by the Central Government the following provisions of the Act were notified and brought into effect from 1st May, 2017:
RERA VIS-À-VIS STATE OF MAHARASHTRA
The State of Maharashtra is considered the Benchmark State with respect to implementation of RERA. The following Rules and Regulations apropos RERA were introduced in the State of Maharashtra:
Over the 29 months from enforcement of RERA in the country, the State of Maharashtra is considered the most RERA compliant state in the country. Below are the Statistics uploaded by the Maharashtra Real Estate Regulatory Authority (MahaRERA):
Even prior to enactment of the RERA, the State of Maharashtra had MOFA which already laid down the best practices with respect to Real Estate Projects in the State.
Following is a comparative study of MOFA and RERA: