Maharashtra has been at the forefront to establish the institution framework in the form of Maharashtra Real Estate Regulatory Authority (MahaRERA), well ahead of other States in the country and an online registration of projects and complaints were made available to the promoters and home buyers, says Dr Vijay Satbir Singh, Member, Maharashtra Real Estate Regulatory Authority (MahaRERA) in conversation with Harshal Desai of Elets News Network (ENN).
What are your views on the concept of RERA? How has it helped regulate and streamline real estate sectors within the State?
Before RERA Act, 2016, the real estate sector in India has largely remained unregulated. It has introduced transparency, accountability and financial discipline in the working of this sector.
Simultaneously, it ensures timely completion of various projects by the promoters, by putting financial control on them. The promoters have to open separate designated accounts for the project in which they have to deposit 70 percent of the amount received from the allottees, which controls the promoters from releasing payment to any other project or purpose, which ultimately helps in completion of the project on time
Why MahaRERA has been able to perform better than other States? Please elaborate.
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