The Maharashtra Real Estate Authority (MahaRERA) has issued letters to 85 local authorities across the state asking them to survey realty projects within their jurisdiction and submit a report on unregistered schemes.

A MahaRERA official told TOI that over 16,000 projects are registered with the authority, and they aim to ensure registration of maximum projects. So far, registrations have been mainly from city areas. But now, officials are shifting their focus to the interiors of the state.

How will MahaRERA's move benefit home-buyers

According to Section 3 of RERA 2016, if any promoter fails to register his/her project, s/he will be liable to a penalty which may extend up to 10% of the estimated project cost.

Such provisions in the Act are for the benefit of the home-buyers. MahaRERA's constant check over the number of unregistered projects, especially in the interiors of the state, is a much-needed effort. The aim is to build a relationship of confidence between the builder and the buyer and to make the home-buying process more transparent and just. Mandatory registration of projects puts home buyers in an advantageous position. Under MahaRERA, the builder is not just accountable to the buyer but to the state authority also. Moreover, compulsory disclosure of project details, land status and clearances will help in protecting consumer rights.

Source