Jul 01, 2017

Maharashtra Rules Notified under Real Estate (Regulation and Development) Act, 2016

The Government of Maharashtra has by way of notification no. 23 dated March 8, 2017 established Maharashtra Real Estate Regulatory Authority (‘MahaRERA’), for regulation and promotion of the real estate sector in the State of Maharashtra. Additionally, the Housing Department, Maharashtra also released the Maharashtra Real Estate (Regulation and Development) (Registration of Real Estate Projects, Registration of Real Estate Agents, rates of interest and disclosures on websites) Rules, 2017 dated April 20, 2017, which came into effect on May 1, 2017 (‘Rules’). The Rules inter alia set out (i) information required to be furnished by promoters for registration of a real estate project, (ii) parameters for ascertaining land cost; and (iii) the model form of the agreement for sale to be entered into with the allottees. Further, in the case of a termination or cancellation of the registration of a project (i.e. either by MahaRERA or by the association of allottees) the authority is required to take measures to protect the interests of lenders having a mortgage or investors, as disclosed by the promoter and the Rules require that an opportunity be given to such party.




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