The Real Estate Market in India has seen a steady rise over the years. However, instances of project delays and rising overhead costs has called for stringent measures to ensure that a governing mechanism is established to avoid loopholes in the industry.
In a bid to boost investments in the real estate sector and protect home buyers, the Real Estate (Regulation And Development) Act, 2016 was passed in the Parliament, which has led to the formation of the Real Estate Regulatory Authority (RERA). Under this, all real estate projects in each state and union territory will be monitored by the respective governing authorities.
Mumbai is a major center for real estate investments and Maharashtra has been on a forefront to implement and adapt RERA. Thus, in order to ensure the smooth functioning of real estate operations in the state, the Maharashtra Real Estate Regulatory Authority (MahaRERA) came into force.