To regulate the real estate sector, the government has come up with the idea of Real Estate Regulatory Authority (RERA) Bill which is expected to help buyers. RERA is supposed to protect the interest of the homebuyer and ensure timely delivery of projects. Real Estate Regulatory Authority (RERA) Bill was introduced in 2013 and finally the bill got approved in March last year.
Although RERA is a central law, its implementation will depend on state governments, as real estate is a state subject. Maharashtra government had approved the Real Estate (Regulation and Development) Act (RERA) and it will come into effect from 1st May, 2017.
How Maharashtra worked towards RERA implementation
The Government of Maharashtra had released a draft version of rules in December, after which state government had sought suggestions and objections from various stakeholders. After seeking out all the suggestions and objections which the state government received, the final rules were approved and will come into effect from May 1, 2017.