Frequently Asked Questions
(Complete Guide for Property Buyers)
The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act passed by the Indian Parliament to protect the interests of home buyers and also boost investments in the real estate sector.
Under the Real Estate Act, the central and state governments, are required to notify their own rules under the Act, six months, on the basis of the model rules framed under the central Act. The Real Estate (Regulation & Development) Act, 2016 (RERA) is an Act passed by the Indian Parliament. The RERA seeks to protect the interests of home buyers and also boost investments in the real estate sector. The Rajya Sabha passed the RERA bill on March 10, 2016, followed by the Lok Sabha on March 15, 2016 and it came into force from May 1, 2016 . 59 of its 92 sections were notified on May 1, 2016 and the remaining provisions came into force from May 1, 2017. Under the Act, the central and state governments, are required to notify their own rules under the Act, six months, on the basis of the model rules framed under the central Act.
Some of the important compliances are:
Establishment of the regulatory authority:
The area of a property is often calculated in three different ways – carpet area, built-up area and super built-up area. Hence, when it comes to buying a property, this can leads to a lot of disconnect, between what you pay and what you actually get. Gautam Chatterjee, Maharashtra RERA chairman, explains that “It is now mandatory for the developers of all ongoing projects, to disclose the size of their apartments, on the basis on carpet area (i.e., the area within four walls). This includes usable spaces, like kitchen and toilets. This imparts clarity, which was not the case earlier.” According to the RERA, carpet area is defined as ‘the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment’. Rahul Shah, CEO of Sumer Group, points out that “As per the RERA guidelines, a builder must disclose the exact carpet area, so that a customer knows what he is paying for. However, the act does not make it mandatory for the builders, to sell a flat on the basis of carpet area.”
The Maharashtra Real Estate Regulatory Authority (MahaRERA) came into existence on May 1, 2017. Deemed as one of the most active real estate regulatory authorities in India, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has over 25,000 registered projects and 23,000 registered property agents, as of February 27, 2020. The Authority has also got over 10,000 complaints, out of which 71% have been disposed of.
Aggrieved home buyers in Maharashtra, may be able to look forward to an early and amicable resolution of their disputes with their developers, with Maharashtra becoming the first state in India to initiate the conciliation mechanism under Section 32 (g) of the RERA, by way of Alternative Dispute Resolution (ADR). The conciliation process will go online from February 1, 2018 and hearings before the conciliation benches are expected to commence from the first week of March 2018. Any aggrieved allottee or promoter (as defined under RERA) can invoke the conciliation mechanism set up by MahaRERA . For this purpose, a dedicated website has been created and one can have access to it even via the MahaRERA website.
Commercial and residential projects including plotted development. Projects measuring more than 500 sq mts or 8 units. Projects without Completion Certificate, before commencement of the Act. The project is only for the purpose of renovation / repair / re-development which does not involve re-allotment and marketing, advertising, selling or new allotment of any apartments, plot or building in the real estate project, will not come under RERA. Each phase is to be treated as standalone real estate project requiring fresh registration.
Digbijoy Bhowmik, head of policy, RICS, explains, “Complaints can be filed under Section 31 of the Real Estate (Regulation and Development) Act, 2016, either with the Real Estate Regulatory Authority or the adjudicating officer. Such complaints may be against promoters, allottees and/or real estate agents. Most state government rules, made appurtenant to the RERA, have laid out the procedure and form, in which such applications can be made. In the case of Chandigarh UT or Uttar Pradesh, for instance, these are placed as Form ‘M’ or Form ‘N’ (common with most other states and union territories).” A complaint under the RERA , is required to be in the form prescribed under the respective states’ rules. The complaint can be filed with respect to a project registered under RERA, within the prescribed time limit, for violation or contravention of provisions of the act or the rules or regulations framed under RERA. “For cases pending before the NCDRC or other consumer fora, the complainants/ allottees can withdraw the case and approach the authority under the RERA. Other offences (except complaints under Section 12, 14, 18 and 19) can be filed before the RERA authority,” explains Ajay Monga, partner at SNG & Partners law firm.
Registration secured through misrepresentation or fraud Breach of terms for which registration obtained
There are a few major roads which run through the area namely The Hinjewadi Road and The Mumbai-Bengaluru Highway.
Hinjewadi offers very good social infrastructure to its residents. Some of the reputed schools in Hinjewadi include the Mercedes-Benz International School , Blue Ridge Public School and Pawar Public School . Some of the leading hospitals in Hinjewadi include the Sanjeevani Hospital , Mediplus Speciality Hospital Pvt Ltd and Hinjawadi Hospital . The shopping needs of the residents are catered to by malls in Hinjewadi such as the White Square, Spot 18, City One Mall, etc.
Price trends in Hinjewadi and the rising demand, the locality would prove to be a good investment. There is excellent appreciation of property rates with a number of projects being developed here. Moreover, the area is one of the IT/ITES hub and industrial zones of Pune. The Maharashtra government has proposed to develop Hinjewadi as an integrated township, so the scope of development of infrastructure facilities is also there. Considering all these factors, Hinjewadi is an excellent place for investment.
*Disclaimer(Source : housing.com, Kasturi.com)
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