Home buying is the most cherished dream that one has in their life. For most of the Indians, it is like the big financial thing that can make their present and future safe and secure. It is like the lifetime commitment that one makes to themselves and to their family. But the buyers do not understand the sentiments and the hard work behind your investment. But as RERA boosted the Real Estate Market, hopes have gone high that RERA will further aid this industry.
The industry had become so sluggish that the delay in projects and faults have become utterly common. But this shouldn't happen because the investor has added the money with some thought to get the properties with everything best in it. For the same purpose, the Maharashtra Real Estate Regulatory Authority (MahaRERA) will adopt a strict method of a monitoring system that the registered 16,300 projects will get completed by 2022.
MahaRERA secretary Vasant Prabhu has shared this valuable information telling that after registering with MahaRERA, officials can monitor the completion of the projects online. Even for the properties of Gurgaon, New Software Soon for Property Tax Collection by MCG has been introduced that will support the property tax collection method and through this properties taxations of Kalpataru Vista Noida and Unity The Amaryllis Phase II will now be clear.
This MahaRERA will make out the norm that the project is deemed completed after a developer submits Form 4 (completion form). Till date, they have received 1800 forms which means that this much projects should be completed till 2022. In case of any kind of extension, MahaRERA allows an extension for only one year. Then in the second year, the unauthorized constructions in an area will be reported and further worked on. The developers who are not registering with this act will further face the notices and the issues as per the act. Also, it has been said that the area of negligence with just single digit number will be worked on and will be brought to the notice of the developers.
MahaRERA has initiated a conciliation forum, a platform formed by the members of the Mumbai Grahak Panchayat and developer bodies where all the states will now show their interest regarding this matter which was observed that just one of 10 states showed political will. Real estate sector will not come on giving the long term benefits.