Will RERA Compliance bring sales boost to stale Real Estate Economy?

Will RERA Compliance bring sales boost to stale Real Estate Economy?

Will RERA Compliance bring sales boost to stale Real Estate Economy?


Is RERA Compliance is capable to boost sales in the real estate economy; the answer is a YES and NO. RERA information is not filled up truthfully and quarterly updates filled up by many builders is not accurate. This may lead to distrust and ineffective RERA mandate. This article will through light on the goods of RERA with respect to Homebuyers and the current state of affairs that will slowly move the situation towards a dismal state.

Let’s first take the case of “YES”

YES- RERA will boost Sales and Economy of real estate’.  Ideally, RERA means 100% Transparency of Information. Builders who follow and provide accurate data to the RERA website, abide by the given guidelines like the stated below are doing good in business.

  1. All information about the project such as sanctioned plans, approvals, layouts, standard formats of legal agreements, amenities, etc. will be available for public viewing.
  2. Developer Profile: The background of the Developer and details of projects launched by him in the last five years will be available which will empower the Buyer to select the right developer.
  3. Carpet Area: All marketing material, customer agreements, etc. will now mention the carpet area of the apartment which RERA defines the Net Usable Area excluding the area of the balcony, verandah, terrace but including area under internal walls. This will make it easier for buyers to compare products across projects.
  4. Dedicated forum for complaints: Home Buyers will have an option of filing complaints against developers and real estate agents in the Consumer Court or RERA Authority. RERA Authority has to give orders within a specified time or record reasons in writing for delay in giving the order.
  5. Control over project cash flows: Developers will now deposit 70% of collection from customers into a separate account which will be used for payments towards land and construction cost. This will ensure that there is always enough funding available for completion of the project.
  6. Assurance of Possession: Customers will get a better assurance of delivery is entitled to compensation in case the project gets delayed beyond the possession date declared at the time of registration
  7. Quarterly updates: Promoters will post quarterly updates of the progress of projects on the website for public viewing which will give the Home Buyers a clear idea of the progress of the project.

The second case of “NO”

The second case of ‘NO is true when violation and inaccuracy of the above-mentioned data take place. And when quarterly updates are misleading and incomplete people lose trust. This situation is followed by distrust in RERA, the builder and the project. Data on RERA websites is not user-friendly to consume. This condition also will lead to a lack of interest in investment.

Another platform that tries to bridge information gap is Umber Ghar, RERA Compliance Software  You can see the latest project updates, the projected speed, details of every building progress, progress of amenities, sold and unsold status of every asset/unit type and much more. Comparison of various projects with respect to RERA is also very easy. The public can visit this site to seek data of builders from Pune, Mumbai and its suburbs.


In conclusion, RERA compliances have not substantially improved business and economy. Hear the people at loss are the builders and home buyers both. Builders are not getting adequate traction because of lost faith. Homebuyers are not interested because there is no assurance or transparency from Builders and the authority. Several efforts are in place to move the situation toward a favorable state.

Which Sections are most important for Home Buyers in Maha RERA?

In order to facilitate complainants from the Pune and Aurangabad Division the Maharashtra Real Estate Regulatory Authority (Maha-Rera) has appointed two adjudicating officers in Pune. Over 120 cases have already been transferred for hearing. Adjudicating officials of RERA Pune, hears complains pertaining to section 12, sec14, sec 18, sec 19 as reported by #Times City Pune 23 Sep 18.
What does it mean in lay words, what sections does it cover and not cover? .
This Simply means, in case a complainant seeks ‘compensation’, it is solved by adjudicating officers. Let’s understand what home buyers can expect relief from adjudicating officials who come from Mumbai office. Here are details of compensation claims that can be made in Pune against a builder/ developer.

1. If a Home buyer intends to withdraw from a project, because of False/ incorrect statement on advertisement/brochure of RERA registered building. He can claim advance/deposit refund along with interest that RERA act prescribes.

Section 14:
1. Project to be developed and completed in accordance with the sanctioned plans, layout plans and specifications
2. To fulfil the project with promised fixtures, fittings in the flat and all the promised amenities and common areas of the apartment
3. The promoter shall not make any additions and alterations without the consent of home buyers
4. Only alterations as may be requested by the home buyer can be entertained
5. Only necessary architectural and structural change recommended and verified by an authorised Architect or Engineer after proper declaration to the allottees.
6. written consent of at-least two-thirds of the allottees,
7. In case any structural defect or any other defect in workmanship, quality or provision of services
8. it shall be the duty of the promoter to rectify such defects without further charge, within thirty days, for a period of five years from the date of handing over possession.

Section 18:
1. If the promoter fails to complete or is unable to give possession by the specified date of an apartment, plot or building
2. in delay, if an allottee does not intend to withdraw from the project, he shall be paid, by the promoter, interest for every month of delay, till the handing over of the possession
3. Compensate the allottees in case of defective title of the land.

1. The allottee shall be entitled to obtain the information relating to sanctioned plans, layout plans, flat specifications, agreement for sale & amenities with the promoter.
2. To know stage-wise time schedule of completion of the project, including the provisions for water, sanitation, electricity and other amenities and services
3. Home buyer shall be entitled to claim the possession of apartment, plot or building, and the association of allottees shall be entitled to claim the possession of the common areas
4. Compensation to home buyers if , the promoter fails to comply or is unable to give possession of the apartment, in accordance with the terms of agreement for sale, due to discontinuance of his business, account of suspension or revocation of his registration
5. The allottee shall be entitled to have the necessary documents and plans, including that of common areas, after handing over the physical possession of the apartment
6. Home buyers shall be responsible to make necessary payments, in the manner & time as specified in the agreement for sale. Registration charges, municipal taxes, water and electricity charges, maintenance charges, ground rent, and other charges, should be paid as decided in the agreement.
7. Allottee shall be liable to pay interest for any delay in payment towards any amount or charges to be paid
8. The obligations & liability towards interest may be reduced when mutually agreed between the promoter and allottee.
9. Every allottee of the apartment shall participate towards the formation of an association or society or cooperative society
10. Every allottee shall take physical possession of the apartment within a period of two months of the occupancy certificate issued for the said apartment
11. Every allottee shall participate towards registration of the conveyance deed of the apartment
RERA adjudicating officials take control of cases of contravention / compensation in Pune jurisdiction, like section 60 and 61. Section 60 provides for punishment/penalty for the promoter for providing false information or contravening the provisions of Section 4. Section 61 provides for penalty for the promoter for contravening any other provision of the RERA, other than Section 3 and 4, or the rules or regulations made under RERA act. To solve cases officers Mr. SB Bhale and Mr. MV Kulkarni have been appointed by the Maha-Rera for the Pune and Aurangabad Division.

RERA सारख्या कायद्याची गरज का निर्माण झाली?

RERA म्हणजे काय हे सांगण्या आधी RERA हा कायद्याची का आवशयकता निर्माण झाली ह्या बद्द्दल थोडेसे सांगणे आवश्यक आहे .

RERA सारख्या कायद्याची गरज का निर्माण झाली ?

RERA म्हणजे काय हे सांगण्या आधी RERA हा कायद्याची का आवशयकता निर्माण झाली ह्या बद्द्दल थोडेसे सांगणे आवश्यक आहे .

पूर्वी आपण घर खरेदी करताना आपल्या गरजा व आपले बजेट किती आहे ह्याचा विचार करून परवडणारे घर बघत असू . आपल्याला हव्या हव्यश्य गोष्टी पूर्ण होत आहेत म्हणल्यावर बिल्डर कडून त्याठिकाणी फ्लॅट बुक करायचे ठरवत असू . बिल्डर पण ग्राहकाला खूष करण्यासाठी BROUCHER मध्ये त्याच्या प्रोजेक्टमध्ये काय काय सुविधा आहेत ह्या बद्दल काही माहिती देत असे . ग्राहक पण त्याला हुरळुन जात असत आणि घर बुक करून कधी एकदा आपण स्वतःच्या घरात राहायला जाऊ असे होत असे त्यामुळे सर्व पैश्याची आर्थिक जुळवाजुळावं करून फ्लॅट बुक केला जाई . बिल्डर पण ग्राहक आला आहे म्हणल्यावर फ्लॅट बुक करून एक विशिष्ठ तारखेला फ्लॅट देऊ असे सांगत असे परंतु प्रत्यक्षात तसे काही होत नसे .
ग्राहक पण घराचा ताबा कधी मिळेल याकडे वाट बघत असे .काही दिवसांनी तो कंटाळून ग्राहक मंच मध्ये बिल्डर विरुद्ध लेखी तक्रार देई पण त्याचाही फारसा उपयोग होईना .तारीख पे तारीख ,परत राहायच्या खर्च परी खर्च , मानसिक त्रास सहन करणे हया गोष्टी होऊ लागले . त्याच प्रमाणे काळानुसार परिस्तिथी बदलल्यामुळे व आर्थिक धोरण बदलत गेल्या मुळे स्वतःचे हक्काचे घर घेण्याकडे जास्त लोक वळले .
बिल्डर लॉबी खूपच मनमानी करत कित्येक लोकांना घरे मिळायला वेळ लागू लागला .ह्याने लोक इतके त्रासले कि सरकारला ह्यची नोंद घ्यावीच लागली . दिल्ली येथील काही कोटींचे गैरव्हवहार याने त्यातभर घातली आणि शेवटी सरकारला ह्याची दाखल घेत १५ मार्च २०१६ रोजी संपूर्ण देशात हा कायदा अमलात आणण्यात आला.
28 राज्यांतील (हा कायदा जम्मू आणि काश्मीरमध्ये लागू नाही)जेथे कायदा लागू केला जातो, फक्त तीन राज्यांनी ने एका नियमकाची नियुक्ती केली आहे. १४ राज्यांनी स्वतःची संकेतस्थळ काढली आहेत. हा कायदा बनूनआता जवळजवळ एक ववर्षा पेक्षा जास्त वेळ जहाला आहे आणि आता संपूर्ण ९२ सेकशन्स लागू जहाले आहेत .
महाराष्ट्र ,गुजराथ ,मध्यप्रदेश ,केरळ ,आंध्रप्रदेश ,उत्तरप्रदेश,बिहार ,पंजाब अँड दिल्ली यांच्यात MahaRERA सर्वात अग्रगण्य आहे. रेरा हा कायदा असून त्याची पोहोच व व्याप्ती खूप मोठी आहे .सर्वसामान्यांच्या साठी बनलेला हा कायदा संपूर्ण भारतातील बांधकाम व्यवसायात आमूलाग्र बदल घडवून आणेल यात काहीही शंका नाही . अधिकाधिक राज्य ह्याचा सखोल अभ्यास करून हा कायदा अमलात आणतील आणि हे नवीन भारत निर्माणातील एक अत्यंत महत्वाचा मैलाचा दगड ठरेल.

लोकांना आपल्या बुक केलेल्या फ्लॅट ची घर बसल्या update व महिती मिळण्याच्या उद्देशाने उंबर घर ह्या सॉफ्टवेअरची निर्मिती झ्हाली आहे .उंबर घर हे देखील एकमेव software आहे जे रेरा साठीच बनवले आहे . अधीक माहीती साठी umberghar संकेत स्थळी भेट ज्ञा.

शेवटी असे म्हणता येईल कि हे नवीन #RERAERA तर नाहीना !

Will RERA Compliance bring sales boost to stale Real Estate Economy?

Conciliation forum & Settlement of Disputes by MahaRERA

RERA is a platform where an aggrieved home buyer can file a complaint directly on MahaRERA site. Government wants to promote and popularize the amicable and effective settlement of disputes arising with reference to Real Estate. And to offer speedy settlement of commercial disputes MahaRERA has also provided another Alternate Dispute Resolution (ADR) mechanism of Conciliation forum.
The article will also touch upon most common complaints. Can builders proactively avoid complaints? Are their any measures have grievance less and foster happy home buyers? Will the spirit of RERA i.e. transparency, faith and confidence, in the governing bodies & private builders, ever be established? We shall touch upon these concerns.


RERA started with complain mechanism. Solving such grievances involved trials and legal proceedings. The conclusion of several cases has ended in compensation and penalty. Home buyers have been satisfied with the verdict and justice offered. Time and effort to number of pending complaints was very high. So as a Alternate Dispute Resolution (ADR) mechanism Conciliation forum was established.

Highlights of Conciliation forum

1. Aim is to have Mutual and amicable conciliation of dispute
2. Dispute settlement forum has 15 consumer representatives (from Grahak Panchayat Mumbai & Pune)
3. 18 developer/promoter members from associations like CREDAI and NAREDCO.( Confederation of Real Estate
Developers Association of India and National Real Estate Development Council).
4. The conciliation forum is headed by the secretary of MahaRERA.
5. The purpose of conciliation forum is to solve disputes amicably. And not take up a legal battle. (Legal as we
all know will mean waste of time, money and delayed verdict)

Common Reasons and Settlement

1. Most common matters of dispute are: Matters of Quality of construction, promised amenities,
late delivery and disputes rising due to money matters etc.
2. Grievances due to OC not granted conveyance deed, Title deeds and agreements.
3. Home buyers compensation norms are prescribed in the RERA Act. (section 59- Non registration : 10% of the cost
of real estate project or 3 years imprisonment, section 64, section 66, section 68)
4. In most cases buyers seeking cancellation and ask for a refund.
5. If matters are not resolved at Conciliation forum, it can be approached to appellate body MahaRERA


Can litigation / conciliation be avoided?

Complaints & litigations mean brand devaluation, loss of business, home buyer will see your project suspiciously and the domino effect is carried further. Hence miscreant and malpractice has no room in RERA Era. Transparency, trust and good communication will not allow such grievances to furnish. How can builder /promoter earn happy customers? Some strategies that promoter/ developers can adopt are listed below.

1. Amenities that are promised should be published on the website or brochures.
2. Property tracking mechanism should be built and shared with home buyers
3. After sales relation should be established
4. Communication should be on personal basis
5. RERA compliance certificates can be shared with the home buyers
6. Quarterly updates of building and common amenities can be shared.
7. Customers and bank can be notified of completion stages.
8. Payment collection should follow the prescribed RERA standards
9. In case of delays in project allottees should be informed
10. In situation of change in development plan and layout consent of allottees can be obtained
11. Aware and informed home buyers.

Millennials are the new home buyers. They have the power of internet, social media & forums. Without going through reviews they do not buy. In a sluggish industry and thinning profit margins there is no room for conciliations. Needless to say conciliation comes with compensation & penalties.
Find out how can you avoid this? Can you have happy home buyers?
Visit our site to find awakening tips and solution…

How has Business Changed for Real Estate Agent under RERA Act?

RERA aims to protect home buyers by laying down rules for agents and estate brokers. With around 8 to 9 lakh agents in the country things had been unorganised and no regulation existed in this segment. With RERA act in effect, only registered brokers will be able to sell new property, the rest will play in resale market. Only fair and organised agents can sell projects and properties. Business will be fair with no false promises to any clients. And regular training and certification on RERA guidelines will have to be carried out by RERA registered agents.

Highlights of RERA act for Agents:

  1. Marketing unregistered projects will attract penalty and cancellation of licence
  2. Validity of registration of Agent’s licence is for 5 years.
  3. Agents will Undergo a certification course and take up refresher course every year.
  4. Agent is required to maintain the books of accounts, records, and documents separately for each real estate project.
  5. Penalty for unregistered broker selling registered project.
  6. Cheating on Title documents, litigation, false promise of amenities, will all come to an end.
  7. This will improve the overall transparency and accountability in the sector.

How will RERA registered Agents, impact the industry and home buyers?

  1. Home buyers’ trust is likely to increase and this could lead to an increase in sales for brokers and builders.
  2. Home buyer with help of agents can make an Informed purchase decision on property.
  3. Agent will Help home buyers chose a RERA-compliant developer
  4. They will be consultants to buyers. They will educate customers with Title deeds, land documents, building certification documents, buyers’ right and so on.

How can Developers and Agents team up to contribute to growth in real estate sector?

  1. ‘Pictures speak a thousand words’, projects can exhibit more site photos, videos & install CCTv cameras for home buyers to have a good view of the development
  2. After stage completion they can inform the agents and announce to probable buyers of timely & competent speed of construction.
  3. Websites can have building wise details of development, this will ensure bookings & investments.
  4. Brokers can be informed of the sold & unsold inventory status at all times to enable spot booking
  5. All amenities on the brochure can be supported by appropriate photos
  6. Builders can Proactively share  RERA certificates with Agent members
  7. By supporting customers even after the agents role is over. Like Client Support post sales.
  8. All Disclosures on website can be clearly understood by home buyers
  9. Inclusion of brokers details explicitly on RERA website of projects (to prove authenticity of broker)

In conclusion, yes business has changed and will change for Real Estate Agent under RERA Act. RERA rules for agents and estate brokers will safeguard the rights of home buyers. You will see fair and organised agents selling projects and properties. Business will be transparent and no false promises will be made to any clients. Market will start believing in the phrase ‘Pictures speak a thousand words’.  A lot of site photos, videos & CCTv cameras installations will be seen at sites. Faith and trust will be restored in the coming years.