The Maharashtra Real Estate Regulatory Authority (MahaRERA) has proposed an amendment to the existing rules to bring the rehabilitation and sale components of redevelopment projects under the ambit of the Real Estate (Regulation and Development) Act.
Earlier, only one phase of such projects was under the purview of RERA. MahaRERA officials said a letter has been sent to chief minister Devendra Fadnavis for his approval to the amendment proposal.
“The rules will have to be amended to consider any redevelopment project as ‘a whole project’. The components related to the rehabilitation for the owners and sale are now accounted separately. The developers now register only the sale component,” a MahaRERA official said.
The official added that if the proposal was approved, it would bring in over 10,000 such Slum Rehabilitation Authority (SRA) and Maharashtra Housing and Area Development Authority (MHADA) projects under the ambit of the real estate Act and ensure their registration within a under specific deadline.
Consumer activist and Mumbai Grahak Panchayat chairman Shirish Deshpande said, “It is expected that the state government will amend the Rule 2(1). This will bring in all redevelopment projects, with the rehabilitation components, under RERA.”
Housing experts have been saying that bringing the redevelopment projects under MahaRERA would benefit over five lakh families. Several affected consumers said a huge number of redevelopment projects in Mumbai, Pune and Thane have seen the developers focusing on the sale component first without thinking about the rehabilitation of the home owners. “The affected owners have to wait for years to get compensations,” one such consumer said.
Officials said if all redevelopment projects were brought under MahaRERA, many housing societies would be relieved because they would not have to approach courts.
News Source : realty.economictimes.indiatimes.com