Legal Update New RERA Rules Strengthen Homebuyer Protection
The Maharashtra Real Estate Regulatory Authority introduces stricter compliance requirements for developers and enhanced grievance redressal mechanisms for homebuyers.
Enhanced Developer Accountability
New MahaRERA guidelines mandate quarterly progress reports for all registered projects. Developers must maintain 70% of buyer funds in separate escrow accounts, ensuring project completion protection.
Faster Dispute Resolution
The authority has established fast-track adjudication for disputes involving amounts up to ₹10 lakh. Average resolution time has decreased from 6 months to 90 days under the new system.
Digital Integration
MahaRERA website now features real-time project status updates, enabling buyers to track construction progress and financial health of their projects through an integrated dashboard.