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April 27, 2017

Maharashtra in sync

No major deviations with the central Act Maharashtra has notified its real estate rules – called the Maharashtra Real Estate (Regulation and Development) Rules, 2017 – governing the registration of real estate projects, agents, rates of interest, and disclosures on developer websites. This follows the passage of the Real Estate (Regulation and Development) Act, or RERA, in the Rajya Sabha in March 2016. The Act was notified on May 1, 2016, and will come into effect nationwide from May 1, 2017.

While the draft Maharashtra RERA rules (issued in December 2016) had relaxed a few clauses of the central RERA, the final notification is quite in line with the central Act. The state had modified some of the draft clauses based on over 600 suggestions and objections received during the past few months. It launched the RERA website last week (maharera.mahaonline.gov.in). But the state hasn’t yet appointed a full-time real estate regulator. It had appointed an interim regulator in December 2016.