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The Government of India enacted the Real Estate (Regulation and Development) Act 2016 and all the sections of the Act came into force with effect from 1st May, 2017. The key objective of the Act was to bring greater transparency, accountability, financial discipline, speedy dispute redressal and homebuyer/ allotees centricity.
The Government of Maharashtra has established the Maharashtra Real Estate Regulatory Authority (MahaRERA), vide Notification No. 23 dated 8th March 2017, for regulation and promotion of real estate sector in the State.
Vision : To facilitate and promote a healthy, efficient and planned growth of real estate in Maharastra by building trust among all stakeholders, raising professionalism and safeguarding consumer interest
Mission : MahaRERA seeks to establish symmetry of information among stakeholders through transparency in real estate transactions and their disclosures, fiscal disciplines, accountability and a fast track dispute resolution through conciliation and quasi-judicial mechanism.
Subsequently, MahaRERA was also made the regulatory authority for Daman & Diu and Dadra Nagar Haveli.
MahaRERA aims at transforming the Real Estate Sector into a transparent and professional sector, wherein every stakeholders’ interests are protected and thus trust and confidence is established. MahaRERA strives to efficiently implement the Act in its letter and spirit, ensure compliance, promote transparency, accountability, financial discipline, homebuyers/ allottees centricity.