3 Policies in India & Maharashtra · 3.1 Urban policies in India and Maharashtra

3.1.6 RERA 2016 and MahaRERA: registration (s.3), 70% escrow account and Appellate Tribunal

The Real Estate (Regulation and Development) Act, 2016 makes promoters register projects with a State Real Estate Regulatory Authority (in Maharashtra, MahaRERA) before selling, keep 70% of buyers' money in a separate account for that project, sell by carpet area, and answer to an Authority, an Appellate Tribunal and the High Court.

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Key terms

  • RERA
  • Real Estate (Regulation and Development) Act 2016
  • MahaRERA
  • section 3
  • 500 sq m
  • eight apartments
  • section 4(2)(l)(D)
  • 70% separate account
  • carpet area
  • section 13 10% advance
  • section 14 five-year defect liability
  • section 44 sixty days
  • Appellate Tribunal
  • adjudicating officer

What this note covers

  1. Core factsFoundation
  2. ExplainedStandard
  3. DeeperAdvanced
  4. Mains writingMains writing
  5. Common trapsFoundation
  6. Quick revisionFoundation

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