Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
According to data released by the Maharashtra Real Estate Regulatory Authority (MahaRERA), approximately 35-50% of the conciliations conducted to resolve disputes between homebuyers and real estate developers have been successful. This revelation comes amidst the handling of over 1,200 cases since the establishment of the conciliation forum in 2018.
Chairman of MahaRERA, Ajoy Mehta, expressed satisfaction with the conciliation process, highlighting its efficiency and the absence of appeals or additional proceedings once cases are resolved. He stated that this mechanism is much faster and in most cases there are very few appeals as well. He expressed satisfaction with the fact that around 50% of the cases get sorted by conciliation itself.
Out of the 1,231 conciliation cases handled by MahaRERA's forum, 1,061 have been concluded, while 170 are still ongoing. However, the success rate of conciliation remains between 35% to 50%, according to MahaRERA data. Regarding complaints, MahaRERA has received 24,379 complaints, with over 16,474 cases resulting in orders.
The conciliation process operates under Section 32(g) of the Real Estate (Regulation and Development) Act, 2016, aiming to facilitate amicable resolutions between developers and homebuyers through dispute settlement forums established by consumer or promoter associations. This forum comprises representatives from Mumbai Grahak Panchayat and promoters' associations, dedicated to resolving disputes arising under the RERA Act.
To initiate conciliation, homebuyers register with the forum, following which developers may opt to settle disputes. Should conciliation fail, either party can file a complaint with MahaRERA. Notably, non-compliance after a successful conciliation may lead to further complaints.
Members of the conciliation forum emphasize the importance of a cooperative mindset among all parties to enhance success rates. By fostering a party-centric mindset and promoting open communication, the forum seeks to increase its effectiveness in resolving disputes swiftly and equitably.
As the real estate industry continues to evolve, effective dispute resolution mechanisms are essential for maintaining trust and confidence among stakeholders. By fostering cooperation and dialogue, MahaRERA�s Conciliation Forum holds the potential to transform the landscape of dispute resolution in the real estate sector, ultimately benefiting developers, homebuyers, and the industry at large.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
