In latest development on RERA, as soon as it was implemented on 1st may 2017, there have debate on the RERA rules which were notified for union territories which were viewed undiluted and were towards the protection of homebuyers interest. Group of homebuyers known as 'Fight for RERA' has written to Chief Minister Devendra Fadnavis to intervene to revoke the MahaRERA rules and notify fresh rules as to which were notified on October 31 2016, by the Ministry of HUPA for Union Territories without legislatures.
The letter has been marked to Prime Minister Narendra Modi and minister of housing and urban development M Venkaiah Naidu. As the group mentioned that the existing rules seem to be in favour of the promoters interest more than home buyers. The Convenor of Fight For RERA, Mr Abhay Upadhyay said in the letter " the MahaRERA rules allow the project developer to register the project with proposed FSI consumption, layout, number of floors and wings. The developer can revise or amend the plan in case of a difference in future". As per central Act it does not allow any flexibility as the project is expected to be registered only with complete sanctions.
As per central government rules, any ongoing project 70 % of money collected from allottees after the deduction of land and construction cost needs to be deposited in separate bank accounts. But as with MahaRERA rules developer is expected to deposit 70% of the only future receivables from the projects and does not account for money already received from home buyers.