Maharashtra Developers Must Specify Delivery Dates for Housing Facilities
MahaRERA makes it mandatory for developers to specify delivery dates for amenities in housing projects, ensuring transparency and timely delivery.
MaharashtraMahareraReal EstateHousing ProjectsAmenitiesReal Estate MaharashtraJul 31, 2024
With this new requirement, developers will now have to specify the date of delivery in the Annexure-1 of the agreement for sale registered with the government. This will make it binding on the developers to deliver the facilities and amenities as committed to homebuyers.
MahaRERA had earlier issued a draft order in April this year seeking feedback on the same by May 27. The final proposed order, issued on July 30, includes new aspects based on stakeholder inputs. According to MahaRERA Chairman Ajoy Mehta, agreements for sale typically cover details like unit specifications, payment schedules, and possession dates, but often omit information about promised facilities and amenities.
To address this, MahaRERA now requires developers to include detailed information about facilities, amenities, and common areas in Annexure-I of the agreement for sale. The schedule II will have to provide details comprehensively, and a model format has also been made available for the same.
This decision aims to enhance transparency and uphold homebuyers' rights regarding the promised amenities, ensuring timely delivery and clarity in real estate projects. With this move, MahaRERA hopes to bring more accountability and reliability to the sector.
Frequently Asked Questions
What is the new requirement for developers in Maharashtra?
Developers must specify the date of delivery for amenities proposed for housing projects in the Annexure-1 of the agreement for sale.
Why was this requirement introduced?
It was introduced to address the uncertainty in the completion of amenities and to ensure timely delivery.
What is MahaRERA?
MahaRERA stands for Maharashtra Real Estate Regulatory Authority, a regulatory body for the real estate sector in Maharashtra.
What type of information must be included in Annexure-I of the agreement for sale?
Developers must include detailed information about facilities, amenities, and common areas in Annexure-I of the agreement for sale.
What is the aim of this decision?
The aim is to enhance transparency and uphold homebuyers' rights regarding the promised amenities, ensuring timely delivery and clarity in real estate projects.
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