Maharashtra Realty Experts Applaud MahaRERA's Move for Transparent Brokerage
Domnic Romell, President of CREDAI-MCHI, highlighted that MahaRERA's initiatives set a strong precedent for enhancing transparency in the real estate market, benefiting both buyers and sellers.
MahareraTransparencyReal EstateCredaimchiBrokerageReal Estate NewsNov 08, 2024
Domnic Romell, President of CREDAI-MCHI (Confederation of Real Estate Developers' Associations of India, Maharashtra Chapter), emphasized the importance of this initiative. He stated, 'MahaRERA's order is a crucial step towards building a more transparent and trustworthy real estate market. It will help eliminate hidden costs and ensure that both buyers and sellers have a clear understanding of the financial implications involved in property transactions.'
The real estate market in Maharashtra has long been plagued by issues of opacity and lack of standardized practices. Brokers often charged undisclosed fees, leading to confusion and mistrust among consumers. MahaRERA's order aims to address these concerns by requiring brokers to provide a detailed breakdown of all charges, including brokerage fees, to their clients. This will not only enhance transparency but also foster a more competitive and fair environment for all stakeholders.
According to industry experts, the move is expected to have a positive impact on the real estate market. Niranjan Hiranandani, co-founder of the MahaRERA, explained, 'By ensuring that all charges are clearly disclosed, we are empowering consumers to make informed decisions. This will boost confidence in the market and encourage more people to invest in real estate.'
The order also includes provisions for strict compliance and penalties for non-compliance. Brokers found violating the rules will face fines and may have their licenses revoked. This enforcement mechanism is crucial to ensure that the order is followed rigorously and that the benefits of transparency are realized.
Moreover, the move is seen as a step towards aligning the real estate market in Maharashtra with international best practices. Several developed countries have similar regulations in place, and the implementation of these rules will bring the Indian market in line with global standards.
The real estate industry in Maharashtra is a significant contributor to the state's economy, and the health of this sector is crucial for overall economic growth. MahaRERA's initiatives are expected to create a more robust and resilient market, attracting more investments and fostering sustainable development.
In addition to the benefits for consumers, the order is also expected to have a positive impact on the real estate industry itself. Transparency will help build a more professional and ethical environment, leading to better business practices and higher standards of service. This, in turn, will attract more investors and contribute to the overall growth of the sector.
To further support these initiatives, MahaRERA has also launched a series of awareness campaigns to educate consumers about their rights and the new regulations. These campaigns will be conducted through various channels, including social media, print media, and public seminars.
In conclusion, MahaRERA's order on transparent brokerage is a significant step towards building a more transparent and trustworthy real estate market in Maharashtra. It is a win-win for all stakeholders and is expected to have a positive impact on the overall health and growth of the real estate sector.
Frequently Asked Questions
What is the recent order by MahaRERA regarding real estate brokers?
MahaRERA has issued an order mandating real estate brokers to disclose all brokerage fees and commissions transparently to their clients.
Who is CREDAI-MCHI and what is their stance on MahaRERA's order?
CREDAI-MCHI is the Maharashtra chapter of the Confederation of Real Estate Developers' Associations of India. They have welcomed MahaRERA's order, stating it sets a strong precedent for transparency in the real estate market.
What are the penalties for brokers who do not comply with MahaRERA's order?
Brokers found violating the rules will face fines and may have their licenses revoked.
How is MahaRERA supporting the implementation of this order?
MahaRERA has launched awareness campaigns to educate consumers about their rights and the new regulations through various channels, including social media, print media, and public seminars.
What are the expected benefits of MahaRERA's order on the real estate market?
The order is expected to enhance transparency, build consumer confidence, attract more investments, and foster sustainable development in the real estate sector.
Related News Articles
Salman Khan Firing Incident: Mumbai Police Arrest Accused from Rajasthan
Mumbai Police have registered a new case in connection with firing outside actor Salman Khan's residence and arrested one person from Rajasthan on charges of criminal intimidation.
Son's Greed Leads to Realtor's Brutal Murder in Shadnagar
In a shocking turn of events, a realtor's son has been revealed as the prime accused in his father's murder, allegedly over a property dispute.
Luxury Housing Demand Skyrockets in India's Major Cities
India's luxury real estate market is witnessing a significant surge in demand, driven by economic growth and evolving consumer preferences. High-net-worth individuals are leading the charge in major urban centers like Delhi-NCR, Mumbai, and Hyderabad.
Hyderabad: Real Estate Owners Arrested for Defrauding Client of Rs 1.45 Crore
Hyderabad: Two real estate owners were arrested on October 31 for scamming a client out of Rs 1.45 crore by falsely selling plots.
Haryana RERA Penalizes Developers for Delayed Reporting
The Haryana Real Estate Regulatory Authority (HeRera) in Gurugram has imposed fines on several real estate developers for failing to submit mandatory reports on time. The move is part of the authority's efforts to ensure transparency and accountability in
Proptimes Consultancy Services Aims for ₹2000 Crore in Property Sales for FY 2025-26
Proptimes Consultancy Services, founded in 2021 by Kian Kumar, is setting its sights on achieving ₹2000 crore in property sales for the fiscal year 2025-26. The company is committed to making real estate transactions more transparent and efficient.