MahaRera Aims to Boost Transparency with Builder Self-Declarations
MahaRera is proposing a new measure that requires builders to submit self-declarations on the quality of their projects, enhancing transparency and accountability in the real estate sector.
Real Estate RegulationSelf DeclarationBuild QualityMahareraTransparencyReal Estate MaharashtraJul 12, 2024
Under the proposal, builders would be mandated to provide detailed self-assessments of their projects' adherence to quality standards and regulatory norms. This self-declaration is intended to supplement existing regulatory frameworks and facilitate smoother compliance procedures for developers.
MahaRera officials highlight that the proposed self-declaration system aims to promote transparency and accountability in the real estate sector. By encouraging builders to take responsibility for the quality of their developments, MahaRera seeks to strengthen consumer protection measures and uphold industry standards.
The initiative comes amid ongoing efforts by regulatory authorities to foster a more accountable and transparent real estate market in Maharashtra. It reflects MahaRera's commitment to improving regulatory efficiency and addressing stakeholders' concerns related to project quality and compliance.
Information MahaRera is a statutory body established under the Real Estate (Regulation and Development) Act, 2016, with the primary objective of regulating and promoting the real estate sector in Maharashtra.
Maharashtra Real Estate Regulatory Authority (MahaRera) is a key regulator of the real estate sector in Maharashtra, responsible for ensuring compliance with regulatory norms and promoting transparency and accountability in the industry.
Frequently Asked Questions
What is the purpose of MahaRera's self-declaration proposal?
The purpose of MahaRera's self-declaration proposal is to streamline regulatory processes, enhance transparency, and promote accountability in the real estate sector.
Who will be required to submit self-declarations under the proposal?
Builders will be required to submit self-declarations regarding the quality of their projects under the proposal.
What is the benefit of the self-declaration system for homebuyers?
The self-declaration system is intended to promote transparency and accountability in the real estate sector, which will benefit homebuyers by ensuring that builders take responsibility for the quality of their developments.
What is MahaRera's role in regulating the real estate sector in Maharashtra?
MahaRera is a statutory body responsible for regulating and promoting the real estate sector in Maharashtra, ensuring compliance with regulatory norms and promoting transparency and accountability in the industry.
Why is MahaRera introducing the self-declaration system?
MahaRera is introducing the self-declaration system to address stakeholders' concerns related to project quality and compliance, and to strengthen consumer protection measures in the real estate sector.
Related News Articles
MahaREATOR Overturns MahaRERA Order Denying Homebuyers Relief
Mumbai: The Maharashtra Real Estate Appellate Tribunal (MahaREAT) has overturned a decision by the Maharashtra Real Estate Regulatory Authority (MahaRERA), which had previously dismissed complaints from eight homebuyers. This significant ruling provides a
Sonam Kapoor Acquires Mumbai’s Iconic Rhythm House for ₹47.8 Crore
Bhaane Group, owned by Bollywood star Sonam Kapoor and her husband Anand Ahuja, has purchased the historic Rhythm House in Mumbai for ₹47.8 crore. The property, once owned by fugitive jeweler Nirav Modi, is a 3,600-square-foot cultural landmark in the Kal
Uday Kotak and Family Make Record-Breaking Purchase of 12 Flats in Mumbai for Over ₹200 Crore
In a significant move, Uday Kotak and his family have acquired 12 luxury flats in Mumbai, setting a new national price record. This transaction underscores the vibrant and resilient nature of the Mumbai real estate market.
Mantra Real Estate Expands Luxury Portfolio with Burgundy, Closes a Blockbuster Financial Year
Pune-based real estate leader Mantra has marked a transformative year with the launch of Burgundy, its new luxury brand tailored for discerning homeowners. This launch follows a successful financial year, further cementing Mantra's position in the luxury real estate market.
Royalti Records Remarkable 200 Crores Sales at Oberoi Garden City Launch
Mumbai (Maharashtra) [India], November 21: Royalti, a leading real estate consulting firm in the premium and luxury market, has set a new benchmark with an unprecedented 200 crores in sales at the launch of Oberoi Garden City. This milestone underscores t
Mumbai News: KEM Hospital Workers Protest Over Unpaid Salaries
Class IV workers at the BMC-run KEM Hospital in Mumbai staged a peaceful protest by giving roses to the dean on Tuesday, demanding unpaid salaries and better working conditions.