MahaRERA Enhances Transparency with Detailed Project Information in Registration Certificates
Mumbai: In a significant move to enhance transparency and protect homebuyers, Maharashtra Real Estate Regulatory Authority (MahaRERA) has decided to provide comprehensive details of real estate projects in its registration certificates. Previously, the registration certificates only listed the project name, address, and promoter details, along with the conditions that the developer had to comply with for registration. Now, they will also include project details like the total built-up area, name and number of buildings and wings, number of floors approved for construction, number of approved habitable floors, and number of parking slots available for four-wheelers, two-wheelers, and visitors.
In addition, if the developer makes any amendments or updates related to the project, such as seeking a deadline revision, entering into a joint venture, or transferring the project to another company, these details will be reflected in the revised MahaRERA certificate issued for the project. MahaRERA pointed out that promoters are also mandated to prominently display the registration certificate at their project site as well as on the project website.
If a home buyer searches for information about a project on the MahaRERA website using the project registration number, a link to this certificate will appear on the first page. The regulators have already made it mandatory for promoters to include a QR code, which contains essential preliminary information, along with the project registration number in advertisements across all media. By scanning the QR code, one can access key information related to the project, said an official.
MahaRERA has initiated the mentioning of primary and crucial project details on registration certificates issued to new housing projects. We always urge and encourage homebuyers to understand these details and verify the legal details prior to making any decision or transaction, said Manoj Saunik, MahaRERA chairman. The regulatory body, in the past, introduced a standardised agreement for sale as well as an allotment letter, mentioning details such as dimensions of parking slots and a list of amenities and facilities to be provided, along with their delivery timelines.
This move is expected to significantly reduce the risk of fraudulent practices and provide homebuyers with a clearer understanding of the projects they are investing in. It also aligns with the broader goal of the MahaRERA to ensure a fair and transparent real estate market in Maharashtra.
