MahaRERA Enhances Transparency with New Project Registration Certificate
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a new project registration certificate that provides crucial information about real estate projects, making it easier for homebuyers to make informed decisions.
Real Estate Pune:In a significant decision taken by the Maharashtra Real Estate Regulatory Authority (MahaRERA), the new project registration certificate will now provide crucial information about the real estate project. This homebuyer-centric step has been taken by MahaRERA after considering the essential preliminary information a homebuyer needs pertaining to a housing project. The decision will be applicable with immediate effect for all new housing projects.
So far, the MahaRERA registration certificate only mentioned the project’s and promoter’s name and address in a single line. Hereon, this information will be displayed in bullet points to make it reader-friendly.
For the first time, the certificate’s annexure will include comprehensive details such as the project’s total built-up area, names and number of buildings as well as wings, total number of habitable floors, total number of residential and non-residential units, Commencement Certificate (CC) showing construction permission granted up to which floor, and the total number of parking spaces for four-wheelers, two-wheelers, and visitors. During a project’s lifecycle, if the developer makes any amendments or updates related to the project, such as seeking deadline revisions or entering into a joint venture or transferring the project to another company, these details will get reflected in the revised MahaRERA certificate issued for the realty project.
Needless to say, all promoters are mandated to prominently display this certificate at their respective project sites as well as on the project website. When searching for information about the project on the MahaRERA website using the project registration number, a link to this certificate appears on the first page. In addition, MahaRERA has already made it mandatory to include a QR code — containing the project’s essential preliminary information — along with the project registration number in advertisements across all media. By scanning this QR code, one can easily access the key information related to the project.
Previously, MahaRERA has taken several important decisions aimed at legally empowering homebuyers and ensuring transparency and accountability in the real estate sector. Some of the landmark decisions include the introduction of Standardised Agreement for Sale as well as Allotment Letter, mentioning parking slot dimensions (length, width, and height), location of the parking slot, and a list of amenities and facilities to be provided along with their delivery timelines. These decisions have significantly benefitted homebuyers. Several other regulatory authorities in India have adopted these decisions in their respective states.
The latest decision to issue a new registration certificate mentioning the project’s crucial information is yet another step in this direction, which will significantly benefit homebuyers.
Speaking to Pune Mirror, MahaRERA Chairman Manoj Saunik said, “To purchase a property, most people invest their lifetime savings. To ensure the investment remains safe and secure, MahaRERA has been striving towards protecting the homebuyers’ rights. With this in mind and the potential challenges that may arise in the future, MahaRERA has initiated granting registration numbers of projects only after thorough legal, financial, and technical scrutiny. Moreover, as part of legally empowering the homebuyer, MahaRERA has already announced non-negotiable provisions related to Standardised Agreement for Sale as well as Allotment Letter, parking, and amenities. Through such efforts, MahaRERA aims to bring transparency and accountability among real estate stakeholders.”
As part of these efforts, to further assist and guide homebuyers, MahaRERA has initiated mentioning primary and crucial project details on the registration certificates issued to new housing projects. These details include the project’s total built-up area, names of the buildings and wings, and the total number of floors up to which construction permission has been granted. We always urge and encourage homebuyers to understand these details carefully, verify the legal details prior to making any decision or transaction.
New MahaRERA Registration Certificate: Housing project details such as the project’s and promoter's name, address, and registration number are now in bullet points for reader friendliness Mention of the project’s total built-up area Name and number of buildings and wings in the project Total number of approved habitable floors Number of residential and non-residential buildings/units Commencement Certificate showing construction approvals received up to which floor Total number of parking slots for four-wheelers, two-wheelers, and visitors Additionally, if there are any corrections, timeline extensions, or transfer of the project to another company, those details will get reflected in the revised registration certificate issued time-to-time
Frequently Asked Questions
What is the new MahaRERA project registration certificate?
The new MahaRERA project registration certificate provides crucial information about real estate projects, including the project’s total built-up area, names and numbers of buildings and wings, total number of floors, and parking details.
Why is MahaRERA introducing this new certificate?
MahaRERA is introducing this new certificate to empower homebuyers with essential information about real estate projects, ensuring transparency and accountability in the sector.
What information will the new certificate include?
The new certificate will include details such as the project’s total built-up area, names and numbers of buildings and wings, total number of floors, number of residential and non-residential units, and parking spaces.
How can homebuyers access the certificate?
Homebuyers can access the certificate by visiting the MahaRERA website using the project registration number or by scanning the QR code provided in advertisements.
What other steps has MahaRERA taken to protect homebuyers?
MahaRERA has introduced Standardised Agreement for Sale and Allotment Letter, mentioned parking slot dimensions, and provided a list of amenities and facilities with delivery timelines.