MahaRERA Issues Guidelines to Protect Homebuyers in Maharashtra
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced comprehensive guidelines to safeguard homebuyers and ensure a secure real estate investment experience. The guidelines emphasize due diligence and transparency, urging buyers to ve
MahareraReal EstateHome BuyersMaharashtraInvestmentReal Estate MaharashtraJan 23, 2025
These guidelines stress the importance of due diligence and transparency, urging buyers to thoroughly verify key project details on the MahaRERA website before making any financial commitments.
MahaRERA advises prospective buyers to review a project's details on its official portal (https //maharera.maharashtra.gov.in) using the MahaRERA registration number.
The crucial aspects to verify include
- Construction plans approved by the local planning authority.- Certificate of Commencement, specifying permissions granted for construction up to certain floors.- The project's title clearance report and any encumbrances.- Details of ongoing or past litigations related to the project.- Ensuring that the Agreement for Sale and Allotment Letter provided by the developer align with the model drafts approved by MahaRERA.
These documents must specify details such as parking arrangements, amenities, flat number, carpet area, and the project’s completion date.
Mandatory provisions for developers
MahaRERA has made it compulsory for developers to follow specific protocols, including - Signing an agreement for sale with buyers if the payment exceeds 10% of the property's total cost.- Providing detailed information on parking, including its type (e.g., garage, stilt, open), dimensions, and location.- Ensuring that the promised facilities and amenities are listed with a completion timeline.
Developers must also adhere to the 'Model Agreement for Sale,' which includes non-negotiable clauses on force majeure, carpet area, defect liability, and conveyance deed.
Enhanced accountability and transparency
To safeguard buyers, MahaRERA mandates developers to - Utilize 70% of booking amounts exclusively for construction purposes.- Submit quarterly updates on project progress and publish key project details on its portal for public access.
Buyers are encouraged to verify these updates and monitor the project's progress through the MahaRERA website.
MahaRERA has also implemented stringent measures against non-compliant projects.
Registrations of projects that fail to submit compliance reports or violate regulations are suspended, and their bank accounts frozen.
Homebuyers are advised to consult the list of such projects available on the MahaRERA website before making any decisions.
MahaRERA Chairman, Manoj Saunik, highlighted the authority's commitment to providing a legally and financially secure home-buying process.
“Our scrutiny ensures that every registered project meets stringent legal, technical, and financial criteria.
Homebuyers must remain vigilant and thoroughly examine the available information to make informed decisions,” he said.
Additional safeguards for buyers - Verify that only MahaRERA-registered real estate agents are involved in transactions.- Check that the project’s completion date is clearly mentioned on the portal.- Ensure transparency in all dealings, with standardized transactions based on carpet area.
MahaRERA’s guidelines serve as a robust framework to empower homebuyers and ensure transparency in the real estate sector.
By actively following these measures, buyers can significantly mitigate risks and secure their investments in a safe and informed manner.
Frequently Asked Questions
What is the purpose of the guidelines issued by MahaRERA?
The guidelines issued by MahaRERA are aimed at protecting homebuyers and ensuring a safe and transparent real estate investment experience. They emphasize due diligence and transparency, urging buyers to verify project details on the MahaRERA website.
What should homebuyers verify on the MahaRERA portal?
Homebuyers should verify construction plans, Certificate of Commencement, title clearance report, details of ongoing or past litigations, and ensure that the Agreement for Sale and Allotment Letter align with MahaRERA's model drafts.
What are the mandatory provisions for developers according to MahaRERA?
Developers must sign an agreement for sale if the payment exceeds 10% of the property's total cost, provide detailed parking information, and adhere to the 'Model Agreement for Sale' which includes clauses on force majeure, carpet area, defect liability, and conveyance deed.
How does MahaRERA ensure accountability and transparency from developers?
MahaRERA mandates developers to utilize 70% of booking amounts for construction, submit quarterly updates on project progress, and publish key project details on its portal. Non-compliant projects face suspension and bank account freezes.
What additional safeguards should homebuyers consider?
Homebuyers should verify that only MahaRERA-registered real estate agents are involved, ensure the project’s completion date is clearly mentioned, and maintain transparency in all dealings with standardized transactions based on carpet area.
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