MahaRERA Issues Guidelines to Protect Homebuyers: Key Points to Check Before Buying
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has released a set of guidelines to help homebuyers make informed decisions and avoid potential losses. The guidelines emphasize the importance of verifying project details, legal documents, and
MahareraReal EstateHome BuyingGuidelinesTransparencyReal EstateJan 23, 2025
This ensures that homebuyers are protected and have access to all necessary information.
Manoj Saunik, Chairman of MahaRERA, highlighted that the authority aims to provide a legally and financially protected home-buying experience, but certain challenges can arise during a project’s execution.
To mitigate these, MahaRERA undertakes stringent legal, technical, and financial scrutiny of each proposed housing project before issuing a registration number.
Once the project is approved, all details are made publicly available on MahaRERA’s website to ensure transparency.
It is mandatory to have a model agreement for sale with irrevocable provisions, which should include an allotment letter document, parking, and details on amenities.
Homebuyers are urged to insist that developers furnish these details.
Homebuyers can access information about guidelines and documents by looking up a particular project on MahaRERA’s portal (https //mahrera.maharashtra.gov.in) using the project’s registration number.
Apart from verifying the registration number, MahaRERA recommends homebuyers to look into the following details
1) Litigations Are there any ongoing or past litigations related to the project? What are they about, and what is their status and outcome?2) Encumbrances Does the project have any encumbrances?3) Commencement Certificate How many floors has the commencement certificate been issued for the project?4) Approvals Which approvals has the project received from the local planning authority? Are they part construction or full construction approvals?
Developers must provide supporting documents when the project is registered with MahaRERA.
They must also sign an Agreement for Sale and an allotment letter as per the model draft approved by MahaRERA.
Homebuyers can insist on signing an Agreement for Sale if they have made a payment of up to 10 percent of the total consideration.
The onus is on the developer to ensure the agreement is duly signed.
If a builder fails to do so, a homebuyer can approach MahaRERA.
Which Details Should Homebuyers Check on the MahaRERA Portal?
1.
Construction Plan The construction plan approved by the local planning authority.2.
Certificate of Commencement Land’s title clearance report.3.
Litigations Information on any ongoing litigations related to the project.4.
Encumbrances Disclosure on any encumbrances.5.
Agreement for Sale Standard Agreement for Sale and allotment letter as approved by MahaRERA, mentioning details about parking, facilities, and amenities.
Other Mandatory Guidelines
1.
Completion Date The project’s completion date must be specified on the MahaRERA website.2.
Model Agreement for Sale The agreement must be as per the “Model Agreement for Sale” issued by MahaRERA.3.
Binding Agreement If you are booking a home by paying up to 10 percent of the total consideration, it is mandatory for the developer to enter into an agreement for sale.4.
Registered Real Estate Agents Only MahaRERA registered real estate agents are permitted to act as intermediaries.
Features of MahaRERA Registered Projects
1.
Financial Discipline It is mandatory to use 70 percent of the money received towards an apartment’s booking only for the project’s construction.2.
Transparency Detailed information about the project is available on MahaRERA’s website.3.
Periodical Updates The developer must submit the project’s progress report to MahaRERA every quarter.4.
Grievance Redressal Homebuyers can move MahaRERA in case of a complaint.5.
Project Monitoring Homebuyers can monitor the project’s progress through the MahaRERA website.6.
Standardised Area Uniformity in all transactions based on the carpet area as defined by MahaRERA.
By following these guidelines, homebuyers can ensure they are making a safe and informed investment, thus protecting their hard-earned money and securing their future.
Frequently Asked Questions
What is MahaRERA?
MahaRERA stands for the Maharashtra Real Estate Regulatory Authority. It is a regulatory body established to protect homebuyers and ensure transparency in the real estate sector of Maharashtra.
Why should homebuyers check the MahaRERA registration number of a project?
Checking the MahaRERA registration number ensures that the project is legally registered and complies with all regulatory requirements, thereby reducing the risk of fraud and delays.
What are the key documents homebuyers should insist on from developers?
Homebuyers should insist on a model Agreement for Sale, an allotment letter, and documents detailing parking, facilities, and amenities as approved by MahaRERA.
What should homebuyers look for in terms of project approvals?
Homebuyers should verify that the project has received all necessary approvals from the local planning authority, including the construction plan and certificate of commencement.
How can homebuyers monitor the progress of a MahaRERA registered project?
Homebuyers can monitor the progress of a MahaRERA registered project through the MahaRERA website, where developers are required to submit quarterly progress reports.
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