MahaRERA Issues Guidelines to Safeguard Homebuyers: Key Points to Check
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued detailed guidelines to help homebuyers make informed decisions and avoid potential pitfalls. These guidelines aim to ensure a transparent and secure home-buying experience.
MahareraHomebuyersReal EstateGuidelinesTransparencyReal Estate MaharashtraJan 23, 2025
Manoj Saunik, Chairman of MahaRERA, emphasizes the importance of these guidelines in ensuring a legally and financially secure home-buying experience.
While MahaRERA strives to provide a safe environment, certain challenges can arise during a project’s execution.
To mitigate these risks, the authority conducts a thorough legal, technical, and financial scrutiny of each proposed housing project before issuing a registration number.
Once a project is approved, all the details are made publicly available on the MahaRERA website to ensure transparency.
Homebuyers are encouraged to insist on a model agreement for sale with irrevocable provisions, which should include an allotment letter, parking details, and information about amenities.
This agreement is a crucial document that provides legal protection to the buyer.
Key Details to Check Before Buying a HomeApart from verifying the MahaRERA registration number, homebuyers should also look into the following details
1.
Litigations Check if there are any ongoing or past litigations related to the project.
Understanding the nature and status of these cases can help avoid potential legal issues.2.
Encumbrances Ensure the project is free from any encumbrances.
Encumbrances can affect the ownership and value of the property.3.
Commencement Certificate Verify how many floors have been approved in the commencement certificate.
This will give you an idea of the project's scale and scope.4.
Approvals Confirm which approvals the project has received from the local planning authority.
These approvals can be for part construction or full construction, and it's important to know the extent of the project's legitimacy.
Mandatory Guidelines for DevelopersDevelopers must provide supporting documents when a residential 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 who have paid up to 10% of the total consideration can insist on signing an Agreement for Sale.
It is the developer's responsibility to ensure this agreement is signed.
If a developer fails to do so, homebuyers have the right to file a complaint with MahaRERA.
Details to Check on the MahaRERA PortalHomebuyers can access a wealth of information on the MahaRERA portal (https //maharera.maharashtra.gov.in) using the project's registration number.
Here are the key details to look for
1.
Construction Plan The construction plan approved by the local planning authority.2.
Certificate of Commencement The land's title clearance report.3.
Ongoing Litigations Information on any pending legal cases related to the project.4.
Encumbrances Disclosure of any encumbrances associated with the project.5.
Standard Agreement for Sale A model agreement for sale and allotment letter approved by MahaRERA, including details about parking, facilities, and amenities.
Additional Guidelines1.
Completion Date The project's completion date must be clearly mentioned on the MahaRERA website.2.
Model Agreement for Sale The agreement should follow the format issued by MahaRERA.3.
Binding Agreement If you have paid up to 10% of the total consideration, it is binding on 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 Projects1.
Financial Discipline Developers are required to use 70% of the money received towards an apartment's booking for the project's construction.2.
Transparency Detailed project information is available on the MahaRERA website.3.
Periodical Updates Developers must submit quarterly progress reports to MahaRERA.4.
Grievance Redressal Homebuyers can file complaints with MahaRERA if they encounter any issues.5.
Project Monitoring Homebuyers can monitor the project's progress through the MahaRERA website.6.
Standardized Area All transactions are based on the carpet area as defined by MahaRERA, ensuring uniformity.
By following these guidelines, homebuyers can make more informed decisions and ensure a smoother and safer home-buying experience.
Frequently Asked Questions
What is MahaRERA?
MahaRERA stands for the Maharashtra Real Estate Regulatory Authority. It is a regulatory body established to ensure transparency, accountability, and consumer protection in the real estate sector in Maharashtra.
What are the key documents a homebuyer should check before making a purchase?
Homebuyers should check the MahaRERA registration number, construction plan, Certificate of Commencement, information on litigations, and details on encumbrances, parking, and amenities.
What is the role of the Agreement for Sale in a real estate transaction?
The Agreement for Sale is a legally binding document that outlines the terms and conditions of the property purchase. It includes details about the property, payment terms, and other important provisions.
How can a homebuyer file a complaint with MahaRERA?
Homebuyers can file complaints with MahaRERA through their official website or by submitting a written complaint. It is important to provide all relevant details and supporting documents.
What are the benefits of a MahaRERA-registered project?
Benefits of a MahaRERA-registered project include financial discipline, transparency, periodical updates, grievance redressal, project monitoring, and standardized area calculations.
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