MahaRERA Issues New Guidelines to Protect Homebuyers in Maharashtra
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has released new guidelines to safeguard homebuyers and ensure a transparent and secure real estate investment experience. The guidelines emphasize the importance of due diligence and transparenc
MahareraReal EstateHomebuyersGuidelinesTransparencyReal Estate NewsJan 23, 2025
These guidelines stress the importance of thorough due diligence and transparency, encouraging buyers to verify essential project details on the MahaRERA portal before making any financial commitments.
MahaRERA advises prospective buyers to thoroughly review a project's details on its official website (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.
Buyers should also ensure 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 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 has mandated 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.
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.
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.
Frequently Asked Questions
What is MahaRERA?
MahaRERA stands for the Maharashtra Real Estate Regulatory Authority. It is a regulatory body established to protect the rights of homebuyers and ensure transparency and accountability in the real estate sector in Maharashtra.
What are the key aspects buyers should verify on the MahaRERA portal?
Buyers should verify construction plans, Certificate of Commencement, title clearance report, details of any ongoing or past litigations, and ensure that the Agreement for Sale and Allotment Letter align with MahaRERA-approved model drafts.
What are the mandatory provisions for developers under the new guidelines?
Developers must sign an agreement for sale if the payment exceeds 10% of the property's cost, provide detailed information on parking, list promised facilities with a completion timeline, and adhere to the 'Model Agreement for Sale.'
How does MahaRERA ensure transparency and accountability?
MahaRERA mandates developers to use 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 are provided for buyers?
Buyers are advised to verify that only MahaRERA-registered agents are involved, check the project’s completion date on the portal, and ensure transparency in all dealings with standardized transactions based on carpet area.
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