MahaRERA Makes Developers Accountable for Amenities Delivery
MahaRERA's new directive makes it mandatory for developers to disclose detailed information about amenities, including delivery dates, in the sale deed.
MahareraReal EstateAmenitiesSale DeedHomebuyer ProtectionReal Estate NewsAug 02, 2024
According to industry experts, the majority of projects offer amenities, and this number is only set to grow. However, what often sours the real estate deal is the pain that homebuyers face when it comes to amenities. The new directive aims to address this issue by making developers accountable for the amenities they promise.
Vivek Rathi, national director research, Knight Frank India, welcomed the move, stating that it would further the cause of homebuyer protection. He noted that while the real estate development landscape has improved in recent years, there are still instances of disconnect between developer promises and delivery on elements like amenities.
The directive requires developers to provide detailed information about amenities such as swimming pools, badminton courts, and gyms, including the size and location of these amenities. It also mandates that developers clearly categorize whether amenities are provided using free Floor Space Index (FSI) area or utilizing FSI of the project under local planning rules and regulations.
Homebuyers have welcomed the move, stating that it will give them confidence in the segment and promote investments. Ramkumar Mahadevan, a homebuyer, noted that transparency is essential in real estate transactions, and the new directive will ensure that there is no confusion about when amenities will be delivered.
Developers have also welcomed the directive, stating that it is in alignment with their goal of providing transparent real estate operations. Prashant Sharma, president, NAREDCO Maharashtra, noted that the regulation will strengthen the trust between homebuyers and developers and ensure that projects are delivered as promised.
Dhaval Ajmera, director, Ajmera Realty & Infra India, stated that the directive is a significant development in the real estate sector, providing stability and boosting the confidence of homebuyers. He noted that the transparency and accountability introduced by the directive will ultimately lead to a more robust and trustworthy real estate ecosystem in Maharashtra.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is one of the strongest regulatory bodies in real estate in the country, and this directive is another step in its efforts to protect homebuyer interests and promote investments in the sector.
Frequently Asked Questions
What is the new directive introduced by MahaRERA?
The new directive makes it mandatory for developers to disclose detailed information about amenities, including delivery dates, in the sale deed.
What is the purpose of the directive?
The purpose of the directive is to protect homebuyer interests and promote transparent, efficient, and compliant home-buying methods.
What kind of information do developers need to provide about amenities?
Developers need to provide detailed information about amenities such as swimming pools, badminton courts, and gyms, including the size and location of these amenities.
How will the directive benefit homebuyers?
The directive will give homebuyers confidence in the segment, promote investments, and ensure that there is no confusion about when amenities will be delivered.
How have developers reacted to the directive?
Developers have welcomed the directive, stating that it is in alignment with their goal of providing transparent real estate operations.
Related News Articles
Rohan Builders Achieves Unparalleled Excellence with 14 Consecutive Years of CRISIL DA2+ Grading
Rohan Builders continues to maintain its prestigious DA2+ Developer Grading from CRISIL, demonstrating its commitment to excellence in financial and operational parameters.
Sebi Chief Remains Tight-Lipped on Real Estate Investment Trusts
REITs comprise a portfolio of commercial real estate assets, most of which are already leased out.
PGA of America Launches State-of-the-Art Golf Courses in Mumbai, Navi Mumbai, and Hyderabad
AIVOT Golf & Sports Management collaborates with Shapoorji Pallonji Real Estate, Stonecraft Group, and Tvastar Golf to introduce PGA of America-branded golf courses in Mumbai, Navi Mumbai, and Hyderabad, setting a new standard for golf excellence in India
Raymond Expands Real Estate Footprint with Mahim Project Deal
Raymond, in a strategic move, has signed a Joint Development Agreement for a prestigious residential project in the prime location of Mahim West, Mumbai.
Amrita Singh, Zaheer Khan Among Celebrities Investing in Mumbai's Luxury Real Estate
Amrita Singh and Zaheer Khan are among the latest celebrities making significant investments in Mumbai's luxury real estate market. Discover the trends and insights of these high-profile investments.
SP Group Raises $3.3 Billion from Five Funds to Boost Real Estate and Construction Projects
SP Group secures a significant $3.3 billion investment from five prominent funds, aimed at refinancing and expanding its real estate and construction projects. This strategic move will help the company solidify its position in the market and drive sustain