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
Bollywood Celebrities Spark Real Estate Boom in India
Square Yards, a leading proptech company, has observed that the acquisition of properties, whether commercial or residential, by Bollywood celebrities often boosts market sentiment and drives a surge in real estate transactions across the country.
Runwal Realty Secures 4-Acre Kansai Nerolac Land in Mumbai's Worli for Luxury Development
Runwal Realty has acquired a 4-acre land parcel from Kansai Nerolac Paints in Worli, Mumbai, for Rs 800 crore. The developer plans to turn this prime location into a luxury residential project worth Rs 8,000 crore, further solidifying their presence in So
Fintech Sector Tops the List of Happy Employees in India
The fintech sector has emerged as the happiest sector in India, with 40% of employees reporting being happy at work. This is in contrast to the real estate and construction sector, where only 20% of employees are happy.
Shri. Pratap Sarnaik, Minister of Transport, Maharashtra, Addresses CREDAI-MCHI's 32nd Annual Convention
CREDAI-MCHI, the leading real estate industry body in the Mumbai Metropolitan Region (MMR), hosted its 32nd annual convention, graced by the presence of Shri. Pratap Sarnaik, Minister of Transport, Maharashtra. The event focused on the challenges and oppo
Meghna Infracon Wins Big: Secures Contract for Mumbai Redevelopment Project
Meghna Infracon, a prominent real estate developer, has bagged a contract for a prestigious redevelopment project in Mumbai's Model Town. This move is set to boost the city's real estate market and provide a facelift to the area.
Vivek Oberoi's Empire: From Luxury Cars to Real Estate Ventures
Vivek Oberoi's Empire: From Luxury Cars to Real Estate Ventures.