MahaRERA Makes Real Estate Developers Accountable: New Rules for Amenities and Occupancy Certificates
MahaRERA has made it mandatory for real estate developers to specify the exact date of delivery of facilities and amenities, as well as the expected date of obtaining the occupation certificate (OC).
MahareraReal EstateOccupation CertificateFacilitiesAmenitiesReal Estate NewsJul 31, 2024
This provision is non-negotiable, and developers will not be able to alter it. The exact date of delivery of facilities and amenities will now be mandatory in Annexure-I of the Agreement for Sale. MahaRERA has also made it mandatory for developers to provide details of the expected date of Occupancy Certificate (OC) for the project, size of the facilities and amenities, whether it is a project being constructed by the developer or has been acquired, and if the project is free of Floor Space Index or not as per the rules and regulations of the local planning bodies.
MahaRERA has taken this decision to address the issue of developers promising attractive facilities and amenities to homebuyers at the time of booking, but failing to deliver them. Amenities that will be covered under the order include swimming pools, tennis courts, badminton courts, theatres, clubhouses, gymnasiums, table tennis areas, squash courts, giant chess areas, gardens, senior citizen zones, jogging tracks, juice bars, and children's play areas.
The move will make it binding on developers not to violate the delivery of facilities and amenities as committed to homebuyers. MahaRERA had published a draft order on the issue in April 2024 and invited public suggestions and opinions. After receiving feedback, the authority has taken this decision to safeguard homebuyers' interests.
MahaRERA is a regulatory authority established under the Real Estate (Regulation and Development) Act, 2016, to regulate the real estate sector in Maharashtra.
MahaRERA (Maharashtra Real Estate Regulatory Authority) is a regulatory authority that aims to protect the interests of homebuyers and promote transparency and accountability in the real estate sector.
Frequently Asked Questions
What is MahaRERA?
MahaRERA is the Maharashtra Real Estate Regulatory Authority, established under the Real Estate (Regulation and Development) Act, 2016, to regulate the real estate sector in Maharashtra.
What is the new rule introduced by MahaRERA?
MahaRERA has made it mandatory for real estate developers to specify the exact date of delivery of facilities and amenities, as well as the expected date of obtaining the occupation certificate (OC).
Why did MahaRERA introduce this rule?
MahaRERA introduced this rule to address the issue of developers promising attractive facilities and amenities to homebuyers at the time of booking, but failing to deliver them.
What amenities will be covered under the new rule?
Amenities that will be covered under the order include swimming pools, tennis courts, badminton courts, theatres, clubhouses, gymnasiums, table tennis areas, squash courts, giant chess areas, gardens, senior citizen zones, jogging tracks, juice bars, and children's play areas.
What will happen if a developer fails to deliver the facilities and amenities as committed?
The move will make it binding on developers not to violate the delivery of facilities and amenities as committed to homebuyers. Failure to comply may result in legal action against the developer.
Related News Articles
JK Cement Posts Impressive Q1 Results with 67% Net Profit Surge
JK Cement Ltd has announced a significant 67% increase in its consolidated net profit to Rs 184.82 crore for the first quarter ended June 2024.
Gurugram Takes Over as the New Ultra-Luxury Real Estate Hub, Rivaling Mumbai
DLF Camellias is a prime example of Gurugram's transformation into a luxury real estate epicenter, setting new global benchmarks for sophistication and modern living.
Bachelor Living in Prestigious Malabar Hill, Mumbai: A Unique Renter’s Experience
Explore the life of a bachelor renting a cozy abode in the elite neighborhood of Malabar Hill, Mumbai. Discover the unique challenges and benefits he faces living in one of the most sought-after areas in the city.
Dubai's Booming Property Market Begins to Show Strain
SOHO, a leading developer, has managed to sell 84 out of 110 apartments in one of its towers. Despite this success, real estate experts caution that the market is cyclical and may be heading towards a slowdown...
Mumbai High Court Permits Chembur Society to Appoint New Developer
The Bombay High Court has ruled in favor of a Chembur housing society, allowing them to appoint a new developer after a 12-year legal battle. This decision brings hope to the residents who have been fighting for better living conditions and project comple
Blackstone Acquires 40% Stake in Kolte-Patil Developers for $134 Million
Blackstone, the world's largest private equity firm, has announced a significant investment in India's real estate sector by acquiring a 40% stake in Kolte-Patil Developers for $134 million. This move underscores the growing interest of global investors i