MahaRERA Order Safeguards Mumbai Homebuyers from Builders' Cheating
MahaRERA has issued a fresh order to protect homebuyers in Mumbai and other districts in the state. The order makes it mandatory for developers to mention certain details about the property on the agreement of sale.
MahareraMumbaiHomebuyersReal EstateBuildersReal Estate MaharashtraAug 04, 2024
The order, which came into effect on July 30, 2024, makes it compulsory for property developers to provide details about the amenities and facilities they propose to offer to buyers. This move is expected to bring transparency in the real estate sector and protect homebuyers from cheating by builders.
According to the order, developers will have to provide a proposed date of handover of listed amenities during the signing of the buyer and seller Agreement for Sale. The order lists several conditions that developers must include in the agreement for sale, including
Facilities/Amenities Details and Local Planning Rules Compliance Developers must provide information about the facilities and amenities provided or to be provided in the building, common areas, or layout. This includes details about swimming pools, badminton courts, tennis courts, theaters, gymnasiums, and more.
Facilities/Amenities Size and Location Developers must mention the size and location of the facilities and amenities in the form of open spaces (such as recreation grounds or parks) to be provided within the plot or layout. They must also provide a proposed date for handing over these open spaces to the common organization of allottees or the federation of common organizations.
Information About Lift Developers must provide details about the lifts they plan to install, including the number of lifts, type of lift (passenger, stretcher, service, fire evacuation, or goods), capacity in terms of the number of passengers, and speed in meters per second.
The MahaRERA order was prompted by complaints that several developers were not mentioning the facilities they planned to provide in the agreement for sale. The regulator noticed that promoters were not disclosing the dates when the facilities and amenities would be made available for use by allottees, their family members, and residents.
With this order, MahaRERA aims to bring transparency and accountability in the real estate sector, protecting the interests of homebuyers in Mumbai and other districts of the state.
Information
The Maharashtra Real Estate Regulatory Authority (MahaRERA) was established in 2017 to regulate the real estate sector in the state. The authority is responsible for ensuring that developers comply with the provisions of the Real Estate (Regulation and Development) Act, 2016.
MahaRERA is a regulatory body established by the Government of Maharashtra to oversee the real estate sector in the state. The authority is responsible for ensuring that developers comply with the law and provide transparency and accountability in their dealings with homebuyers.
Frequently Asked Questions
What is the purpose of the MahaRERA order?
The order aims to bring transparency and accountability in the real estate sector, protecting the interests of homebuyers in Mumbai and other districts of the state.
What are the key conditions that developers must include in the agreement for sale?
Developers must include details about facilities and amenities, size and location of open spaces, and information about lifts.
When did the MahaRERA order come into effect?
The order came into effect on July 30, 2024.
What is MahaRERA?
MahaRERA is a regulatory body established by the Government of Maharashtra to oversee the real estate sector in the state.
Why was the MahaRERA order issued?
The order was issued because several developers were found to be not mentioning the facilities they planned to provide in the agreement for sale.
Related News Articles
Delhi-NCR Leading the Way in GCC Office Leasing: Anarock
Delhi-NCR has emerged as a preferred destination for Global Capabilities Centres (GCCs) with 5.09 million sq ft of office spaces leased over the past two years. The growth is attributed to improved infrastructure, competitive rentals, and government initi
Delhi Court Orders Reinvestigation in Gautam Gambhir's Alleged Cheating Case
The Delhi Court has ordered a fresh investigation and set aside the discharge of former Indian cricketer Gautam Gambhir in an alleged cheating case involving real estate firms Rudra Buildwell Realty Pvt. Ltd, H R Infracity Pvt. Ltd., and U M Architectures
Indian Real Estate Market Sees Strong Recovery and Growth in Q3 CY24
PropeEquity's Q3 CY24 report highlights a robust recovery in the Indian real estate market, driven by increased demand and investment activity.
Pune Teenager Submits Essay on Road Safety After Fatal Porsche Accident
The 17-year-old driver involved in the fatal Porsche accident in Pune submits a 300-word essay on road safety to the Juvenile Justice Board as part of his bail conditions.
AMFI Urges Centre to Restore Indexation Benefits for Debt Mutual Funds
Capital gains tax: AMFI requests restoration of indexation benefits for debt mutual funds after real estate sector breather
Alpine Income Property Trust Director Sells Stock for $17,762
Following the recent stock sale, the director, Richardson, now holds 20,143 shares in the real estate investment trust. Other recent developments in Alpine Income Property Trust have also been noteworthy.