MahaRERA's Checklist: Essential Details to Verify Before Buying a Home
MahaRERA has issued guidelines to help property buyers ensure they are investing in safe and legally compliant projects. Check out the essential details to verify before signing any agreement.
MahareraProperty BuyingReal EstateHomebuyersDue DiligenceReal Estate MumbaiJan 23, 2025
The regulator advises buyers to verify the project’s registration status on MahaRERA’s website and conduct thorough due diligence before purchasing a property.
Importance of Due DiligenceTo protect homebuyers from fraudulent practices, MahaRERA recommends checking if the developer has all the necessary permissions, such as building approvals and environmental clearances from the respective authorities.
Recently, there have been numerous complaints about developers registering upper-floor flats without valid Commencement Certificates and refusing to sign sale agreements despite receiving a significant portion of the deal cost from buyers.
Carefully Review Project DetailsMahaRERA emphasizes the importance of carefully reviewing project details, including timelines, promised amenities, and disclosures.
The regulator also stresses the need to understand the terms of the sale agreement and to seek clarification on any doubts before signing the deal paper.
MahaRERA’s Regulatory ApproachMahaRERA Chairman Manoj Saunik stated, “MahaRERA is committed to providing a legally and financially protected home-buying experience.
To anticipate potential challenges during project execution, we conduct stringent legal, technical, and financial scrutiny before issuing registration numbers.”
This scrutiny includes verifying the plot’s ownership, ensuring there are no disputes, and confirming details of real estate agents, local planning authority approvals, and the number of floors permitted by the Commencement Certificate.
These details are made publicly available on MahaRERA’s website to ensure transparency.
Mandatory Documents and DisclosuresApart from the registration process, it is mandatory to have a model agreement for sale with irrevocable provisions.
This agreement should include allotment letter documents, parking details, and other amenities.
Chairman Saunik urges homebuyers to insist that developers provide these details and to carefully study them before making any commitments.
What to Check on MahaRERA’s PortalBefore buying a property, homebuyers should verify the following details on MahaRERA’s portal
1.
Construction Plan Approval Ensure the construction plan is approved by the local planning authority.2.
Certificate of Commencement (CC) Verify if the builder has the CC for the project.3.
Land Title Clearance Check if the builder has received the land’s title clearance report.4.
Ongoing Litigations Look for any ongoing litigations related to the project.5.
Encumbrance Disclosures Review disclosures on encumbrances, if any.6.
Amenities Details Check details about amenities as approved by MahaRERA, including parking, layout, and other facilities.
By following these guidelines, homebuyers can make informed decisions and avoid potential legal and financial pitfalls.
Frequently Asked Questions
What is MahaRERA?
MahaRERA stands for the Maharashtra Real Estate Regulatory Authority. It is a regulatory body set up to protect the interests of homebuyers and ensure transparency in the real estate sector in Maharashtra.
Why should homebuyers verify the project’s registration status?
Verifying the project’s registration status ensures that the developer has all the necessary legal approvals and complies with the regulatory requirements, reducing the risk of fraud and delays.
What are the essential details to check on MahaRERA’s portal?
Essential details to check include construction plan approval, Certificate of Commencement, land title clearance, ongoing litigations, encumbrance disclosures, and details about amenities as approved by MahaRERA.
What is the role of the Certificate of Commencement (CC) in a real estate project?
The Certificate of Commencement (CC) is a crucial document that confirms the builder has obtained the necessary approvals to start construction. It ensures the project adheres to local planning authority regulations.
Why is it important to understand the terms of the sale agreement?
Understanding the terms of the sale agreement is crucial to avoid any misunderstandings or disputes. It helps homebuyers know their rights and obligations and ensures a legally protected transaction.
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