MahaRERA's Guidelines for Home Buyers: What to Check Before Signing the Agreement
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued specific guidelines to help homebuyers verify crucial project details before signing any agreement. Ensure you check the project's registration status and other essential details to av
MahareraHomebuyersReal EstateProperty PurchaseDue DiligenceReal Estate MaharashtraJan 23, 2025
These guidelines aim to ensure that buyers verify the necessary details and do thorough due diligence before signing any agreement.
Importance of VerificationMahaRERA has emphasized the importance of verifying the project's registration status on their website.
Homebuyers should ensure that the developer has all the required permissions, including building approvals and environmental clearances, from the respective authorities.
Recent ComplaintsRecently, there have been several complaints to MahaRERA about developers registering upper-floor flats without a valid Commencement Certificate (CC).
Additionally, some builders have been accused of refusing to sign sale agreements despite receiving over 10% of the total deal cost from homebuyers.
Detailed Review of Project DetailsMahaRERA has advised homebuyers to carefully review project details such as timelines, amenities promised by the developer, and disclosures.
It is crucial to understand the terms of the sale agreement and seek clarification on any doubts before signing the deal.
MahaRERA's Scrutiny ProcessMahaRERA Chairman, Manoj Saunik, stated, 'MahaRERA has always been striving to provide a legally and financially protected home-buying experience to the homebuyer.
However, certain challenges may arise during the project’s execution.
To pre-empt these, a stringent legal, technical, and financial scrutiny of each proposed housing project is undertaken before issuing the registration number.'
The scrutiny process includes - Ownership of the plot where the project will be built- Any disputes related to the plot- Details of real estate agents- Approvals from the local planning authority- Commencement Certificate mentioning the total number of floors permitted
Transparency on MahaRERA's PortalOnce a project is approved, all these details are made publicly available on MahaRERA's website to ensure transparency.
This allows homebuyers to access and verify the necessary information before making a purchase.
Mandatory Model AgreementIt is also mandatory to have a model agreement for sale with irrevocable provisions.
This agreement should include documents like the allotment letter, details on parking, and information about amenities.
Homebuyers are urged to insist that developers provide these details and to carefully review them before booking or buying a property.
What to Check on MahaRERA’s PortalHere are the key details you should check on MahaRERA’s portal before buying a property
- Construction Plan Approval Verify if the construction plan is approved by the local planning authority.- Certificate of Commencement (CC) Check if the builder has the CC for the particular project.- Land Title Clearance Ensure the builder has received the land’s title clearance report.- Ongoing Litigations Look for any ongoing litigations related to the project.- Encumbrances Disclosure Check for disclosures on encumbrances, if any.- Amenities Details Review 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 issues.
MahaRERA’s efforts are aimed at protecting the interests of homebuyers and ensuring a fair and transparent real estate market in Maharashtra.
Frequently Asked Questions
What is MahaRERA?
MahaRERA stands for the Maharashtra Real Estate Regulatory Authority. It is a regulatory body established to protect the interests of homebuyers and ensure transparency and accountability in the real estate sector in Maharashtra.
Why should I check the project's registration status on MahaRERA's website?
Checking the project's registration status on MahaRERA's website ensures that the developer has all the necessary permissions and approvals, reducing the risk of legal and financial issues for homebuyers.
What is a Certificate of Commencement (CC)?
A Certificate of Commencement (CC) is a document issued by the local planning authority, indicating that the developer has the necessary approvals to start construction on the project.
What should I do if I have doubts about the sale agreement?
If you have any doubts about the sale agreement, it is essential to seek clarification from the developer or consult a legal expert before signing the deal. MahaRERA also advises homebuyers to carefully review the agreement and ensure all terms are clear and understood.
What details should I check about the project on MahaRERA's portal?
On MahaRERA's portal, you should check the construction plan approval, Certificate of Commencement, land title clearance, ongoing litigations, encumbrances, and details about amenities as approved by MahaRERA.
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