MahaRERA’s Guidelines for Safe Property Purchase: What You Need to Verify
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued guidelines to help homebuyers ensure they are investing in legitimate and safe projects. Here’s what you should check before signing any agreement.
MahareraReal EstateHomebuyersProperty PurchaseDue DiligenceReal EstateJan 24, 2025
These guidelines emphasize the importance of verifying the project's registration status on MahaRERA’s website and conducting a thorough due diligence process before buying a property.
To ensure that property buyers invest in safe and legitimate projects, MahaRERA has recommended that buyers check if the developer has all necessary permissions, such as building approvals and environmental clearances from the relevant authorities.
Recently, there have been numerous complaints to MahaRERA regarding developers registering upper-floor flats without a valid Commencement Certificate and refusing to sign sale agreements despite receiving over 10% of the total deal cost from buyers.
Carefully Review Project Details MahaRERA’s Advice to Homebuyers
MahaRERA has advised homebuyers to carefully review project details, including timelines, amenities promised by the developer, and other disclosures.
The regulator also emphasized the importance of understanding the terms of the sale agreement and clarifying any doubts before signing.
MahaRERA Chairman Manoj Saunik stated, “MahaRERA has always aimed to provide a legally and financially protected home-buying experience.
However, there are always potential challenges during the project’s execution.
Therefore, a stringent legal, technical, and financial scrutiny is conducted before issuing a registration number.”
The scrutiny process includes verifying the plot’s ownership, checking for any disputes, and ensuring that the developer has all the necessary approvals from the local planning authority, including the Commencement Certificate.
Once a project is approved, all these details are made publicly available on MahaRERA’s website to ensure transparency.
Mandatory Model Agreement for Sale
It is mandatory to have a model agreement for sale with irrevocable provisions, which should include allotment letter documents, parking details, and other amenities.
Saunik urged homebuyers to insist on the developer providing these details and to carefully study them before making a purchase.
Key Details to Check on MahaRERA’s Portal
1.
Construction Plan Approval Ensure that the construction plan is approved by the local planning authority.2.
Certificate of Commencement (CC) Verify if the builder has a valid Certificate of Commencement for the project.3.
Land Title Clearance Report 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.
Encumbrances Disclosure Review any disclosures on encumbrances.6.
Amenities Details Check the details about amenities as approved by MahaRERA, including parking, layout, and other facilities.
Frequently Asked Questions
What is MahaRERA and what does it do?
MahaRERA, or the Maharashtra Real Estate Regulatory Authority, is a regulatory body established to protect the interests of homebuyers and ensure transparency and accountability in the real estate sector. It oversees the registration of real estate projects and ensures that developers comply with the necessary legal and financial requirements.
Why should I verify a project’s registration status on MahaRERA’s website?
Verifying a project’s registration status on MahaRERA’s website ensures that the project is legitimate and that the developer has met all the necessary legal and regulatory requirements. This helps you avoid potential issues and ensures that your investment is safe.
What should I check in the sale agreement before signing it?
Before signing the sale agreement, you should carefully review the project timelines, amenities promised, and all other disclosures. Ensure you understand the terms of the agreement and get any doubts clarified. The agreement should also include allotment letter documents, parking details, and other amenities.
What is a Certificate of Commencement (CC) and why is it important?
A Certificate of Commencement (CC) is a document issued by the local planning authority that permits the developer to start construction. It is essential to ensure that the builder has a valid CC for the project, as it confirms that all necessary permissions have been obtained.
What steps should I take if I find any discrepancies in the project details on MahaRERA’s portal?
If you find any discrepancies in the project details on MahaRERA’s portal, you should immediately contact MahaRERA and report the issue. You can also seek legal advice to protect your interests and ensure that the project is compliant with all necessary regulations.
Related News Articles
Current Gold Prices in Major Indian Cities: Latest Rates and Updates
Stay updated with the latest gold prices for 10 grams of 22-carat gold in major Indian cities across India.
Equinox India Developments Limited: The New Face of Indiabulls Real Estate
Listed real estate developer Indiabulls Real Estate Limited has undergone a transformation, changing its name to Equinox India Developments Limited with effect from June 20, 2024.
Real Estate Entrepreneur Kamlesh Kumar Jailed in Ranchi Amid Money Laundering Probe
The Enforcement Directorate (ED) has arrested Real Estate businessman Kamlesh Kumar in Ranchi under the Prevention of Money Laundering Act (PMLA).
Navneet Rana to Skip Maharashtra Assembly Polls, Eyes Rajya Sabha Seat
Navneet Rana, a prominent political figure in Maharashtra, has announced that he will not contest in the upcoming Maharashtra Assembly elections. Instead, he is setting his sights on a membership in the Rajya Sabha. This decision comes after a series of s
Micromitti to Launch SM-REITs: A New Era for Real Estate Investment in Central India
Micromitti, a leading PropTech firm in Central India, is set to introduce Real Estate Investment Trusts (REITs), AIF Category 2 Real Estate Funds, and Private Equity (PE) investments, providing high-return opportunities for individual investors.
Bhopal Sees Property Rates Soar by Up to 200% in 243 Locations
Property rates in Bhopal have increased by up to 200% in 243 locations, including prime areas like Arera Colony, 10 Number Market, and MP Nagar, sparking opposition from builders and developers.