MahaRERA's Mandate on Parking Spaces Allocation: A Welcome Move in Real Estate Sector
The Maharashtra Real Estate Regulatory Authority's (MahaRERA) recent mandate on allocating parking spaces is a significant step towards enhancing transparency and accountability in the real estate sector.
Real EstateMahareraParking SpacesTransparencyAccountabilityReal Estate MumbaiJun 18, 2024
To resolve these issues, MahaRERA, in April, made it mandatory for developers to include all details related to parking as part of annexures to the Allotment Letter and Agreement for Sale. The Authority also issued a model draft clause as part of the circular's annexure, to be included in the legal documents, which includes all the details regarding the parking lot number, parking length, height, width, location of the parking block, etc.
Industry experts have welcomed this move, stating that it will boost buyer confidence, prevent disputes and fraudulent practices related to parking slots, and promote standardized practices across the industry. Developers will have to comply with the rules stated, and any violations will result in huge penalties. This regulation is expected to set a precedent, potentially influencing similar practices nationwide, and fostering a more transparent and reliable real estate market in Maharashtra.
Information
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is a regulatory body established to ensure transparency and accountability in the real estate sector. It aims to protect the interests of home buyers and promote fair practices among developers.
CREDAI-MCHI is a leading real estate industry body that represents the interests of developers and builders in the Mumbai Metropolitan Region.
The Guardians Real Estate Advisory is a real estate consultancy firm that provides advisory services to developers and home buyers.
Ashar Group, Gera Developments, and Ajmera Realty & Infra India are leading real estate development companies operating in Maharashtra.
Frequently Asked Questions
What is the recent mandate by MahaRERA regarding parking spaces?
MahaRERA has made it mandatory for developers to include all details related to parking as part of annexures to the Allotment Letter and Agreement for Sale.
Why is this mandate significant for home buyers?
This mandate will boost buyer confidence by providing clear, documented entitlements, and prevent disputes and fraudulent practices related to parking slots.
How will this regulation impact the real estate industry in Maharashtra?
This regulation is expected to set a precedent, potentially influencing similar practices nationwide, and fostering a more transparent and reliable real estate market in Maharashtra.
What are the consequences for developers who violate this mandate?
Developers who violate this mandate will have to pay huge penalties.
What is the ultimate goal of MahaRERA's mandate on parking spaces allocation?
The ultimate goal is to promote transparency, accountability, and fair practices in the real estate sector, and protect the interests of home buyers.
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