MahaRERA's New Order Boosts Transparency, Confidence in Real Estate Sector
MahaRERA makes it mandatory for developers to mention exact date for facilities, amenities, and occupancy certificate in sale agreements.
MahareraReal EstateTransparencyAccountabilityHomebuyersReal Estate MaharashtraAug 02, 2024
President of CREDAI, Boman Irani, stated that the order ensures accountability in delivering promised facilities and amenities, which is crucial for fostering trust and confidence among homebuyers. He added that the decision not only protects homebuyers but also strengthens the integrity of projects and the overall asset class, making it a more attractive investment.
Domnic Romell, President of CREDAI-MCHI, endorsed MahaRERA's directive, saying it is a significant step towards ensuring transparency and accountability in the real estate sector. He emphasized that the initiative will greatly enhance trust between developers and homebuyers.
Dhaval Ajmera, Secretary of CREDAI-MCHI and Director, Ajmera Realty & Infra India Limited, saw the order as a significant development in the real estate sector, providing stability and boosting the confidence of homebuyers. He pointed out that the order requires detailed disclosure of amenities with clear deadlines, giving consumers essential information for making informed decisions.
Deepak Goradia, Chairman & MD, Dosti Realty Limited, welcomed the new order, saying that customers will benefit from the assurance of a pre-defined date for enjoying the amenities provided by the developer at the sale stage itself. Prashant Sharma, President of NAREDCO Maharashtra, stated that the regulation will not only strengthen trust between homebuyers and developers but also ensure that projects are delivered as promised.
Vivek Rathi, National Director Research, Knight Frank India, observed that the real estate development landscape has improved significantly over the last decade, driven by RERA and customer-centric real estate developers.
Information
The Maharashtra Real Estate Regulatory Authority (MahaRERA) was established in 2017 under the Real Estate (Regulation and Development) Act, 2016, to regulate and promote the real estate sector in Maharashtra. The authority aims to protect the interests of homebuyers and promote transparency and accountability in the sector.
CREDAI (Confederation of Real Estate Developers Association of India) is the apex body for private real estate developers in India. CREDAI-MCHI (Maharashtra Chamber of Housing Industry) is the Mumbai chapter of CREDAI. Ajmera Realty & Infra India Limited is a leading real estate developer in Mumbai. Dosti Realty Limited is a prominent real estate developer in Mumbai. NAREDCO (National Real Estate Development Council) is a self-regulatory body for the real estate sector in India. Knight Frank India is a leading real estate consultancy firm in India.
Frequently Asked Questions
What is MahaRERA?
MahaRERA is the Maharashtra Real Estate Regulatory Authority, established in 2017 under the Real Estate (Regulation and Development) Act, 2016.
What is the purpose of MahaRERA's new order?
The purpose of MahaRERA's new order is to increase transparency and accountability in the real estate sector by making it mandatory for developers to provide detailed information about facilities, amenities, and occupancy certificates in sale agreements.
How will homebuyers benefit from MahaRERA's new order?
Homebuyers will benefit from MahaRERA's new order as it will provide them with detailed information about facilities, amenities, and occupancy certificates, enabling them to make informed decisions.
What is CREDAI?
CREDAI is the Confederation of Real Estate Developers Association of India, the apex body for private real estate developers in India.
What is NAREDCO?
NAREDCO is the National Real Estate Development Council, a self-regulatory body for the real estate sector in India.
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