MahaRERA's New Order to Boost Transparency and Homebuyer Confidence in Real Estate Sector
Maharashtra Real Estate Regulatory Authority makes it mandatory for developers to disclose exact dates for facilities and amenities, and area to be covered, in sale agreements.
MahareraReal EstateTransparencyHomebuyersDevelopersReal EstateAug 02, 2024
The MahaRERA has also mandated developers to provide details on whether the project is being constructed by the developer or has been acquired, and if the project is free of Floor Space Index or not, as per local planning body rules. This move is aimed at bringing in accountability and transparency in the delivery of promised facilities and amenities.
CREDAI President Boman Irani welcomed the move, stating that it will foster trust and confidence among homebuyers. He added that by specifying delivery dates and providing comprehensive details in the agreement, developers aim to set a higher standard in the industry and safeguard customers' investments.
Domnic Romell, President of CREDAI-MCHI, echoed similar sentiments, stating that the initiative will enhance trust between developers and homebuyers. Dhaval Ajmera, Secretary of CREDAI-MCHI and Director of Ajmera Realty & Infra India Limited, said that the order provides stability and boosts homebuyer confidence, and that developers will benefit from the increased transparency.
Chairman & MD of Dosti Realty Limited, Deepak Goradia, also welcomed the order, stating that it will benefit both developers and end-consumers. Prashant Sharma, President of NAREDCO Maharashtra, said that the regulation will strengthen trust between homebuyers and developers, and ensure that projects are delivered as promised.
Vivek Rathi, National Director Research at Knight Frank India, noted that the real estate development landscape has improved significantly over the last decade, driven by RERA and customer-centric developers. He added that this change is evident in the current property market, which is more robust and trustworthy than in the past.
The MahaRERA's latest order is seen as a significant step towards ensuring transparency and accountability in the real estate sector, and is expected to have a positive impact on the industry as a whole.
Information
MahaRERA is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016, to regulate and promote the real estate sector in Maharashtra. CREDAI is a leading real estate developer's association in India, while NAREDCO is a national-level real estate developer's association. Knight Frank India is a leading real estate consultancy firm.
CREDAI (Confederation of Real Estate Developers' Associations of India) is a leading real estate developer's association in India, with a membership of over 12,000 developers. CREDAI-MCHI (Maharashtra Chamber of Housing Industry) is the Maharashtra chapter of CREDAI.
Ajmera Realty & Infra India Limited is a Mumbai-based real estate development company. Dosti Realty Limited is a leading real estate development company in Mumbai.
NAREDCO (National Real Estate Development Council) is a national-level real estate developer's association in India. Knight Frank India is a leading real estate consultancy firm with operations in India and globally.
Frequently Asked Questions
What is the new order issued by MahaRERA?
MahaRERA has made it mandatory for developers to mention the exact date by which facilities and amenities will be made available to homebuyers, as well as the area they will cover, in Annexure-I of the Agreement for Sale.
Why is this order significant?
This order is significant as it brings in accountability and transparency in the delivery of promised facilities and amenities, and helps homebuyers make informed decisions.
What do developers have to say about the order?
Developers have welcomed the order, stating that it will foster trust and confidence among homebuyers and help set a higher standard in the industry.
What is the impact of the order on the real estate sector?
The order is expected to have a positive impact on the industry as a whole, promoting transparency and accountability, and strengthening trust between homebuyers and developers.
What are the benefits of the order for homebuyers?
The order benefits homebuyers by providing them with clear information on the delivery of facilities and amenities, and helping them make informed decisions.
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