MahaRERA's New Regulation: Real Estate Developers Must Specify Delivery Dates for Amenities
Maharashtra Real Estate Regulatory Authority makes it mandatory for developers to provide exact date of delivery for facilities and amenities
MahareraReal EstateMaharashtraRegulatory AuthorityHomebuyersAmenitiesDelivery DateReal Estate MaharashtraJul 31, 2024
According to the new regulation, developers must mention the proposed date of delivery of facilities and amenities, as well as the area they will cover, in Annexure-I of the Agreement for Sale. This provision is non-negotiable, and developers will not be able to alter it. MahaRERA has also made it mandatory for developers to provide details of the expected date of Occupancy Certificate (OC) for the project, size of the facilities and amenities, and whether the project is free of Floor Space Index or not.
The decision comes after MahaRERA observed that developers often promise attractive facilities and amenities to homebuyers, but fail to deliver them on time. This has led to numerous complaints from homebuyers. To address this issue, MahaRERA has made it binding on developers to specify the delivery timelines for amenities, including swimming pools, tennis courts, badminton courts, and others.
The regulation also covers township projects, which often face delays in delivering amenities. MahaRERA has mandated that developers provide phase-wise and date-specific information about the availability of facilities and amenities. Additionally, developers must obtain approval from MahaRERA for any changes or revisions to the specified facilities and amenities.
Ajoy Mehta, chairman of MahaRERA, stated, 'When advertising their new housing projects, developers often promote a variety of attractive facilities and amenities alongside the actual apartments. However, there is no mention of when the proposed facilities and amenities will actually be made available.'
This new regulation is expected to benefit homebuyers by providing them with clear information about the delivery timelines for amenities and facilities. It will also hold developers accountable for fulfilling their commitments.
Frequently Asked Questions
What is MahaRERA's new regulation for real estate developers?
MahaRERA has made it mandatory for real estate developers to specify the exact date of delivery for facilities and amenities promised to homebuyers.
What information must developers provide in the Agreement for Sale?
Developers must provide the proposed date of delivery of facilities and amenities, as well as the area they will cover, in Annexure-I of the Agreement for Sale.
Why did MahaRERA introduce this regulation?
MahaRERA introduced this regulation to protect the interests of homebuyers and ensure that developers fulfill their commitments.
What types of amenities are covered under this regulation?
The regulation covers amenities such as swimming pools, tennis courts, badminton courts, theatres, club houses, gymnasiums, and others.
What happens if developers fail to comply with this regulation?
Developers who fail to comply with this regulation may face penalties and legal action.
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