MahaRERA's New Rule: What Home Buyers Need to Know About Realty Developers' Delivery Dates
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made it mandatory for real estate developers to mention the delivery date of amenities and occupation certificate in the agreement for sale.
MahareraReal EstateHomebuyersDevelopersAmenitiesOccupation CertificateTransparencyAccountabilityReal Estate MaharashtraAug 04, 2024
The new rule is effective from July 30, 2024, and developers will have to mention the delivery date of amenities such as swimming pool, tennis court, badminton court, theaters, club house, gymnasium, table tennis area, squash court, giant chess area, garden, senior citizen zone, jogging track, juice bar, children play area, among others.
In addition to this, developers will also have to disclose the location and size of the open space to be provided in the project. They will also have to declare the number of lifts to be provided and the type of lifts that will be installed in the project.
MahaRERA's order has mandated that real estate developers declare the type of amenities and common areas that will be provided, the delivery time of these amenities and common areas, and the date by which the occupation certificate will be received.
According to MahaRERA, most housing projects are spread over multiple phases and usually amenities are made available only on completion of the last phase. To ensure that facilities are made available to residents who receive possession in the earlier phases, MahaRERA has made it mandatory for real estate developers to provide a phase-wise and date-specific information of the same.
Real estate experts believe that the MahaRERA order will strengthen trust between homebuyers and developers. 'MahaRERA's new regulation will not only strengthen the trust between homebuyers and developers but also ensure that projects are delivered as promised,' said Prashant Sharma, president, NAREDCO Maharashtra.
Legal experts and chartered accountants practicing in MahaRERA said the move will reduce the number of disputes between homebuyers and developers. 'The move by MahaRERA ensures homebuyers are informed about promised amenities, reducing ambiguities and potential disputes,' said Aditya Zantye, a Mumbai-based chartered accountant who practices in MahaRERA.
Vivek Rathi, National Director Research, Knight Frank India, said that defining some of such important elements like estimated date for occupancy certificate or amenities will further the cause of homebuyer protection.
Information MahaRERA was established in 2017 to regulate and promote the real estate sector in Maharashtra. The authority is responsible for ensuring that real estate developers comply with the provisions of the Real Estate (Regulation and Development) Act, 2016.
MahaRERA is a regulatory authority established by the Government of Maharashtra to regulate and promote the real estate sector in the state. The authority is responsible for ensuring that real estate developers comply with the provisions of the Real Estate (Regulation and Development) Act, 2016.
NAREDCO Maharashtra is an apex body of real estate developers in Maharashtra. The organization aims to promote the interests of real estate developers and ensure that the industry is regulated in a fair and transparent manner.
Knight Frank India is a leading real estate consultancy firm that provides advisory services to developers, investors, and homebuyers. The firm has a strong presence in India and provides research-based insights on the real estate market.
Frequently Asked Questions
What is the new rule introduced by MahaRERA?
MahaRERA has made it mandatory for real estate developers to mention the delivery date of amenities and occupation certificate in the agreement for sale.
What amenities will developers have to mention in the agreement for sale?
Developers will have to mention the delivery date of amenities such as swimming pool, tennis court, badminton court, theaters, club house, gymnasium, table tennis area, squash court, giant chess area, garden, senior citizen zone, jogging track, juice bar, children play area, among others.
Why has MahaRERA introduced this new rule?
MahaRERA has introduced this new rule to ensure that facilities are made available to residents who receive possession in the earlier phases of a housing project.
How will this new rule benefit homebuyers?
This new rule will benefit homebuyers by ensuring that they are informed about promised amenities and reducing ambiguities and potential disputes.
What is the effective date of this new rule?
The new rule is effective from July 30, 2024.
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