RERA Update: Builders Must Declare Amenities and Timeline to Homebuyers
In a move to safeguard homebuyers and enhance transparency in the real estate industry, Maharashtra RERA has mandated builders to declare all amenities along with their timeline.
Rera UpdateMaharashtra ReraReal Estate Regulatory AuthorityHomebuyersBuildersAmenitiesTransparencyConsumer ProtectionReal EstateAug 02, 2024
As per the order, builders are now required to incorporate comprehensive information about the facilities and amenities in a housing project within the sale agreement. This includes the type and extent of amenities, anticipated dates when these amenities will be accessible to residents, phased availability of amenities in projects developed in stages, and the date when these amenities will be transferred to the housing project association or residents' group.
The Maharashtra RERA has established several enforcement measures to ensure compliance with the new regulations. These include non-negotiable provisions and its compliance, penalties for non-compliance, inspection and audit, legal recourse for buyers, and public disclosure.
Developers who fail to include the required details in the sale agreements or do not adhere to the stipulated timelines for amenity availability and transfer may face penalties. These penalties could include fines and other legal actions as deemed appropriate by MahaRERA.
The order also requires that any significant revisions, shifts, or corrections to the promised amenities must obtain MahaRERA's approval. Additionally, changes to the location and number of amenities must receive the consent of at least two-thirds of the residents of the society or allottees or a federation of organizations, as the case may be.
This landmark regulation by MahaRERA represents a significant step towards protecting consumer rights and fostering trust in the real estate sector. By ensuring that all promised amenities are clearly documented and delivered, MahaRERA aims to promote a more transparent and responsible development environment.
Mansukhlal Hiralal & Co. is a multi-service law firm providing quality legal advice for over 100 years. They have offices in Mumbai & Delhi and a peerless reputation for high professional standards.
Tags RERA Update, Maharashtra RERA, Real Estate Regulatory Authority, Homebuyers, Builders, Amenities, Transparency, Consumer Protection
FAQs
Q1 What is the main objective of the Maharashtra RERA's new order?
A1 The main objective is to safeguard homebuyers and enhance transparency in the real estate industry by requiring builders to declare all amenities along with their timeline.
Q2 What information must builders provide about facilities and amenities in the sale agreement?
A2 Builders must provide comprehensive information about the facilities and amenities, including the type and extent of amenities, anticipated dates when these amenities will be accessible to residents, phased availability of amenities in projects developed in stages, and the date when these amenities will be transferred to the housing project association or residents' group.
Q3 What are the consequences for developers who fail to comply with the new regulations?
A3 Developers who fail to comply with the new regulations may face penalties, including fines and other legal actions as deemed appropriate by MahaRERA.
Q4 Can developers make changes to the promised amenities without obtaining MahaRERA's approval?
A4 No, any significant revisions, shifts, or corrections to the promised amenities must obtain MahaRERA's approval. Additionally, changes to the location and number of amenities must receive the consent of at least two-thirds of the residents of the society or allottees or a federation of organizations, as the case may be.
Q5 What is the significance of this regulation for homebuyers?
A5 This regulation is significant for homebuyers as it promotes transparency and accountability in the real estate sector, ensuring that builders deliver on their promises and provide the amenities as agreed upon.
Frequently Asked Questions
What is the main objective of the Maharashtra RERA's new order?
The main objective is to safeguard homebuyers and enhance transparency in the real estate industry by requiring builders to declare all amenities along with their timeline.
What information must builders provide about facilities and amenities in the sale agreement?
Builders must provide comprehensive information about the facilities and amenities, including the type and extent of amenities, anticipated dates when these amenities will be accessible to residents, phased availability of amenities in projects developed in stages, and the date when these amenities will be transferred to the housing project association or residents' group.
What are the consequences for developers who fail to comply with the new regulations?
Developers who fail to comply with the new regulations may face penalties, including fines and other legal actions as deemed appropriate by MahaRERA.
Can developers make changes to the promised amenities without obtaining MahaRERA's approval?
No, any significant revisions, shifts, or corrections to the promised amenities must obtain MahaRERA's approval. Additionally, changes to the location and number of amenities must receive the consent of at least two-thirds of the residents of the society or allottees or a federation of organizations, as the case may be.
What is the significance of this regulation for homebuyers?
This regulation is significant for homebuyers as it promotes transparency and accountability in the real estate sector, ensuring that builders deliver on their promises and provide the amenities as agreed upon.
Tags:
Related News Articles
Rohan Builders Achieves Unparalleled Excellence with 14 Consecutive Years of CRISIL DA2+ Grading
Rohan Builders continues to maintain its prestigious DA2+ Developer Grading from CRISIL, demonstrating its commitment to excellence in financial and operational parameters.
Sebi Chief Remains Tight-Lipped on Real Estate Investment Trusts
REITs comprise a portfolio of commercial real estate assets, most of which are already leased out.
PGA of America Launches State-of-the-Art Golf Courses in Mumbai, Navi Mumbai, and Hyderabad
AIVOT Golf & Sports Management collaborates with Shapoorji Pallonji Real Estate, Stonecraft Group, and Tvastar Golf to introduce PGA of America-branded golf courses in Mumbai, Navi Mumbai, and Hyderabad, setting a new standard for golf excellence in India
Raymond Expands Real Estate Footprint with Mahim Project Deal
Raymond, in a strategic move, has signed a Joint Development Agreement for a prestigious residential project in the prime location of Mahim West, Mumbai.
Amrita Singh, Zaheer Khan Among Celebrities Investing in Mumbai's Luxury Real Estate
Amrita Singh and Zaheer Khan are among the latest celebrities making significant investments in Mumbai's luxury real estate market. Discover the trends and insights of these high-profile investments.
SP Group Raises $3.3 Billion from Five Funds to Boost Real Estate and Construction Projects
SP Group secures a significant $3.3 billion investment from five prominent funds, aimed at refinancing and expanding its real estate and construction projects. This strategic move will help the company solidify its position in the market and drive sustain