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
Pune Municipal Corporation Seals Sinhgad Institute Offices, Prepares for Auction of Erandwane Property
In an effort to recover property tax dues of ₹345 crore, the Pune Municipal Corporation (PMC) has sealed the offices of the Sinhgad Institute and initiated the process of auctioning the Erandwane property.
Prajesh Bhatia: The Rising Star in India's Luxury Real Estate Market
Prajesh Bhatia's journey from an admirer to a key player in India's luxury real estate market, inspired by Ryan Serhant's innovative branding and strategies, is nothing short of inspiring.
GST Rates to Continue for Real Estate Sector: Group of Ministers
The Group of Ministers on boosting the real estate sector under GST regime has recommended that no further exemption is required and that GST at applicable rates will continue to be levied.
Hrithik Roshan Leases Prime Office Space in Pune's Kharadi for ₹6 Lakh Per Month
Bollywood actor Hrithik Roshan has leased out a prime office space in Pune's Kharadi for a hefty sum of ₹6 lakh per month, according to data from real estate analytics firm CRE Matrix. The leased property, located on the 8th floor, is expected to be a sig
Indian Cities Witness Significant Growth in Housing Prices, Delhi and Bengaluru Lead the Way
Real estate demand remains steady, driving growth in housing prices across major Indian cities, with Delhi and Bengaluru seeing the highest growth rates.
Boosting Real Estate: Expectations from Budget 2024
The real estate sector seeks tax reforms, increased demand for homeownership, and benefits for homebuyers and investors.