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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced detailed guidelines to ensure a safer and transparent home-buying process. Prospective buyers are advised to verify project details such as litigation history, commencement certificates, title clearance, and approvals on the MahaRERA portal. Developers must adhere to stringent regulations, including providing a standardised Agreement for Sale and Allotment Letter detailing amenities and parking. Homebuyers are empowered to monitor project progress and file grievances if needed. These measures aim to protect buyers from potential legal and financial risks.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has rolled out a set of crucial guidelines designed to ensure a safe and informed home-buying experience. The guidelines emphasise thorough checks on a project's registration and related documents, available on the MahaRERA portal, before making any financial commitments. Buyers are advised to verify critical details, including the project's litigation status, encumbrances, title clearance, and commencement certificates issued for approved construction floors. Advertisement
A homebuyer can access the information and documents by searching the project on the portal (https://maharera.maharashtra.gov.in) with the help of the project's MahaRERA registration number.
MahaRERA mandates developers to provide essential documents such as a standardised Agreement for Sale and Allotment Letter. In the Agreement for Sale, the points on Force Majeure, Carpet Area, Defect Liability Period and Conveyance Deed are non-negotiable and irrevocable. In the Allotment Letter, it is mandatory to mention details of the Flat's Number, Carpet Area, Project's Completion Date, etc. Additionally, they should include an annexure specifying parking slots, amenities, and their completion timelines. These measures ensure transparency, accountability, and clarity in transactions.
It is also the right of the homebuyer to insist on signing an Agreement for Sale if a payment of up to 10% of the property's cost has been made. Should a developer fail to comply, buyers can escalate the issue to MahaRERA. Furthermore, only MahaRERA-registered real estate agents are authorised to act as intermediaries.
In cases where developers do not adhere to regulations or fail to submit compliance reports, MahaRERA suspends project registrations, freezes related bank accounts, and halts transactions. Such updates are regularly published on the MahaRERA website to assist buyers in making informed decisions.
The authority's proactive measures include a stringent scrutiny process before project registration, covering legal, technical, and financial aspects. MahaRERA also monitors project progress through quarterly compliance reports submitted by developers. Buyers are encouraged to remain vigilant and actively verify details to ensure a secure home-buying journey.
MahaRERA Chairman Shri. Manoj Saunik remarked that "MahaRERA has always been striving to provide a legally and financially protected home buying experience to the homebuyer. However, there always is a possibility of certain challenges that may arise during project's execution. To pre-empt this, a stringent legal, technical and financial scrutiny of each proposed housing project is undertaken prior to issuing the registration number. Once the project is approved, these details are publicly available on MahaRERA's website to ensure transparency.I urge the homebuyers to insist the developers furnish the details, thereafter, they should carefully study these in entirety, prior to booking or buying a property."
MahaRERA-registered projects offer several salient features aimed at protecting homebuyers' interests. These include financial discipline, with 70% of funds collected from bookings required to be allocated solely to construction activities. Transparency is maintained through the availability of comprehensive project details on the MahaRERA website. Developers are obligated to submit quarterly progress updates, allowing homebuyers to monitor project developments effectively. Additionally, a robust grievance redressal mechanism empowers buyers to address any concerns. Projects must also adhere to standardised area definitions based on carpet area, ensuring uniformity and clarity in transactions. These features collectively enhance trust and accountability in the real estate sector.
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