Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has released comprehensive guidelines aimed at protecting homebuyers and ensuring a safe and secure real estate investment experience. The guidelines emphasize the importance of due diligence and transparency, urging buyers to verify key project details on the MahaRERA website before making any financial commitments.
MahaRERA advises prospective buyers to thoroughly review a project's details on its portal (https://maharera.maharashtra.gov.in) using the MahaRERA registration number. The crucial aspects to verify include:
. Construction plans approved by the local planning authority.
. Certificate of Commencement, specifying permissions granted for construction up to certain floors.
. The project's title clearance report and any encumbrances.
. Details of ongoing or past litigations related to the project.
Buyers should also ensure that the Agreement for Sale and Allotment Letter provided by the developer align with the model drafts approved by MahaRERA. These documents must specify details such as parking arrangements, amenities, flat number, carpet area, and the project’s completion date.
Mandatory provisions for developers
MahaRERA has made it compulsory for developers to follow specific protocols, including signing an agreement for sale with buyers if the payment exceeds 10% of the property's total cost; providing detailed information on parking, including its type (e.g., garage, stilt, open), dimensions, and location; ensuring that the promised facilities and amenities are listed with a completion timeline.
Developers must also adhere to the "Model Agreement for Sale," which includes non-negotiable clauses on force majeure, carpet area, defect liability, and conveyance deed.
Enhanced accountability and transparency
To safeguard buyers, MahaRERA mandates developers to utilize 70% of booking amounts exclusively for construction purposes; submit quarterly updates on project progress and publish key project details on its portal for public access.
Buyers are encouraged to verify these updates and monitor the project's progress through the MahaRERA website.
MahaRERA has also implemented stringent measures against non-compliant projects. Registrations of projects that fail to submit compliance reports or violate regulations are suspended, and their bank accounts frozen. Homebuyers are advised to consult the list of such projects available on the MahaRERA website before making any decisions.
MahaRERA Chairman, Manoj Saunik highlighted the authority's commitment to providing a legally and financially secure home-buying process. “Our scrutiny ensures that every registered project meets stringent legal, technical, and financial criteria. Homebuyers must remain vigilant and thoroughly examine the available information to make informed decisions,” he said.
Additional Safeguards for Buyers:
* Verify that only MahaRERA-registered real estate agents are involved in transactions.
* Check that the project’s completion date is clearly mentioned on the portal.
* Ensure transparency in all dealings, with standardized transactions based on carpet area.
MahaRERA’s guidelines serve as a robust framework to empower homebuyers and ensure transparency in the real estate sector. By actively following these measures, buyers can significantly mitigate risks and secure their investments in a safe and informed manner.