MahaRERA Rolls Out Guidelines to Protect Homebuyers: Key Insights You Need to Know

Empowering Buyers with Key Checks

MahaRERA urges prospective buyers to verify critical project details before committing to a purchase. This includes confirming necessary approvals from the local planning authority and checking for a valid commencement certificate that specifies construction permissions.

Homebuyers are advised to scrutinize legal documents like the title clearance report to ensure the land’s ownership is undisputed and free of encumbrances. Another vital step is to review the developer’s agreement format, which must clearly define amenities, parking provisions, and other essential facilities.

Transparent Agreements: A Safety Net for Buyers

A notable safeguard introduced by MahaRERA is the requirement for a detailed sale agreement when buyers pay 10% or more of the property cost. This agreement must include an annexure outlining crucial information such as the flat number, carpet area, parking details, and completion timelines.

Specific parking arrangements—whether open, stilt, or mechanical—must also be disclosed in the agreement. Developers are mandated to adhere to these standards, ensuring buyers have clarity on what they are investing in.

Ensuring Accountability Among Developers and Agents

MahaRERA has emphasized the importance of dealing only with registered developers and agents. To promote financial discipline, developers must deposit 70% of project funds into an escrow account and submit quarterly updates on project progress.

This ensures funds are used solely for project development, protecting buyers from delays or mismanagement. Buyers are encouraged to monitor these updates via the MahaRERA portal and report discrepancies.

Suspension of Non-Compliant Projects

The regulatory body has taken a firm stance against non-compliant projects. If a developer fails to meet compliance requirements, their project registration may be suspended, resulting in frozen bank accounts and halted financial transactions. A list of suspended projects is available on the MahaRERA website to guide buyers in avoiding risky investments.

MahaRERA Chairman’s Message

Manoj Saunik, Chairman of MahaRERA, stressed the importance of due diligence. “Our mission is to create a secure and transparent home-buying experience,” he said, urging buyers to insist on complete project documentation and thoroughly review them.

He highlighted that every registered project undergoes rigorous scrutiny to confirm land ownership, approvals, and financial integrity. Buyers should leverage this information for informed decision-making.

Easy Verification for Buyers

Homebuyers can verify project registration by visiting the MahaRERA portal and entering the project’s registration number. The platform provides detailed guidelines and project updates, empowering buyers with accurate and timely information.

With these initiatives, MahaRERA continues its commitment to fostering a safer and more transparent real estate sector in Maharashtra.