MahaRERA Latest Rules Ensuring Clearer Delivery Timelines and Homebuyer Protection

In a significant move towards enhancing transparency in the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a new mandate. This regulation requires developers to clearly state the delivery dates for amenities and the anticipated date for obtaining the Occupation Certificate (OC) in their agreements with homebuyers. This blog delves into the specifics of this new rule and its implications for both developers and buyers.

The New Requirement: A Detailed Look

Starting July 31, developers are now obliged to include precise timelines for the completion of amenities and the OC in Annexure-I of the Agreement for Sale. This measure aims to protect homebuyers from delays and ensure that they are fully informed about the project’s timeline. According to MahaRERA’s statement, this provision is non-negotiable, meaning developers cannot alter these dates once they are set.

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Specifics of the Mandate

Developers must provide comprehensive details about:

• The expected date for obtaining the OC.
• The size and scope of the amenities.
• Whether the project is being developed from scratch or acquired.
• Compliance with Floor Space Index (FSI) regulations as per local planning authorities.

This level of detail aims to provide buyers with a clear understanding of what to expect and when thereby reducing uncertainties and potential disputes.

Addressing the Issue of Delayed Amenities

One of the key reasons behind this mandate is the frequent delays in delivering promised amenities. Developers often attract buyers with an array of enticing facilities such as swimming pools, clubhouses, gyms, and more. However, these amenities are sometimes not ready even after the buyers have moved in. By making it compulsory to specify delivery dates in the Agreement for Sale, MahaRERA aims to hold developers accountable and ensure the timely completion of these facilities.

Comprehensive List of Amenities Covered

The regulation covers a wide range of amenities, including but not limited to:

• Swimming pools
• Tennis and badminton courts
• Theatres
• Clubhouses
• Gyms
• Table tennis and squash courts
• Giant chess areas
• Gardens
• Senior citizen zones
• Jogging tracks
• Juice bars
• Children’s play areas

These amenities must now have clear, specified timelines for completion included in the sales agreement, ensuring buyers know exactly when they can expect these facilities to be ready.

Challenges in Township Projects

Large housing projects, especially those developed in multiple phases, often face significant delays in completing amenities. These amenities are usually available only upon the completion of the final phase, leaving early residents without promised facilities for extended periods. MahaRERA’s new rule mandates phase-wise, date-specific information about amenities, ensuring that residents in earlier phases are informed about when they can expect the facilities to be ready.

Legal and Community Consent Requirements

To further safeguard buyer interests, any major revisions, changes, or relocations of specified amenities or public areas must receive prior approval from MahaRERA. Developers cannot make unilateral changes without this approval. Additionally, if changes affect the location or number of families and amenities, developers must obtain the consent of at least two-thirds of the residents. This requirement prevents developers from making significant changes without community approval, fostering a more cooperative and transparent development process.

Conclusion: A Step Towards Greater Transparency

MahaRERA’s new mandate is a significant step towards increasing transparency and accountability in the real estate sector. By requiring developers to specify exact dates for the delivery of amenities and the OC, the regulation aims to protect homebuyers from delays and ensure they receive what was promised at the time of purchase. This move is expected to build greater trust between buyers and developers, ultimately leading to a more reliable and transparent real estate market in Maharashtra.

For homebuyers, this new rule offers peace of mind and clarity, ensuring they are well informed about the timeline of their investment. For developers, it reinforces the importance of adhering to commitments and maintaining open communication with buyers. As the real estate landscape continues to evolve, regulations like these play a crucial role in shaping a fair and transparent market for all stakeholders.

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