MahaRERA’s Latest Advisory for Homebuyers
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has released a set of guidelines to help homebuyers make informed decisions when investing in a property. The objective is to ensure that buyers perform necessary due diligence, verify project approvals, and avoid legal or financial complications.
Homebuyers should confirm that the project has received all necessary approvals from the local planning authority. Additionally, they should verify the commencement certificate to understand the extent of permitted construction.
It is crucial to check if there are any pending litigations against the project. Homebuyers should also verify the title clearance report of the plot to ensure there are no legal disputes.
The sale agreement and allotment letter should include specific details such as parking provisions, facilities, and amenities, as per the format approved by MahaRERA.
Buyers should ensure that the developer follows financial regulations by maintaining 70% of the project funds in an escrow account. This measure is designed to prevent mismanagement of project finances.
To avoid fraud, homebuyers should engage only with real estate agents who are registered with MahaRERA.
Developers are mandated to provide quarterly updates on project progress to MahaRERA. Buyers can track these updates via MahaRERA’s official website. In case of discrepancies, they can file complaints against the developer through the regulator’s portal.
MahaRERA has emphasized the need for transparency in property agreements. Buyers must check that the agreement includes:
MahaRERA suspends registration of projects that fail to comply with regulations or do not submit the required progress reports. Bank accounts associated with such projects are frozen, and transactions are put on hold. Homebuyers can check MahaRERA’s official website for a list of such projects before making a purchase decision.
According to MahaRERA Chairman Manoj Saunik, rigorous legal, technical, and financial scrutiny is conducted before granting a registration number to any project. This includes verifying the land ownership, resolving disputes (if any), assessing the credibility of real estate agents, and ensuring all necessary approvals are in place.
MahaRERA's latest guidelines serve as a crucial roadmap for homebuyers to make safe and well-informed property investments. By thoroughly reviewing project approvals, financial compliance, and developer credentials, homebuyers can safeguard their investments and avoid potential legal pitfalls.
For more details and the latest updates, visit MahaRERA’s official website.
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