The Maharashtra Real Estate Regulatory Authority (MahaRERA) has come out with specific guidelines, cautioning homebuyers to verify the project’s registration status on the state realty sector regulator’s website and also do complete due diligence before buying a property.
To help property buyers invest in safe projects, the regulator has suggested they check if the developer has all the required permissions, like building approvals and environmental clearances from respective authorities.
Of late, there have been several complaints against developers before MahaRERA on how builders are registering upper-floor flats without a valid Commencement Certificate. Complaints have also been received by the regulator about builders allegedly refusing to sign sale agreements despite receiving over 10% of the total deal cost from homebuyers.
Carefully review project details: MahaRERA to homebuyers
The real estate regulator has suggested homebuyers to carefully review details like project timelines, amenities promised by the developer, and also disclosures. MahaRERA also stressed that the buyers should understand the terms of the sale agreement and if there is any doubt, they need to get it clarified before signing the deal paper.
MahaRERA Chairman Manoj Saunik said, “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 the project’s execution, to pre-empt this, a stringent legal, technical, and financial scrutiny of each proposed housing project is undertaken before issuing the registration number.”
“Some of the scrutiny process includes plot’s ownership on which the project will be built, dispute if any, details of the real estate agents, approvals from the local planning authority, commencement certificate mentioning total number of floors permitted, etc. Such as these, many more details from the legal, technical and financial aspects are to be furnished to successfully register with MahaRERA. Once the project is approved, these details are publicly available on MahaRERA’s website to ensure transparency,” Saunik added.
Apart from this, it is also mandatory to have a model agreement for sale with irrevocable provisions, which should also include allotment letter documents, parking and details on amenities, the chairman informed. “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,” said Saunik.
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