Developers Accountable: MahaRERA Requires Amenities Timeline Disclosure
Developers Accountable: MahaRERA Requires Amenities Timeline Disclosure
31 July, 2024
When people are looking into buying an apartment, developers usually promise all sorts of amazing facilities and amenities that will be part of the project. But once the homebuyers move in, there’s no guarantee on when these promises will actually materialize. To tackle this uncertainty, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has now mandated developers to clearly mention the delivery date of these facilities and amenities in Annexure-l of the Agreement for Sale.
https://maharera.maharashtra.gov.in/sites/default/files/notice_board_files/Order_57_Amenities.pdf
Annexure-I will form an integral part of the Agreement for Sale document, which will be officially registered with the government. This step will hold developers accountable for delivering the promised facilities and amenities to the homebuyers. These amenities encompass a wide range, including a swimming pool, tennis court, badminton court, theater, club house, gymnasium, table tennis area, squash court, giant chess area, garden, senior citizen zone, jogging track, juice bar, children’s play area, and more.
In case of any significant alterations, corrections, or relocations of the mentioned facilities, amenities, or public areas, it is essential to seek approval from MahaRERA. Without this approval, any modifications made will be deemed unauthorized and unlawful. Furthermore, developers must obtain consent from two-thirds of the residents if changes involve the location, number of families, or amenities. This ensures that developers cannot make unilateral changes without the agreement of the residents.
In April-end, MahaRERA released a draft order on this matter to gather feedback from different stakeholders until May 27. After considering the suggestions and engaging with experts, the final proposed order now includes several new elements. It is now required to specify the expected date of the Occupancy Certificate (OC) for the project, the size of the facilities and amenities, whether they are part of the project or acquired separately, and if they comply with the Floor Space Index regulations set by local planning bodies.
The developer is now required to ensure that Annexure-I includes details such as whether the proposed facilities and amenities will be provided within the building, common areas, or layout. Additionally, the proposed completion date, handover date to the society or residents association, expected date of the Occupancy Certificate (OC), and a list of the facilities and amenities to be provided must be clearly outlined in Annexure-I.
In addition to the previous requirements, developers must now include details of recreational grounds and playing grounds within the project as specified by the local planning bodies. Moreover, it is mandatory to disclose information about the types of lifts installed, including passenger, service, stretcher, goods, fire evacuation, and any other types, along with their capacity and speed per meter per second.
Typically, the Agreement for Sale outlines specifics of the housing unit, internal and external development works, payment schedules for the apartment/plot/building, possession handover dates, penalties for defaults, and other relevant details.
To avoid situations where promised facilities and amenities are missing after the homebuyer moves in, MahaRERA has made it compulsory for developers to include these details in the appendices (Annexure-I) of the Agreement for Sale. This step aims to prevent deception of homebuyers, improve the developer’s accountability, and ensure transparency and orderliness in the real estate sector.
MahaRERA highlighted that developers often advertise various attractive facilities and amenities like swimming pools, sports courts, theaters, gyms, and more alongside their housing projects. While the Agreement for Sale usually covers aspects like apartment pricing, payment plans, and penalties for defaults, it commonly lacks details on when these promised facilities and amenities will be accessible to the homebuyers.
MahaRERA has noticed that many homebuyers have faced challenges due to the lack of clarity on the availability of promised facilities and amenities. In response to this issue, MahaRERA has made it compulsory to specify the timeline for delivering all these amenities in Schedule II of the Agreement for Sale. This schedule must comprehensively outline the details, and a model format has been provided for reference. Any alterations to these details will necessitate approval from MahaRERA.
This new requirement by MahaRERA is a significant step in providing clarity and transparency to homebuyers regarding the availability of facilities and amenities in housing projects. By specifying timelines for these amenities in Schedule II of the Agreement for Sale, just like apartment details are provided, it ensures that developers are accountable for delivering both apartments and amenities within the specified time frames. This move aims to enhance transparency during property transactions and empower homebuyers by ensuring they have clear information about what to expect in their new homes.
