MahaRERA Update: Guidelines Issued for Homebuyers to Ensure Safe Property Investments

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has released comprehensive guidelines to help homebuyers exercise caution and diligence before investing in real estate. The initiative aims to empower buyers by ensuring they are well-informed about project approvals, legal disputes, and other crucial details.

Key Guidelines Issued by MahaRERA

According to MahaRERA, homebuyers must verify whether a project has secured the necessary approvals from the local planning authority. Additionally, buyers should ensure the availability of a commencement certificate specifying construction permissions, including the floors approved for development.

The authority advises conducting thorough checks for pending litigations or encumbrances related to the property. Buyers should also examine the plot’s title clearance report to confirm the land’s ownership and legal status.

MahaRERA has emphasized that the sale and allotment agreement format must clearly outline parking provisions, facilities, and amenities, adhering to the authority’s approved draft.

Agreement Provisions for Homebuyers

MahaRERA reiterated that developers are obligated to enter into a sale agreement if buyers pay up to 10% of the total property cost. Furthermore, the agreement must include an annexure with critical details such as the flat number, carpet area, and project completion date.

The annexure must also specify the type, size, and location of parking spaces—whether open, stilt, mechanical, or a garage—and provide a detailed list of promised amenities and their completion timelines.

Guidelines for Dealing with Developers and Agents

The regulatory authority advises buyers to deal only with MahaRERA-registered real estate agents to ensure transparency. Developers must follow financial discipline by depositing 70% of project funds into an escrow account.

To ensure accountability, developers are required to submit quarterly progress reports on the project to MahaRERA. Buyers can monitor updates on MahaRERA’s official website and lodge complaints in case of discrepancies.

Importance of MahaRERA Registration

MahaRERA has highlighted the importance of verifying a project’s registration status. Projects that fail to comply with guidelines or submit required compliance reports risk suspension of their registration. In such cases, associated bank accounts are frozen, and all financial transactions are halted.

Homebuyers can access a list of suspended projects on the MahaRERA website to make informed decisions.

Chairman’s Appeal to Homebuyers

“MahaRERA aims to offer a secure and transparent home-buying experience,” stated Manoj Saunik, Chairman of MahaRERA. He urged buyers to insist that developers provide detailed project documentation, including ownership details, dispute status, and required approvals.

“A thorough scrutiny process is undertaken before granting project registration. This includes verifying land ownership, local planning authority approvals, commencement certificates, and agent details. Homebuyers should carefully review these documents before making a purchase,” Saunik added.

How to Verify a Project’s Registration

Buyers can visit the MahaRERA portal (https://maharera.maharashtra.gov.in) and use the project’s registration number to verify its status and access relevant guidelines.

MahaRERA continues to uphold its commitment to protecting homebuyers by enforcing stringent regulatory measures and ensuring transparency in the real estate sector.