Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued new guidelines for home buyers, mandating that builders must enter into a home sale agreement if the customer has paid up to 10 percent of the total property amount. In case the builder fails to comply, buyers are advised to file a complaint with MahaRERA.
Home buyers are urged to verify several key factors before proceeding with a property transaction. These include confirming that the housing project is registered with MahaRERA, checking for any pending court cases related to the project, and understanding their current status. Buyers should also inquire about the number of floors approved under the Construction Certificate (CC) and whether the local planning authority has given approval for the project plan. These crucial details are highlighted in the latest guidelines.
Mandatory Home Sale Agreement and Registration LetterBuilders are required to provide the home sale agreement and the letter of registration of the property as per the draft format prescribed by MahaRERA. Additionally, it is mandatory for the builder to include details regarding parking and other facilities in a separate annexure within both the home purchase agreement and the registration deed.
Features of MahaRERA Registered Projects
- Builders are required to allocate 70 percent of the money received from house purchases or registrations exclusively for construction purposes.
- Builders must submit a project progress report on the MahaRERA website every three months.
- The project completion date must be clearly displayed on the MahaRERA website.
Manoj Saunik, President of MahaRERA, stated that the legal, financial, and technical aspects of a proposed project are thoroughly scrutinized before issuing a registration number, considering potential completion challenges. Information on plot ownership, necessary approvals, and floor permissions must be submitted, and any ownership disputes must be reported. This information is publicly available on the MahaRERA website.