The Maharashtra Real Estate Regulatory Authority (MahaRERA) in a recent notification has made it mandatory for real estate developers to mention the exact date by which facilities and amenities would be made available to homebuyers as well as the area they will cover in Annexure-I of the Agreement for Sale along with the expected date of obtaining the occupancy certificate (OC).
This provision is non-negotiable and developers can not alter it, the MahaRERA said in a statement.
The regulatory authority has also made it mandatory for developers to provide details whether the project is being constructed by the developer or has been acquired, if the project is free of Floor Space Index or not as per the rules and regulations of the local planning bodies.
Commenting on this Boman Irani, President, CREDAI said, “Developers support all initiatives towards transparency & information to our consumers. MahaRERA’s recent mandate ensures that there is accountability in delivering promised facilities and amenities.”
“This is crucial for fostering trust and confidence among homebuyers,” he added.
Domnic Romell, President, CREDAI-MCHI, the apex body of the real estate industry in the Mumbai Metropolitan Region (MMR) said,
“We fully endorse MahaRERA’s latest directive, which is a significant step towards ensuring transparency and accountability in the real estate sector. By mandating clear timelines and detailed information on facilities and amenities, this initiative will greatly enhance trust between developers and homebuyers.”
Dhaval Ajmera, Secretary, CREDAI-MCHI, and Director, Ajmera Realty & Infra India Ltd said, “The MahaRERA order is a significant development in the real estate sector, providing stability and boosting the confidence of homebuyers. It requires detailed disclosure of amenities with clear deadlines, giving consumers essential information for making informed decisions.”
Deepak Goradia, Chairman & MD, Dosti Realty Ltd and Past President, CREDAI-MCHI said “The customers will be benefitted by the assurance of pre-defined date for enjoying the amenities to be provided by the developer at the sale stage itself. This order is beneficial to both the developers as well as the end consumers leading to increased accountability by developers, more transparency to customers.”
Realty regulator MahaRERA makes norms tougher for developers
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