by THO
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has now made it mandatory for real estate developers to mention the delivery date of amenities and the occupation certificate in the agreement for sale. The order is effective from July 30, 2024.
Currently, developers mention only the delivery date or possession date of the apartment.
Here are five things home buyers should keep in mind about the new rule imposed by MahaRERA.
1. Amenities for which homebuyers can seek delivery dates from real estate developers
The MahaRERA has said that amenities for which the delivery timelines will have to be mentioned in the agreement for sale include swimming pool, tennis court, badminton court, theaters, club house, gymnasium, table tennis area, squash court, giant chess area, garden, senior citizen zone, jogging track, juice bar, children play area, among others.
2. Mentioning size of open spaces, information on lifts also made mandatory
The MahaRERA order mandates developers to disclose the location and size of the open space to be provided in the project. It has also directed real estate developers to declare the number of lifts to be provided and the type of lifts that will be installed in the project. It should be mentioned whether it can accommodate passengers, stretchers, if it is fit for fire evacuation and can carry goods among other things. It should mention the capacity of the lift, the number of passengers it can carry and also the speed of the lift as specified in metre per second.
3. Here’s what homebuyers should keep in mind
MahaRERA order has mandated that real estate developers declare the type of amenities and common areas that will be provided, the delivery time of these amenities and common areas, and the date by which the occupation certificate will be received.
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4. Why was this made mandatory by MahaRERA?
According to MahaRERA, most housing projects are spread over multiple phases and usually amenities are made available only on completion of the last phase. To ensure that facilities are made available to residents who receive possession in the earlier phases, MahaRERA has made it mandatory for real estate developers to provide a phase-wise and date-specific information of the same.
“It is better that homebuyers clearly know when they will get the garden, club house or the gym. We want to avoid a situation where developers give possession of the apartment by a particular date and promise amenities, but these amenities are delivered to buyers only after the entire project is completed or the forthcoming phase or wing is launched and completed,” said a MahaRERA official.
5. This is what real estate experts have to say on the MahaRERA order
According to real estate developers, the MahaRERA order will strengthen trust between homebuyers and developers.
Also Read: MahaRERA suspends registration of over 20,000 real estate agents in Maharashtra
“MahaRERA’s new regulation will not only strengthen the trust between homebuyers and developers but also ensure that projects are delivered as promised. It marks a significant shift towards more consumer-centric practices, which will ultimately lead to a more robust and trustworthy real estate ecosystem in Maharashtra. NAREDCO Maharashtra fully supports this initiative, as it aligns with our commitment to fostering ethical practices and enhancing customer confidence in the industry,” said Prashant Sharma, president, NAREDCO Maharashtra, an apex body of real estate developers.
Legal experts and chartered accountants practicing in MahaRERA said the move will reduce the number of disputes between homebuyers and developers.
“The move by MahaRERA ensures homebuyers are informed about promised amenities, reducing ambiguities and potential disputes. It aligns with RERA’s objectives to protect consumers and promote fair practices. Developers must meticulously list and fulfill amenities, building trust and ensuring buyers receive what they are promised,” said Aditya Zantye, a Mumbai-based chartered accountant who practices in MahaRERA.
Vivek Rathi, National Director Research, Knight Frank India, said that “defining some of such important elements like estimated date for occupancy certificate or amenities will further the cause of homebuyer protection.”
