MahaRERA issues guidelines for buying a home in a safe and secure manner

The Maharashtra Real Estate Regulatory Authority MahaRERA has issued some of the most important guidelines that a homebuyer should refer to prior to purchasing a property If these guidelines are followed in toto it will make their investments in real estate saferThere always has been a need to come out with a guideline as the majority of the people purchase a home by pooling in their entire lifersquos savings To prevent any kind of losses MahaRERA has taken several decisions that legally empower homebuyers said MahaRERA officialHaving a housing project registered with MahaRERA is a must Apart from checking and verifying MahaRERA registration number we urge the homebuyer to also check the following details prior to getting into a financial transaction1 Have there been or are there any litigations pertaining to the project If so what are they about What is their status and outcome2 Does the project have any encumbrances3 For how many floors is the commencement certificate issued for the project4 Which all approvals has the project received from the local planning authority Are they part construction or full construction approvalsAll the homebuyers must verify these details and more prior to making the purchase in a projectAt the time of residential projectrsquos registration with MahaRERA it is mandatory to provide the above mentioned information along with supporting documents A homebuyer can access the information and documents by searching the project on the portal httpsmahareramaharashtragovin with the help of the projectrsquos MahaRERA registration number he saidAdditionally it is also mandatory for the developer to sign Agreement for Sale as well as Allotment Letter as per the model draft approved and issued by MahaRERA In the Agreement for Sale the points on Force Majeure Carpet Area Defect Liability Period and Conveyance Deed are nonnegotiable and irrevocable In the Allotment Letter it is mandatory to mention details of the Flatrsquos Number Carpet Area Projectrsquos Completion Date etc It is mandatory on the builder to also provide detailed information on parking slots as well as amenities in the project in an annexure to Agreement for Sale and Allotment Letter This annexure must encapsulate details such as if the parking is a garage on stilts mechanical or open dimension of the parking slot precise location of the parking space etc On the facilities and amenities in the project the Annexure should mention the list of facilities amenities that have been promised and will be made available and its completion dateHaving a mention of these details ensures that there is accountability clarity and transparency over various aspects other than the flat the buyer has invested inIt is also the right of the homebuyer to insist on signing an Agreement for Sale if a payment of up to 1037 has been made The onus for the same is on the developer to ensure the Agreement for Sale is duly signed In case if the builder fails in this a homebuyer can move MahaRERA In another MahaRERArsquos homebuyer friendly decision all the real estate agents or intermediaries through whom the deal is transacted must be registered with MahaRERA Therefore it is essential for the homebuyer to verify all these details prior to proceeding with the transactionRegistration of MahaRERA registered projects that do not adhere to the rules and fail to submit compliance reports detailing out projectrsquos latest status despite the projectrsquos completion are suspended Bank accounts of such projects are frozen and all the transactions linked with that particular project are put on hold MahaRERA regularly issues such a list on the website and the homebuyers are requested to go through them to make an informed decision he addedTaking into account the many possibilities that may arise in the future and to protect interests of homebuyers MahaRERA has proactively made several provisions mandatory for the developers An attempt has been made to legally empower the homebuyer and they should remain vigilant to ensure that the developers are fulfilling these guidelines and provisions laid down by MahaRERA or not It is only on a flat purchaserrsquos active participation can there be a safer and secure home buying experienceMahaRERA Chairman Manoj Saunik confirming the same said MahaRERA has always been striving to provide a legally and financially protected home buying experience to the homebuyer However there always is a possibility of certain challenges that may arise during projectrsquos execution to preempt this a stringent legal technical and financial scrutiny of each proposed housing project is undertaken prior to issuing registration number Some of the scrutiny process includes plotrsquos ownership on which the project will be built dispute if any details of the real estate agents approvals from the local planning authority commencement certificate mentioning total number of floors permitted etc Such as these many more details from the legal technical and financial aspects are to be furnished to successfully register with MahaRERA Once the project is approved these details are publicly available on MahaRERArsquos website to ensure transparencyApart from this it is also mandatory to have a model agreement for sale with irrevocable provisions which should also include allotment letter documents parking and details on amenities I urge the homebuyers to insist the developers furnish the details thereafter they should carefully study these in entirety prior to booking or buying a property said SaunikWhat crucial details should a homebuyers check on MahaRERArsquos portal Construction plan approved by the local planning authority Availability of Certificate of Commencement Landrsquos title clearance report Information on any or all ongoing litigations pertaining the project Disclosure on encumbrances if any Having a standard Agreement For Sale and Allotment Letter as approved by MahaRERA mentioning details about parking facilities and amenitiesFew more mandatory guidelines for safe home buying experience Projectrsquos completion date is a must on MahaRERA website Agreement as per the Model Agreement for Sale issued by MahaRERA If you are booking a home by paying up to 1037 of the total consideration it is binding on the developer to enter into an agreement for sale Only MahaRERA registered real estate agents permitted to act as an intermediaryFeatures of a MahaRERA Registered Project Financial Discipline It is mandatory to use 7037 of the money received towards an apartmentrsquos booking to be utilised only for projectrsquos construction Transparency Availability of projectrsquos detailed information on MahaRERArsquos website Periodical Updates It is mandatory for the developer to submit the projectrsquos progress report with MahaRERA on a quarterly basis Grievance Redressal Homebuyer has the option to move MahaRERA in case of a complaint Project Monitoring Homebuyer can monitor the projectrsquos progress through MahaRERAs website Standardised Area Uniformity in all transactions based on the carpet area as defined by MahaRERA