Before purchasing a home, buyers should take into account the guidelines provided by the Maharashtra Real Estate Regulatory Authority (MahaRERA). According to MahaRERA, the purpose of these rules is to make sure that prospective homeowners conduct adequate research before making an investment in a property.
Homebuyers should verify if the project plans have been approved by the local planning authority and whether the commencement certificate, which details the rights granted to develop up to whatever floor is in place, has been given in accordance with MahaRERA's rules. They should also look for the plot's title clearance report and do due diligence on any lawsuits against the project and encumbrances.
In accordance with the draft approved by MahaRERA, homebuyers should make sure that the agreement structure for sale and the allocation letter includes information about parking, facilities, and amenities.
On the January 23 statement, MahaRERA stated: "Homebuyers should note that if they are booking a home by paying up to 10% of the total consideration, it is binding on the developer to enter into an agreement for sale."
Homebuyers should only work with registered real estate agents, according to MahaRERA. Additionally, they should keep in mind that developers maintain financial discipline by reserving 70% of project proceeds in an escrow account.
MahaRERA also outlined a number of responsibilities for real estate developers, including providing regular updates. MahaRERA must receive a quarterly progress report from the developer on the project. The buyer should use MahaRERA's website to track the project's development and get in touch with the organisation if they have any complaints about the developer.
A housing project must be registered with MahaRERA. Before entering into a financial transaction, we advise the homebuyer to confirm the following information in addition to their MahaRERA registration number:
1) Are there any lawsuits related to the project, or have there been any? What are they about, if any? What is their current state and result?
2) Are there any obstacles to the project?
3) How many floors does the project's commencement certificate cover?
4) Which local planning authority approvals has the project obtained? Are these approvals for full or partial construction?
In an annexure to the Agreement for Sale and Allotment Letter, developers are required by MahaRERA to include precise information about parking spaces and project amenities, as well as the flat number, carpet area, and project completion date.
Details on the available parking spot, including its dimensions, exact location, and whether it is a garage, stilt parking, mechanical, or open, must be included in this annexure.
According to MahaRERA's statement, the annexure to the sale agreement shall include a list of the amenities and facilities that have been promised and will be made available, along with the date of completion.
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