In accordance with Order No. 57/2024, dated 30th July 2024, MahaRERA has issued a landmark order that is set to bring significant transparency and accountability to the real estate sector. The order mandates developers to specify the exact date of delivery for all promised facilities and amenities. This is a significant step forward in protecting the interests of homebuyers.
Until now, developers often made lofty promises about the facilities and amenities that would be part of a project, but failed to deliver on these promises or provided vague timelines. This uncertainty caused considerable distress to homebuyers. With the new MahaRERA order, this ambiguity is set to end.
Key Provisions of the New Order
- Mandatory Specification of Delivery Dates: Developers must now clearly outline the date of delivery for all facilities and amenities in Annexure-1 of the sale agreement.
- Phase-Wise Information: Developers need to provide a phase-wise breakdown of when different facilities and amenities will be made available.
- Detailed Information: The agreement must specify whether amenities will be located within the building, common areas, or the overall layout. Even the type of lifts must be mentioned.
- Transparency on Occupancy Certificate and FSI: The expected date of occupancy certificate, the size of amenities, and their FSI compliance status must be disclosed.
- Recreational Grounds and Playgrounds: Details of these facilities, as per local planning authorities, must be provided.
- Changes to Amenities: Any major changes to amenities require MahaRERA approval and the consent of two-thirds of residents.
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Benefits for Homebuyers
This new order is a clear win for homebuyers. By providing specific timelines for the delivery of amenities, buyers can make more informed decisions. They can assess if the project aligns with their expectations and needs. Moreover, the order empowers buyers by giving them a legal recourse if the promised amenities are not delivered on time.
As the real estate market continues to evolve, it is essential for homebuyers to be aware of their rights and the regulations in place. This new MahaRERA order is a positive step towards protecting consumer interests and ensuring a fair and transparent real estate ecosystem
