MahaRERA unveils guidelines for Homebuyers to consider before buying a House

Before purchasing a home, purchasers 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.

According to the draft authorized by MahaRERA, homebuyers should make sure that parking, facilities, and amenities are included in the agreement structure for sale and the allotment letter.

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 as 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 organization if they have any complaints about the developer.

In addition to providing comprehensive information on parking spaces and project facilities, developers are required by MahaRERA to include information about the flat number, carpet area, and project completion date in an appendix to the Agreement for Sale and Allotment Letter.

In a statement, MahaRERA said, "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 agree to sale”.

Manoj Saunik, Chairman of MahaRERA states, "MahaRERA has always been striving to provide homebuyers with a legally and financially protected home-buying experience. However, there is always a possibility of certain challenges that may arise during the project’s execution. To pre-empt this, stringent legal, technical and financial scrutiny of each proposed housing project is undertaken before issuing the registration number”.

Further he added, "Some of the scrutiny processes include plot’s 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 a total number of floors permitted. I urge the homebuyers to insist the developers furnish the details; thereafter, homebuyers should carefully study these in entirety before booking or buying a property”.