In a bid to bolster transparency and accountability in the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a pioneering measure. MahaRERA has proposed that realty developers furnish an annual self-declaration concerning the quality assurance of their projects. This declaration encompasses vital parameters such as structural integrity, material quality, and workmanship standards.
The initiative aims to establish stringent standards for construction processes and materials, thereby minimizing the occurrence of defects and ensuring a seamless experience for homebuyers. Initially, adherence to these regulations will be optional for developers. However, those opting in voluntarily will have their names featured on the MahaRERA website, enhancing their credibility among prospective buyers. Following a transition period, compliance will become mandatory for all developers.
Under the proposed framework, developers will be required to provide comprehensive information on various technical aspects of their projects. This includes but is not limited to structural design, stability, soil testing, appointment of structural engineers, quality control certifications, and on-site testing facilities for raw materials.
Moreover, the self-declaration process will encompass rigorous scrutiny of construction materials such as cement, concrete, steel, electrical wiring, and plumbing fittings. Fire safety measures, earthquake resistance protocols, and other relevant aspects will also be meticulously documented and certified by project supervisors and engineers.
MahaRERA has solicited feedback on the draft regulation until May 23, signaling a commitment to consult stakeholders and refine the proposal further. This initiative aligns with the provisions of the Real Estate (Regulation and Development) Act, 2016, which holds developers accountable for rectifying structural defects within the initial five years of purchase.
The introduction of this self-certification mechanism underscores MahaRERA's dedication to safeguarding the interests of homebuyers and elevating construction standards across the real estate sector. By fostering transparency and accountability, MahaRERA aims to instill greater confidence among consumers and foster a culture of quality assurance within the industry.
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