The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued comprehensive guidelines to assist homebuyers in making informed property investment decisions. These guidelines aim to ensure that buyers conduct thorough due diligence before purchasing a property. MahaRERA emphasizes the importance of verifying whether project plans have received approval from the local planning authority and checking the commencement certificate to confirm the permitted construction details. Additionally, buyers should investigate any pending litigations, encumbrances, and the plot's title clearance report.
To safeguard interests, MahaRERA advises homebuyers to ensure the agreement format includes details about parking, amenities, and facilities as approved by the authority. Developers are legally required to enter into an agreement for sale if the buyer has paid up to 10% of the property's total cost. Buyers are encouraged to deal exclusively with registered real estate agents and monitor the developer’s adherence to financial discipline, including maintaining 70% of project funds in an escrow account.
MahaRERA mandates developers to submit quarterly project progress reports and update buyers on the status. Buyers can check these updates on the MahaRERA portal. The authority also provides a list of suspended projects that have not complied with regulations, ensuring buyers stay informed about any risks associated with a project.
The agreement for sale should include an annexure detailing the flat number, carpet area, parking specifications, project completion date, and the promised amenities. MahaRERA ensures rigorous scrutiny of every registered project, including ownership verification, dispute resolution, and required approvals.
Homebuyers are encouraged to use MahaRERA's online portal to access specific project details using the registration number. By adhering to these guidelines, buyers can enjoy a legally secure and financially sound property purchase experience.
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