Real Estate Guide: MahaRERA's Checklist for Smart Homebuyers

When it comes to investing in real estate, being well-informed is crucial. The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced comprehensive guidelines designed to empower homebuyers and ensure secure property investments. These measures aim to promote transparency, compliance, and due diligence, offering buyers the confidence they need to make sound decisions. This guide outlines MahaRERA’s key recommendations and explains how to verify a project’s credentials for a safe and transparent home-buying experience.

Key Guidelines Issued by MahaRERA

1. Verify Project Approvals

One of the fundamental steps for homebuyers is to ensure that the project has received all necessary approvals from the local planning authority. This includes:

Checking the availability of a commencement certificate, which specifies the construction permissions, including approved floors.

Confirming that the project adheres to zoning regulations and other municipal requirements.

2. Check for Legal Issues

To avoid complications, it’s vital to:

Conduct a thorough investigation into any pending litigations or encumbrances associated with the property.

Review the title clearance report to verify the legal ownership of the land and its status.

3. Transparent Sale Agreements

Developers are required to provide a sale agreement once buyers have paid up to 10% of the property’s cost. These agreements must include:

Flat number, carpet area, project completion date, and parking provisions.

An annexure outlining promised amenities, their timelines, and parking details (e.g., open, stilt, mechanical, or garage).

Guidelines for Dealing with Developers and Agents

1. Registered Developers and Agents

Buyers should only work with developers and agents registered with MahaRERA to ensure accountability and transparency. The registration status of these entities can be verified on the MahaRERA portal.

2. Financial Accountability

To protect buyers' investments:

Developers are required to deposit 70% of project funds into an escrow account. This measure ensures financial discipline and safeguards the progress of the project.

Developers must also submit quarterly progress reports to MahaRERA, allowing buyers to monitor updates via the official website.

3. Complaint Resolution

In case of discrepancies or delays, buyers can file complaints on the MahaRERA portal. The authority’s grievance redressal system is designed to address issues efficiently.

Importance of MahaRERA Registration

1. Compliance Requirements

Projects that fail to comply with MahaRERA’s regulations risk losing their registration. Non-compliance can result in:

Suspension of the project’s registration.

Freezing of associated bank accounts.

Halting of all financial transactions related to the project.

2. Access to Suspended Projects

Buyers can refer to the MahaRERA website for a list of suspended projects. This ensures transparency and helps buyers avoid investing in projects with compliance issues.

Chairman's Message to Homebuyers

Manoj Saunik, Chairman of MahaRERA, highlighted the authority’s commitment to providing a secure and transparent home-buying experience. He emphasized the importance of:

Demanding detailed project documentation, including ownership details and dispute status.

Reviewing local planning authority approvals and commencement certificates.

Engaging only with registered developers and agents.

“A rigorous scrutiny process ensures that projects meet compliance standards before registration. Homebuyers must leverage this system to safeguard their investments,” Saunik stated.

Steps to Verify a Project's Registration

Homebuyers can follow these simple steps to verify a project’s registration and compliance status:

Visit the MahaRERA portal at maharera.maharashtra.gov.in.

Enter the project’s registration number to access its details, including compliance reports and other key information.

Important Points for Homebuyers

To ensure a safe and secure real estate investment, buyers should focus on the following:

Approvals: Confirm that the project has secured all necessary permits and certificates from the local planning authority.

Legal Checks: Investigate the property’s ownership, pending disputes, and encumbrances to avoid legal complications.

Transparency: Work exclusively with MahaRERA-registered developers and agents for accountability and trust.

Progress Tracking: Monitor quarterly project updates on the MahaRERA portal and raise concerns if discrepancies arise.

MahaRERA: Strengthening Transparency in Real Estate

MahaRERA continues to play a pivotal role in ensuring accountability in the real estate sector. By implementing these guidelines, the authority aims to create a robust framework for safe property investments. Homebuyers are encouraged to follow these recommendations to make informed decisions and safeguard their investments.

By adhering to MahaRERA’s guidelines, homebuyers can confidently navigate the real estate market and achieve their dream of owning a home. Remember, thorough research and informed decisions are the keys to a secure investment.