Mumbai, 25th December 2023: In a landmark series of decisions, the Maharashtra Real Estate Regulatory Authority (Maharera) has unveiled crucial initiatives set to positively impact the real estate sector in 2023. These groundbreaking measures aim to empower home buyers and enhance transparency, setting a precedent that has already been adopted by several other states.
1. Standardized Agreements and Allotment Letters: Maharera mandates that developers provide home buyers with agreements for sale and allotment letters based on a draft approved by Maharera. Key elements like force majeure, carpet area, defect liability period, and transfer agreements remain immutable in home purchase contracts.
2. Micro-Control Room for Regulatory Compliance: The establishment of micro-control rooms facilitates compliance with regulatory provisions, ensuring a meticulous check on various project details.
3. DIN and Self Affidavit Requirement: During the registration of new projects, developers must furnish the Director Identification Number (DIN) of all directors, along with their performance details in a Self Affidavit. This provides transparency on the directors’ track record in other projects.
4. Retired Upper Collector for Compensation Recovery: Appointing a retired officer of the rank of Additional Collector expedites the recovery of compensation orders issued by Maharera.
5. Grievance Redressal Cell: Developers are mandated to establish a Grievance Redressal Cell, with at least one designated officer, to address home buyers’ concerns effectively.
6. Counseling at Maharera Headquarters: Counseling services are available at Maharera headquarters to resolve queries of both home buyers and developers, offering expert guidance from senior officials.
7. QR Code on Advertisements: Advertisements must include a QR code with Maharera registration numbers, providing customers with comprehensive project information.
8. MahaRERA Grading Matrix: Maharera announces the creation of a “MahaRERA Grading Matrix” for housing projects, based on specific criteria, to be made public after April 24.
9. Quality Construction Consultation Paper: Maharera emphasizes quality construction through a consultation paper, seeking expert input to avoid the need for a defect liability period.
10. Agent Certification Requirement: Agents in the field must obtain certification by passing an exam, coupled with training to ensure knowledge of regulatory provisions.
Ajoy Mehta, Chairman of Maharera, stated, “Maharera has been set up to monitor and ensure that the investment of home buyers is safe and protected, and that they get an assured home in time. Maharera should be more robust and clear while implementing the Real Estate Act in principle and letter and spirit.”
He highlighted the ongoing commitment to set standardized procedures as needed to ensure maximum security and transparency in the construction sector.