MahaRERA Enhances Parking Transparency – What You Need to Know

Maharashtra Real Estate Update: Parking Details Now Mandatory in Sale Agreements

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recently taken a significant step towards strengthening homebuyer protections and transparency in the state. In response to past disputes surrounding parking allotments, a new regulation now mandates the inclusion of detailed parking information in all Agreements for Sale.

Key Takeaways

• What's Included: The agreement must specify the location, type (covered, open, stilt), and dimensions of the allocated parking space.
• Changes Require Consent: Developers cannot change the assigned parking space without the buyer's written consent.
• MahaRERA's Role: Agreements with vague or non-conforming parking clauses will not be accepted by MahaRERA.

Why This Matters

• Minimizes Disputes: Having a clear record of parking space allocation from the outset reduces the potential for future conflicts with developers.
• Informed Decisions: Buyers can factor parking suitability into their purchase decisions.
• Greater Protection: This regulation adds another layer of safeguarding homebuyer rights in Maharashtra.

Benefits for Homebuyers

• Know Before You Buy: Make property decisions with full information about the parking situation.
• Prevents Future Conflicts: Clear documentation minimizes the potential for post-sale disagreements with developers regarding parking.

Action Items for Buyers & Real Estate Professionals

• Buyers: When purchasing a property in Maharashtra, carefully review the Sale Agreement for complete parking detail inclusions.
• Developers and Agents: Ensure compliance with the new regulation by incorporating detailed parking information into all Allotment Letters and Sale Agreements.