MahaRERA's New Orders: A Win for Real Estate Agents and Homebuyers

Recently, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has made headlines with new orders aimed at improving the real estate market in the state. These measures focus on protecting the interests of homebuyers, landlords, and real estate agents, making transactions smoother and more transparent.

1. Clear Brokerage Guidelines

One of the most significant changes is the mandate for real estate agents to have their commission clearly stated in the agreement of sale. This means that whenever a property transaction involves a registered agent, the agreement must specify the fees and commissions to be paid by the developer, buyer, or both. This step is expected to help agents receive their payments on time and reduce disputes over commissions.

2. RERA Registration Exemption for Small Projects

Another important order clarifies that projects on plots measuring 500 square meters or less do not require RERA registration. While this might simplify the process for developers, legal experts warn that buyers may have fewer protections and remedies related to project completion timelines.

3. Defining Commencement and Completion Certificates

MahaRERA has also provided clarity on what constitutes commencement and completion certificates for plotted development projects. This definition aims to help potential investors understand the necessary documentation for their investments. For instance, the final approval for land subdivision will be recognized as a commencement certificate.

4. Bank Account Requirements for Landlords

Earlier, MahaRERA had mandated that developers maintain three separate bank accounts for each project to ensure financial discipline. However, it has clarified that landlords who are not acting as promoters are not required to follow this rule, easing some of the administrative burden on them.

5. Parking Space Details in Agreements

To prevent disputes regarding parking spaces, MahaRERA has directed real estate developers to include parking details in the sale agreement and provide an allotment letter. This move aims to eliminate confusion and ensure transparency for homebuyers.

Conclusion

These recent regulatory orders by MahaRERA mark a significant step toward enhancing the transparency and efficiency of the real estate sector in Maharashtra. By addressing key issues like brokerage payments, project registrations, and clear documentation, MahaRERA is working to create a more secure environment for all parties involved in property transactions. Whether you’re a homebuyer, landlord, or real estate agent, these changes are designed to protect your interests and streamline the buying process.