MahaRERA's Strategic Initiatives Pave the Way for Transparent and Accountable Real Estate Practices

In a resolute move to safeguard the interests of homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has implemented stringent standard operating procedures for developers, setting the stage for a transparent and accountable real estate sector in 2023. Ajoy Mehta, Chairman of MahaRERA, emphasized the commitment to enforcing the RERA Act in its entirety, with the vision of creating a litigation-free real estate environment.

Major Decisions in 2024

Looking ahead to 2024, MahaRERA is gearing up for two transformative decisions. First, after extensive consultations with stakeholders, the regulatory body will introduce a Project Grading System in April 2024. This system will periodically grade projects in a scientific manner, promoting transparency by making the grades public. Second, the construction of projects will undergo third-party audits at every stage, ensuring meticulous monitoring to identify and rectify any construction deficiencies.

MahaRERA's Scrutiny in 2023

In 2023, MahaRERA meticulously scrutinized projects based on legal, financial, and technical parameters to ensure maximum accountability. On the legal front, the body verified the legality of project plots, scrutinizing plot sizes mentioned by developers. Technically, developers were mandated to submit all necessary permissions from the Mumbai Municipal Corporation, including the Cersai Certificate and Commencement Certificate. Additionally, builders had to submit their DIN Numbers, providing insights into the financial capability of the real estate firm.

Mandatory Features in Sales Agreements

MahaRERA took a decisive step by making certain features mandatory in sales agreements to protect buyers. Four non-negotiable items include a Defect Liability Period, specifying the carpet area of the property, defining the Act of God, and setting up a housing society for steady maintenance.

Monitoring Cell and Compensation Mechanism

MahaRERA has appointed a monitoring cell to scrutinize quarterly and annual Progress Reports of builders. A special cell has been established to ensure proper compensation for homebuyers if commitments are not met, with a clear procedure for recovery.

Customer Grievance Cells and Counselling Unit

Developers are now required to appoint customer grievance cells with dedicated officers, and contact details must be prominently displayed. Furthermore, a customer and developer counselling unit has been set up at RERA Headquarters, handling over 1,500 cases per month for issue redressal.

Conclusion: Elevating Real Estate Standards

MahaRERA's proactive measures underscore its commitment to elevating real estate standards. The initiatives for 2024 promise a future where real estate transactions are transparent, accountable, and focused on delivering value to homebuyers. As MahaRERA continues to shape the real estate landscape, the vision for a litigation-free and customer-centric sector comes closer to reality.