Maharashtra Real Estate Regulatory Authority (MahaRERA) made waves in 2024 by introducing several game-changing policies to protect home buyers. These initiatives have strengthened Maharashtra's confidence in the real estate sector. It addresses concerns such as delayed facilities. An unclear agreement and even housing guidelines for senior citizens.
Under the leadership of two chairpersons Ajoy Mehta, who retired in September 2024, and Manoj Saunik, who succeeded him, the regulatory body ensured a steady stream of reforms. Let’s delve into the top 5 MahaRERA orders from 2024 that left a lasting impact.
1. Clear Parking Rules in Agreements
Date Implemented: September 3, 2024
Responding to several complaints about parking issues, MahaRERA has asked developers to provide detailed information on parking spaces in sales agreements and allotment letters.
Homebuyers often faced challenges like:
- Parking slots obstructed by building structures.
- Spaces too small to fit their vehicles.
- Lack of manoeuvring room in parking areas.
To overcome these problems, MahaRERA requires developers to include specific information about parking spaces, such as size, height and width, in an annex. This helps buyers know exactly what they are getting and avoid future disputes.
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2. Delivery Deadlines for Promised Amenities
Date Implemented: July 2024
Homebuyers frequently complained about delays in receiving amenities or finding that promised facilities didn’t match their expectations. To curb this, MahaRERA directed developers to specify the following in agreements:
- Exact delivery dates for amenities.
- Dimensions and locations of facilities like swimming pools or gyms.
This move holds developers accountable, ensuring buyers get what was promised at the time of booking.
3. Construction Quality Audits
Date Implemented: April 2024
MahaRERA introduced a framework to address quality concerns in newly constructed homes, such as leakages or poorly built structures. The authority now requires third-party agencies to audit construction quality at various stages, right up to possession.
Key Highlights:
- Developers are held responsible for ensuring high-quality work throughout the construction process.
- The move complements the Real Estate Regulatory Act (RERA) 2016, which already mandates a five-year defect liability on developers.
By addressing issues during construction, MahaRERA helps prevent post-possession problems for buyers.
4. Guidelines for Senior Citizen Housing Projects
Date Implemented: May 2024
MahaRERA became India’s first regulatory authority to issue guidelines specifically for senior citizen housing. These guidelines ensure that homes for retired individuals are designed with their needs in mind.
Key Requirements for Senior Citizen Housing Projects:
- Accessible designs for easy mobility.
- Safety elements such as handrails and slip-resistant flooring.
- Green principles to promote sustainability.
Developers must also include these provisions in sales agreements to ensure transparency and compliance.
5. Real Estate Project Grading Consultation
Initiated: 2023 | Update: October 2024
In 2024, MahaRERA floated a consultation paper proposing a grading system for real estate projects. The aim was to help homebuyers make informed decisions based on four key parameters:
- Technical specifications.
- Financial viability.
- Legal compliance.
- Overall project overview.
However, this initiative was put on hold in October 2024. MahaRERA officials clarified that the Real Estate Regulatory Act of 2016 does not empower them to grade projects, and rushing the process could invite legal challenges.
MahaRERA's proactive steps in 2024 have set the standard for regulating real estate in India. By addressing important issues such as the clarity of parking spaces, Construction quality, delayed facilities, and housing for the elderly, the agency has taken a giant leap toward a more transparent and homebuyer-friendly market.
The leadership transition from Ajoy Mehta to Manoj Saunik helped the reforms continue. It also helped boost confidence among home buyers in Maharashtra. These initiatives not only protect home buyers but also pave the way for developers to act with more responsibility and honesty.
As MahaRERA continues to innovate and meet challenges, MahaRERA's efforts also serve as a model for other states. By promoting trust and transparency in India's dynamic real estate sector, 2024 will undoubtedly be remembered as a year of empowerment and progress for homebuyers in Maharashtra.
Also Read: Discover RERA Gujarat: Key Insights for Homebuyers & Agents
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Ans 1. The top orders include clear parking rules, delivery deadlines for amenities, construction quality audits, senior citizen housing guidelines, and real estate project grading consultations.
Ans 2. MahaRERA mandated developers to provide detailed information on parking spaces, including size, height, and width, to ensure transparency and avoid disputes.
Ans 3. MahaRERA introduced third-party audits for construction quality at various stages, ensuring that developers maintain high standards and avoid post-possession issues.
Ans 4. MahaRERA introduced India’s first guidelines for senior citizen housing, ensuring accessible designs, safety features, and sustainability in retirement homes.
Ans 5. The consultation was put on hold due to legal challenges, as the Real Estate Regulatory Act of 2016 does not empower MahaRERA to grade projects.
Ans 6. The leadership transition from Ajoy Mehta to Manoj Saunik has ensured the continuation of reforms, boosting confidence in Maharashtra's real estate market.
Ans 7. MahaRERA's reforms provide homebuyers with greater transparency and protection, ensuring developers adhere to commitments, such as timely delivery of amenities, parking space clarity, and high construction quality.
Ans 8. MahaRERA's reforms improved trust in the market, making it more transparent and homebuyer-friendly. These changes encouraged responsible behavior from developers and helped boost consumer confidence.