The top 5 revolutionary directives issued by MahaRERA in 2024

By Bricksnwall | 2024-12-25

MahaRERA issued a number of homebuyer-friendly orders in 2024 to increase trust in the Maharashtra real estate market.

2024 saw a surge in interest in the Maharashtra Real Estate Regulatory Authority (MahaRERA). In a book titled "RERA-A Perspective," the former chairman, Ajoy Mehta, who retired in September 2024, discussed how the real estate industry is full of "horror stories" in which buyers have either reserved or bought a property in a project that may not have had the necessary approvals.

These are 2024's top 5 MahaRERA orders

1. The agreement and allotment letter must provide parking specifics

To avoid misunderstanding and potential disputes, the MahaRERA required real estate developers to provide an allotment letter and contain information about parking spaces sold or allocated to homebuyers in the sale agreement by 2024. On September 3, the authorities formally announced this directive.

2. In order to ensure that homebuyers receive what they were promised

MahaRERA made it mandatory for developers to include information about the amenities' size, location, and delivery date in the agreement in July 2024 after receiving multiple complaints from homebuyers that developers were either not providing the amenities or facilities that were promised in the agreement or that the amenities and facilities they did provide differed from what was promised at the time of booking.

3. Construction quality to address leaks in the buyer's apartment

The MahaRERA released a framework in April 2024 for designating outside organizations to assess construction quality prior to granting homebuyers possession. According to MahaRERA, the goal of this endeavor is to ensure that purchasers receive high-quality construction from the beginning.

The process would verify the construction quality at various stages of the construction cycle, including completion, prior to granting homebuyers possession. The aforementioned order was issued to make sure the work was thoroughly audited and regulated throughout the actual construction stage, even though the Real Estate Regulatory Act of 2016 had previously required a five-year defect liability on the developers.

4. Recommendations for elderly residences

Guidelines for real estate developers for senior citizen home projects were released by MahaRERA in May 2024. With this action, MahaRERA becomes the first housing regulatory agency in India to issue guidelines for housing developments aimed at senior folks.

In order for a project to be classified as senior citizen housing, MahaRERA's requirements addressed a wide range of topics, including design, accessibility, mobility, restrooms, green principles, and safety measures. According to the instructions the regulator published, MahaRERA required developers to incorporate special provisions in the Agreement for Sale and other pertinent papers to indicate details of the senior citizens' home project.

5. A consultation paper on Maharashtra real estate project grading

In 2023, Ajoy Mehta, the former head of MahaRERA, declared that real estate project grading would begin in 2024. The MahaRERA also released a consultation document in 2024 to gather opinions from the general public regarding the grading of real estate developments. According to the MahaRERA, the purpose of grading is to assist homebuyers in making well-informed choices. Based on the data that the developers submitted, the regulatory body selected four factors. These comprised a project overview along with technical, financial, and legal aspects.

The regulator, however, placed the grading of real estate projects in cold storage in October 2024. The Real Estate Regulatory Act of 2016 does not give authorities the authority to assess projects, MahaRERA officials told HT.com in October.

Source: Hindustan Times