“”How Can Promoters Comply with MahaRERA? Transparency is the Key!””

MahaRERA’s Latest Directive: Ensuring Transparency in Real Estate Transactions
The Maharashtra Real Estate Regulatory Authority (MahaRERA) continues to set the benchmark for transparency and accountability in the real estate sector. In a significant move, the MahaRERA order dated 30th July 2024 mandates that all agreements for sale between promoters and allottees must clearly and comprehensively outline the details of facilities and amenities in real estate projects.

This order requires that the exact location of these facilities, the anticipated date of their availability, and comprehensive details of crucial aspects like lifts—including type, capacity, and speed—be explicitly stated in the agreement. Such measures are designed to enhance clarity and ensure that homebuyers are well-informed about the amenities they are promised, thus protecting their rights and preventing future disputes.

To comply with this directive and avoid potential legal consequences, promoters should consider the following preventive measures:

Detailed Agreements: Ensure that every detail regarding facilities and amenities, including lift specifications, is accurately included in the agreement for sale. This leaves no room for ambiguity and helps in setting clear expectations with allottees.

Regular Updates: Keep allottees informed with regular updates about the status of amenities and facilities. This proactive communication can prevent misunderstandings and build trust.

Timely Delivery:

Commit to and adhere to the timelines for delivering the promised facilities and amenities as outlined in the agreement. Delays can lead to dissatisfaction and potential legal challenges.

Transparency In Communiction:

Maintain clear, open, and transparent communication with allottees throughout the project’s lifecycle. This helps in managing expectations and minimizing the risk of disputes.

In an industry where transparency is key, MahaRERA’s latest directive is a step forward in safeguarding the interests of homebuyers and ensuring that real estate transactions are conducted with the highest standards of honesty and integrity.

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