MahaRERA Mandates Transparency in Real Estate Inventory
Enhancing Clarity for Homebuyers
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a directive to all developers, requiring them to disclose their entire inventory. This comprehensive disclosure includes:
- Sale of apartments, houses, land, and booked flats
- Detailed construction information
This move aims to provide homebuyers with greater clarity and prevent multiple transactions on the same property.
Prescribed Format for Disclosure
Developers must provide the requested information in the following format, as per the Real Estate (Regulation and Development) Act 2016 (effective since May 2017):
- Project Overview:
- Total number of floors/wings
- Number of floors/shops/townhouses
- Carpet area
- Sales Update:
- Sold property
- Reserved property
- Unsold property
- Registration Details:
- Date of registration at the sub-registrar’s office
With approximately 3,000 active members across 59 cities in Maharashtra, CREDAI Maharashtra's cooperation is crucial in implementing this directive.
Complaint Resolution Mechanism
In case of any violations or grievances related to a registered real estate project, buyers can file a complaint with the competent authority. An appeals process is also in place for dissatisfied parties, allowing them to appeal to the appellate court and subsequently, a higher court.
Industry Response
The Confederation of Real Estate Developers Association of India (CREDAI), Maharashtra, has welcomed this decision, viewing it as a measure to curb unregistered and unethical developers, particularly in smaller towns.
Quote from Sunil Furde, CREDAI Maharashtra President
“We appreciate and welcome the new MahaRERA order, aimed at eliminating illegal construction, often seen in small towns. This move aligns with CREDAI's values, promoting ethical business practices and compliance with the law among our members.”
Now, developers are required to disclose the number of sold units and upload the details to the MahaRERA website, further enhancing transparency in the real estate sector.