In a groundbreaking series of decisions, the Maharashtra Real Estate Regulatory Authority (Maharera) has ushered in transformative initiatives poised to reshape the real estate landscape in 2023. These pivotal measures, focused on empowering home buyers and enhancing transparency, have garnered widespread acclaim and have become a model for adoption by several other states.
Key Decisions Unveiled by Maharera:
- Standardized Agreements and Allotment Letters:
- Maharera mandates developers to furnish agreements for sale and allotment letters based on pre-approved drafts, ensuring consistency and transparency in home purchase contracts.
- Micro-Control Room for Regulatory Compliance:
- The establishment of micro-control rooms facilitates stringent regulatory compliance checks, providing a meticulous overview of various project details.
- DIN and Self Affidavit Requirement:
- Developers must submit the Director Identification Number (DIN) of all directors during project registration, coupled with their performance details in a Self Affidavit, fostering transparency on directors’ track records.
- Retired Upper Collector for Compensation Recovery:
- The appointment of a retired officer with the rank of Additional Collector expedites the recovery of compensation orders issued by Maharera, streamlining the process.
- Grievance Redressal Cell:
- Developers are obligated to establish a Grievance Redressal Cell, manned by at least one designated officer, to effectively address concerns raised by home buyers.
- Counseling at Maharera Headquarters:
- Counseling services at Maharera headquarters provide a platform for resolving queries from both home buyers and developers, offering expert guidance from senior officials.
- QR Code on Advertisements:
- Advertisements must now include a QR code with Maharera registration numbers, granting customers convenient access to comprehensive project information.
- MahaRERA Grading Matrix:
- Maharera introduces the “MahaRERA Grading Matrix” for housing projects, enhancing transparency by assigning grades based on specific criteria, set to be made public post-April 24.
- Quality Construction Consultation Paper:
- Maharera underscores the importance of quality construction through a consultation paper, seeking expert input to minimize the need for a defect liability period.
- Agent Certification Requirement:
- Agents in the field are required to obtain certification by passing an exam and undergoing training, ensuring a comprehensive understanding of regulatory provisions.
Chairman’s Vision for Maharera:
Ajoy Mehta, Chairman of Maharera, affirmed the authority’s commitment to robust and transparent implementation of the Real Estate Act. He emphasized the need for standardized procedures to ensure the utmost security and transparency in the construction sector, reinforcing Maharera’s pivotal role in safeguarding the interests of home buyers.
