In its recent order, the Maharashtra Real Estate Regulatory Authority (MahaRERA) made it mandatory for real estate developers to mention the exact date by which facilities and amenities will be made available to homebuyers as well as the area they will cover in Annexure-I of the Agreement for Sale along with the expected date of obtaining the occupancy certificate (OC). This provision, which is expected to help homebuyers, is non-negotiable and developers will not be at liberty to alter the same, the MahaRERA said in the statement on July 31.
MahaRERA also made it mandatory for developers to provide details whether the project is being constructed by the developer or has been acquired, if the project is free of Floor Space Index or not as per the rules and regulations of the local planning bodies, the statement added.
Stating that the developers support all initiatives towards transparency and information to the consumers, President of CREDAI, Boman Irani said, “MahaRERA's recent mandate ensures that there is accountability in delivering promised facilities and amenities. This is crucial for fostering trust and confidence among homebuyers. By specifying delivery dates and providing comprehensive details in the agreement, we aim to set a higher standard in the real estate industry and safeguard the investments of our valued customers. This decision not only protects homebuyers but also strengthens the integrity of our projects and the overall asset class making it a more attractive investment.”
Endorsing MahaRERA’s recent directive, President of CREDAI-MCHI, Domnic Romell said, “It is a significant step towards ensuring transparency and accountability in the real estate sector. By mandating clear timelines and detailed information on facilities and amenities, this initiative will greatly enhance trust between developers and homebuyers. We are committed to meeting these standards and delivering on our promises, thereby protecting our customers' investments and elevating industry practices.”
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Stating that the order is a significant development in the real estate sector, providing stability and boosting the confidence of homebuyers, Secretary of CREDAI-MCHI and Director, Ajmera Realty & Infra India Limited, Dhaval Ajmera said, “It requires detailed disclosure of amenities with clear deadlines, giving consumers essential information for making informed decisions. This transparency not only protects buyers' interests but also strengthens the trust RERA has worked to rebuild within the sector. Standardizing agreements and non-negotiable clauses ensure fairness, turning promises into tangible results. As the real estate sector in India continues to grow, these reforms enhance its fundamental value, giving homebuyers the confidence they deserve when making one of life's most significant investments. We as a long-term developer will embrace these changes, setting an example for others to follow and helping customers make the right choice.”
Chairman & MD, Dosti Realty Limited, Deepak Goradia also welcomed the new order and said that the customers will be benefitted by the assurance of pre-defined date for enjoying the amenities to be provided by the developer at the sale stage itself. “This order is beneficial to both developers as well as the end consumers leading to increased accountability and more transparency to customers,” Goradia added.
While President of NAREDCO Maharashtra, Prashant Sharma stated that the regulation will not only strengthen the trust between homebuyers and developers, but also ensure that projects are delivered as promised. “It marks a significant shift towards more consumer-centric practices, which will ultimately lead to a more robust and trustworthy real estate ecosystem in Maharashtra,” he said.
National Director Research, Knight Frank India, Vivek Rathi said, “Particularly driven by RERA but also with participation of customer-centric real estate developers and demanding customers, the real estate development landscape has improved in a meaningful manner over the last decade. This change in industry fabric is evident in the state of affairs of this property upcycle, which is way different than the wild ways of the past upcycle.”
