Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a landmark order mandating transparent brokerage payments and clarifying project registration criteria. This move, dated October 22, 2024, aims to foster greater trust and accountability among homebuyers, landlords, and agents, and has been widely welcomed by the real estate fraternity.
Bhavesh Shah, Joint Managing Director of Today Global Developers, praised the new mandate requiring brokerage amounts to be explicitly mentioned in sale agreements. "This is a welcome move that protects the interests of all partners and minimizes disputes over non-payment, ensuring transparency throughout the process," he said.
Jayesh Rathod, Co-founder and Director of The Guardians Real Estate Advisory, highlighted the broad impact of MahaRERA’s directives. "Affecting approximately 4,332 registered projects across Maharashtra, these directives are set to redefine transparency standards in the sector. By enforcing transparency in brokerage payments and clarifying project registration norms, MahaRERA is encouraging an ecosystem of accountability and trust," Rathod explained.
Domnic Romell, President of CREDAI-MCHI, emphasized that MahaRERA’s initiatives establish a strong precedent for a more transparent real estate market. "We are aligned with these efforts, which enforce transparent brokerage payments and clearer registration norms, reshaping the industry and creating a trustworthy, reliable environment that strengthens relationships between developers, landlords, and buyers," Romell stated.
Dhaval Ajmera, Secretary of CREDAI-MCHI, echoed similar sentiments. "MahaRERA’s regulatory strides are a progressive step for Maharashtra’s real estate sector. These initiatives, which mandate brokerage fee disclosures and enhanced registration criteria, not only build consumer trust but also position the industry for sustainable growth," Ajmera said.
Parthh K Mehta, CMD of Paradigm Realty, noted the substantial boost these reforms will bring to real estate brokers by providing them with formal recognition and a stronger position within the real estate landscape. "This initiative enhances accountability among developers, regulators, and agents alike, which in turn secures the interests of homebuyers and builds greater confidence in off-plan property investments," Mehta observed.
Hiren Chheda, Managing Director of Ekatva Group, added that mandatory brokerage disclosure in sales agreements will foster transparency. "Clearer guidelines regarding commencement and completion certificates will simplify compliance, and demarcating developer and landlord responsibilities by establishing clear bank account requirements for landlords will eliminate confusion," Chheda explained. "All in all, these updates signify a proactive approach by MahaRERA towards elevating industry standards."
Rajeev Ranjan, Co-Founder and CEO of The Mentors Real Estate Advisory Pvt Ltd, described the orders as a much-needed reform to enhance clarity and professionalism in the real estate industry. "Transparent brokerage payments and precise project registration guidelines will ensure a fair playing field for all stakeholders, boosting investor confidence and enabling smoother transactions," Ranjan stated.
Overall, the real estate community agrees that MahaRERA’s recent orders are crucial steps in the right direction, reshaping the industry and creating a trustworthy, reliable environment that strengthens relationships between developers, landlords, and buyers.
