The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken significant steps to bolster consumer protection and streamline the real estate market in the state. These measures, which aim to safeguard the interests of homebuyers, real estate agents, and landlords, are expected to bring greater transparency and accountability to the sector. One of the key orders mandates that developers must explicitly mention the commission or brokerage payable to real estate agents in the sale agreement.
This move is expected to reduce disputes and ensure timely payment of commissions to agents, thereby incentivizing them to provide quality services to clients. MahaRERA has clarified that projects built on land plots of 500 square meters or less may not require RERA registration, provided they comply with local building regulations. However, experts caution that buyers of such projects may have limited recourse in case of delays or quality issues. The authority has also issued guidelines for the issuance of commencement and completion certificates for plotted development projects. By defining clear criteria for these certificates, MahaRERA aims to provide greater clarity to buyers and developers alike.
In another significant move, MahaRERA has relaxed the stringent bank account regulations for landlords. While developers are still required to maintain three separate bank accounts for each project, landlords are now exempt from this requirement, provided they are not acting as developers. The regulator has directed developers to include detailed information about parking spaces, such as size, location, and access, in both the sale agreement and allotment letter. This step is aimed at preventing disputes related to parking issues, which have been a common source of conflict between buyers and developers. These recent initiatives by MahaRERA underscore the regulator’s commitment to protecting consumer interests and promoting fair practices in the real estate sector. As the Indian real estate market continues to evolve, such regulatory measures are crucial to ensuring transparency, accountability, and consumer confidence.
