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News18
10 hours ago
- Business
- News18
Good News For Homebuyers: MahaRERA Amends Registration Certificates For More Transparency
Last Updated: The certificate will now reflect crucial project specifics, including the total built-up area, name and number of buildings and wings, total number of habitable floors and more. In a major step towards enhancing transparency and empowering homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has decided to include comprehensive project details in the registration certificates issued to new housing projects. With this, the new certificates will offer essential project information in a simple, bullet-point format for easy reading and better understanding. Until now, the MahaRERA registration certificate only carried basic details such as the project's and promoter's name and address in a single-line format. However, with this new decision, the certificate and its annexure will now reflect crucial project specifics, including the total built-up area, the name and number of buildings and wings, the total number of habitable floors, residential and non-residential units, construction approvals, and available parking for four-wheelers, two-wheelers, and visitors. The decision, which comes into effect immediately, aims to make preliminary information easily accessible for potential homebuyers. In case of any amendments to the project—such as an extension of completion timelines, corrections, or a transfer of the project to another developer—the revised certificate will also reflect the updated information. MahaRERA Chairman Shri Manoj Saunik emphasised the importance of protecting homebuyers' rights, noting that most buyers invest their lifetime savings into purchasing a home. 'To ensure this investment remains safe and secure, MahaRERA is committed to legally empowering the homebuyer. The new registration certificate is a major step forward in providing clear, verified, and detailed project information upfront," he said. He added that these certificates will help guide buyers in making informed decisions by allowing them to verify legal, financial, and technical project details before entering any transaction. 'As part of our commitment, we have already introduced measures such as a Standardised Agreement for Sale, standardised allotment letters, and mandatory disclosure of parking slot dimensions and amenities with delivery timelines. These have set new benchmarks in real estate regulation, and many other States have adopted these practices," he explained. Further, MahaRERA has already made it compulsory to display these certificates at the project site and on the project's website. When users search for a project on the MahaRERA website using the registration number, a link to the certificate will now appear on the first page. Advertisements must also carry a QR code that links directly to key project information for easy access. This forward-looking move is expected to significantly benefit homebuyers by improving transparency, boosting confidence, and making real estate dealings more accountable and secure. First Published: June 09, 2025, 10:09 IST
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Business Standard
28-05-2025
- Business
- Business Standard
Buyers risk losing legal remedies without registered agreement for sale
The Maharashtra Real Estate Appellate Tribunal (MREAT) recently overturned a 2020 order of the Maharashtra Real Estate Regulatory Authority (MahaRERA) that denied relief to a homebuyer due to the absence of a registered agreement for sale. The tribunal held that a detailed booking application could suffice as a valid substitute under Section 18 of the Real Estate (Regulation and Development) Act, 2016 (RERA). Wider interpretation of Section 18 Section 18 of RERA allows an allottee to withdraw from a project and claim a refund with interest and compensation if the promoter fails to deliver possession or fulfil contractual obligations. In the past, relief was typically granted only when a registered agreement for sale existed. Promoters have often cited its absence to deny claims. 'In the Stanley Patrick Saldanha v Lucina Land Development case, the MREAT clarified that the applicability of Section 18 is not limited to situations where a written agreement for sale exists. Any document evidencing a concluded arrangement, such as a detailed booking application, can suffice, provided it reflects the mutual understanding between the parties,' says Soumya Banerjee, partner, AQUILAW. Sale agreement remains vital While the ruling offers flexibility, legal experts caution that a registered sale agreement remains crucial. It secures the allottee's rights by detailing payment terms, construction milestones, and remedies in case of default. 'A registered agreement for sale becomes admissible as evidence in a court of law with ease. The developer can dispute the existence or terms of an unregistered document,' says Heena Chheda, partner, Economic Laws Practice. Amit Agarwal, chief executive officer and co-founder, NoBroker, agrees. 'A sale agreement strengthens the buyer's claim to ownership and is necessary for resale or mortgage,' he says. Under Section 13 of the Act, promoters are barred from collecting more than 10 per cent of the total consideration for an apartment, plot, or building without first executing an agreement for sale. An agreement for sale must be registered. 'If it is not registered, the agreement for sale cannot be taken in evidence,' says Gauri Jagtap, partner, King Stubb & Kasiva, Advocates and Attorneys. Risks of not having an agreement Legal experts emphasise that registering the agreement for sale remains the most reliable way for a homebuyer to secure their legal and financial interests. 'A homebuyer may struggle to establish a binding contractual relationship with the developer, making it easier for the latter to engage in fraudulent practices, such as selling the same unit to multiple parties. If a dispute arises over the title, or if the developer defaults on delivery or construction milestones, the absence of a registered agreement can severely limit the homebuyer's legal remedies before a civil court,' says Chheda. Banerjee adds that the lack of formal documentation can create legal ambiguity, making it easier for the promoter to delay possession or deny liability. Agarwal informs that banks may not release funds without a registered document. The MREAT acknowledged that a detailed and mutually accepted booking application may suffice to invoke Section 18. 'However, this protection depends on the strength and clarity of the underlying documentation. Where the documentation is vague, incomplete, or silent on essential terms, the allottee may risk forfeiting advance payments and encounter significant hurdles in asserting their statutory rights,' says Banerjee. Regulatory breach Booking without a registered agreement is widespread. 'Developers collect a booking amount along with a booking form or allotment letter. The agreement is usually executed after 10 per cent of the total cost is paid. And even then, not all developers insist on immediate registration unless the buyer requests it or the bank requires it for loan purposes,' says Agarwal. The Saldanha case highlighted this issue. 'Here, the promoter had accepted over 30 per cent of the flat's cost without executing a formal agreement, which was a clear violation of Section 13 of the Act,' says Banerjee. She notes that such delays allow developers to avoid early contractual obligations. Redress if developer delays agreement Section 13(1) prohibits promoters from demanding over 10 per cent without a registered agreement. 'Any demand beyond this limit, in the absence of such an agreement, constitutes a clear violation. In such cases, allottees should immediately stop further payments and call upon the promoter to execute and register the agreement. If the latter fails to comply, the allottee is entitled to file a complaint before the relevant RERA authority,' says Banerjee. Agarwal recommends exerting pressure on developers through legal notices. Homebuyers may also seek redress under the Consumer Protection Act, 1986. 'Non-registration of a sale or conveyance deed amounts to deficiency of service under the RERA Act,' says Jagtap. Scrutinise the agreement Buyers should verify the RERA registration number, project details, payment schedule, delivery timeline, and remedies in case of default. 'Check for any penalty clauses imposed on the homebuyer in case of breach,' says Jagtap. Buyers must keep a few points in mind. 'Get the sale agreement reviewed by a legal expert. Also, look out for hidden clauses favouring the builder. And watch out for confusion between carpet, built-up, and super built-up area,' says Agarwal.
India Today
22-05-2025
- Business
- India Today
How new Maharashtra housing policy will bridge urban-home supply deficit
Maharashtra's new state housing policy, which targets the construction of 3.5 million affordable homes by 2030 at an investment of Rs 70,000 crore, has been hailed by experts as a big step towards addressing the housing shortage in the state, especially Mumbai, improving the urban landscape, and creating large-scale employment. The policy was approved by the state cabinet on May 20.'The state housing policy is a visionary move that aligns with Maharashtra's aspirations to cement its position as India's economic powerhouse,' says Niranjan Hiranandani, chairman of the Hiranandani comprehensive plan, with strategic emphasis on rental housing for working women, students and industrial workers, is a transformative step towards addressing the urgent need for affordable urban housing, Hiranandani such as the walk-to-work model near employment hubs, supported by robust multi-modal infrastructure and last-mile connectivity, will catalyse industrial and commercial real-estate, paving the way for an integrated urban development model. 'Over time, this will generate tremendous demand for residential real estate, including townships and cluster developments,' Hiranandani added. As per the policy, homes will be constructed for economically-weaker sections and lower-income group categories under the 'Majhe Ghar-Majhe Adhikar' policy. Describing the policy as a 'game-changer', deputy chief minister Eknath Shinde, who also serves as the housing minister, said the initiative will push Maharashtra's goal of becoming a $1 trillion economy. advertisement'This policy aims to provide affordable, sustainable and inclusive housing for the weaker sections of society, including senior citizens, working women, students, industrial workers, journalists, the differently-abled and ex-servicemen,' Shinde manage the data on housing demand-supply, the state will create a State Housing Information Portal, which will also manage geo-tagging of homes, funds distribution, land acquisition by district, and coordination with agencies such as MahaRERA (Maharashtra Real Estate Regulatory Authority), Mahabhulekh (Maharashtra Bhumi Abhilekh) and PM Gati Shakti, Shinde added. Maharashtra is India's most-important real-estate market. According to PropEquity, a data analytics firm, it was the leader among the top 10 states for the period 2017-2024, with its 48,047 projects constituting 40 per cent of the total registered projects in these states. Next was Tamil Nadu (19,987 projects, 17 per cent share) followed by Gujarat (16,265 projects, 14 per cent share).The housing policy focuses on developing homes near employment centres, especially in industrial areas. Around 10-30 per cent of the land reserved for amenities in MIDC (Maharashtra Industrial Development Corporation) areas will be designated for residential use. All metropolitan region development authorities will be required to implement inclusive housing projects, Shinde said the introduction of self-redevelopment cells, a dedicated Rs 2,000 crore funding for redevelopment projects, and streamlined compliances will unlock redevelopment opportunities in land-constrained cities of the state and resolve stalled CSR (corporate social responsibility) utilisation and the Rs 20,000 crore MahaWas Niwas Nidhi fund signify a commitment to creating slum-free cities, ensuring social-housing projects and better living standards for citizens. Collaborative support from reputed knowledge partners, such as IITs, IIMs and urban research institutes, reinforces a sustainable, tech-enabled and future-ready development framework, said provisions such as IT-based monitoring, incentive FSI (floor space index) for rehab areas and enhanced legal safeguards, the policy fosters transparency, aims to accelerate project timelines, and boosts investor confidence. Inclusivity, affordability and resilience form the cornerstone of the policy, essential for driving Maharashtra's real-estate index upwards and ensuring long-term economic growth, Hiranandani added.'The new housing policy is a forward-looking initiative that addresses both the urban housing deficit and the needs of vulnerable segments of society,' said Shraddha Kedia-Agarwal, director, Transcon Developers. By setting a goal to build 3.5 million homes and enabling infrastructure through the MahaAwas Fund, the state government is laying a solid foundation for holistic growth, women-centric housing planning and improved livability across Maharashtra, she to India Today Magazine
Economic Times
20-05-2025
- Business
- Economic Times
Maharashtra Housing Policy aims to build 35 lakh EWS, low-income group homes by 2030
The government of Maharashtra has approved the new state Housing Policy 2025 that aims to construct 35 lakh homes by 2030 for the economically weaker section (EWS) and Low-Income Group (LIG) categories, with targeted interventions for various groups. ADVERTISEMENT The policy also aims to create a land bank of government-owned plots suitable for residential use and a centralized digital housing information portal. In addition to this, the policy emphasizes home development close to employment hubs, especially in industrial areas. It also proposes to set up a dedicated self-redevelopment cell to guide societies on planning, funding, developer selection, and execution. An initial fund of Rs 2,000 crore will be allocated for this initiative. The government, under this policy, has also proposed using central government land for slum rehabilitation.'The policy will transform urban development and housing in the state, while also drawing massive investments that will support Maharashtra's ambition of becoming a $1 trillion economy. This inclusive and sustainable policy will ensure affordable homes not just for the economically weaker sections but across all strata,' said Deputy Chief Minister and Housing Minister Eknath to him, the policy addresses the housing needs of senior citizens, working women, students, industrial workers, journalists, the differently abled, and ex-servicemen. ADVERTISEMENT The proposed centralized digital housing information portal will be developed using artificial intelligence (AI) to map demand and supply, geo-tag homes, monitor fund allocation, maintain a district-wise land bank, and integrate with systems like Maharashtra Real Estate Regulatory Authority (MahaRERA), MahaBhulekh, and PM Gati proposed land bank of government-owned plots suitable for residential use will be developed statewide by 2026 in coordination with departments such as Revenue, Forests, Water Resources, the Maharashtra State Road Development Corporation (MSRDC), and Maharashtra Industrial Development Corporation (MIDC). ADVERTISEMENT As part of the policy's emphasis on home development close to employment hubs, of the 20% reserved land in MIDC zones, 10–30% will be earmarked exclusively for housing. Inclusive housing is mandated not only for large municipal corporations with populations above 10 lakh but also for all metropolitan region development revive stalled SRA projects, cluster redevelopment will be promoted under the policy and capable new developers will be selected through fresh bidding to ensure timely execution and eliminate irregularities, Shinde added. ADVERTISEMENT 'The government of Maharashtra is taking decisive steps to strengthen urban housing, accelerate redevelopment, and ensure affordable homes for all. A key pillar of this initiative is cluster redevelopment, particularly in the Mumbai Metropolitan Region (MMR), Pune, and Thane, where aging buildings, fragmented land ownership, and inadequate infrastructure have made conventional redevelopment challenging,' Shinde had told ET in redevelopment projects will require tripartite agreements between the society, developer, and the government authority. It has made escrow accounts for advance rent and bank guarantees mandatory to protect the interest of residents. Affordable and social housing projects will receive support through corporate social responsibility (CSR) funding. And institutes like IIT, IIM, UDRI, and WRI will be appointed as knowledge partners. ADVERTISEMENT As per NITI Aayog's G-20 Urban Infrastructure Working Group (G-Hub) recommendations, Maharashtra needs to commit about Rs 20,000 crore as viability gap funding to boost investment in affordable and inclusive housing, Shinde policy promotes green building practices, environmentally friendly infrastructure, and emphasizes climate-resilient construction methods. Under the Global Housing Technology Challenge, innovative construction methods will be adopted to resist heat, floods, and earthquakes. The policy proposes using central government land for slum rehabilitation and joint efforts between the central government and the Slum Rehabilitation Authority will be undertaken, and central funds will be sought for the same. The policy incorporates IT-based systems for transparency, real-time monitoring, and accountability in SRA projects, enabling better beneficiary identification, project tracking, and fund management. (You can now subscribe to our Economic Times WhatsApp channel)
Time of India
20-05-2025
- Business
- Time of India
Maharashtra Housing Policy aims to build 35 lakh EWS, low-income group homes by 2030
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The government of Maharashtra has approved the new state Housing Policy 2025 that aims to construct 35 lakh homes by 2030 for the economically weaker section (EWS) and Low-Income Group (LIG) categories, with targeted interventions for various policy also aims to create a land bank of government-owned plots suitable for residential use and a centralized digital housing information portal. In addition to this, the policy emphasizes home development close to employment hubs, especially in industrial also proposes to set up a dedicated self-redevelopment cell to guide societies on planning, funding, developer selection, and execution. An initial fund of Rs 2,000 crore will be allocated for this government, under this policy, has also proposed using central government land for slum rehabilitation.'The policy will transform urban development and housing in the state, while also drawing massive investments that will support Maharashtra's ambition of becoming a $1 trillion economy. This inclusive and sustainable policy will ensure affordable homes not just for the economically weaker sections but across all strata,' said Deputy Chief Minister and Housing Minister Eknath to him, the policy addresses the housing needs of senior citizens, working women, students, industrial workers, journalists, the differently abled, and proposed centralized digital housing information portal will be developed using artificial intelligence (AI) to map demand and supply, geo-tag homes, monitor fund allocation, maintain a district-wise land bank, and integrate with systems like Maharashtra Real Estate Regulatory Authority (MahaRERA), MahaBhulekh, and PM Gati proposed land bank of government-owned plots suitable for residential use will be developed statewide by 2026 in coordination with departments such as Revenue, Forests, Water Resources, the Maharashtra State Road Development Corporation (MSRDC), and Maharashtra Industrial Development Corporation (MIDC).As part of the policy's emphasis on home development close to employment hubs, of the 20% reserved land in MIDC zones, 10–30% will be earmarked exclusively for housing. Inclusive housing is mandated not only for large municipal corporations with populations above 10 lakh but also for all metropolitan region development revive stalled SRA projects, cluster redevelopment will be promoted under the policy and capable new developers will be selected through fresh bidding to ensure timely execution and eliminate irregularities, Shinde added.'The government of Maharashtra is taking decisive steps to strengthen urban housing, accelerate redevelopment, and ensure affordable homes for all. A key pillar of this initiative is cluster redevelopment, particularly in the Mumbai Metropolitan Region (MMR), Pune, and Thane, where aging buildings, fragmented land ownership, and inadequate infrastructure have made conventional redevelopment challenging,' Shinde had told ET in redevelopment projects will require tripartite agreements between the society, developer, and the government authority. It has made escrow accounts for advance rent and bank guarantees mandatory to protect the interest of residents. Affordable and social housing projects will receive support through corporate social responsibility (CSR) funding. And institutes like IIT, IIM, UDRI, and WRI will be appointed as knowledge per NITI Aayog's G-20 Urban Infrastructure Working Group (G-Hub) recommendations, Maharashtra needs to commit about Rs 20,000 crore as viability gap funding to boost investment in affordable and inclusive housing, Shinde policy promotes green building practices, environmentally friendly infrastructure, and emphasizes climate-resilient construction methods. Under the Global Housing Technology Challenge, innovative construction methods will be adopted to resist heat, floods, and policy proposes using central government land for slum rehabilitation and joint efforts between the central government and the Slum Rehabilitation Authority will be undertaken, and central funds will be sought for the same. The policy incorporates IT-based systems for transparency, real-time monitoring, and accountability in SRA projects, enabling better beneficiary identification, project tracking, and fund management.
