3 days ago
New MahaRERA registration certificates will contain all vital details of housing project
MUMBAI: In another move to protect homebuyers and ensure transparency in builders' projects, state housing regulator MahaRERA has decided to issue registration certificates that will contain crucial details about housing projects.
The information includes the project's total built-up area, the number of wings, buildings and their names, the commencement certificate showing the number of approved habitable floors, the number of residential and non-residential units and the total number of car and bike parking slots along with the developer's name and address. At present, the registration certificate mentions only the builder's name and project address in a single line.
In a press release, the housing regulator said that buyers and others could now get all this vital information simply by scanning the certificate. This decision will be applicable with immediate effect for all new projects.
During a project's life-cycle, if the builder makes changes to the project, such as seeking a deadline revision or entering into a joint venture or transferring the project to another company, these details will get reflected in the revised MahaRERA certificate issued to him.
The press note said that all builders would have to display the certificate at the site as well as on their website. MahaRERA has already asked builders to get a QR code—containing the project's essential preliminary information—along with the project registration number in advertisements across all media.
'Most people invest their lifetime savings in purchasing a property,' said MahaRERA chairman Manoj Saunik. 'To ensure that the investment remains secure, MahaRERA has been striving to protect homebuyers' rights. With this in mind and the potential challenges that may arise in the future, MahaRERA has initiated granting registration numbers of projects only after thorough legal, financial and technical scrutiny. We have also announced non-negotiable provisions related to the Standardised Agreement for Sale as well as the allotment letter, parking and amenities.'
Saunik said that through these efforts, MahaRERA aimed to bring in transparency and accountability among real estate's stakeholders. 'We always urge and encourage the homebuyer to understand all these details carefully and verify the legal details prior to making any decision or transaction,' he added.
