Maharashtra RERA, which operates with the primary objective of safeguarding the interests of buyers, has recently made some important decisions. It has issued five orders aimed at protecting the interests of real estate agents, landowners, and buyers. These include:
Mandatory disclosure of brokerage amount: RERA has decided that it is mandatory to specify the amount to be paid to real estate agents in the sale agreement. It has stated that commissions and brokerage must be clearly mentioned in the sale agreement executed between the developer and the buyer through a registered real estate agent. Agents say that these orders will help them receive their fees and commissions on time and will reduce disputes arising from unpaid brokerages.
· No RERA registration required for plots under 500 square meters
RERA has stated that registration is not required for plots under 500 square meters, regardless of how many apartments are being constructed. Legal experts believe that exempting projects below 500 square meters from RERA registration will benefit buyers.
Maharashtra RERA has defined what a Commencement Certificate (CC) and a Completion Certificate (CC) are under the Unified Development Control and Promotion Regulations. This definition is expected to assist those looking to invest in plotted development projects. RERA mentioned that a final approval for land subdivision layout under Maharashtra Unified Development Control and Promotion Regulations Form D-3 will be considered as the initial verification document for the plot. Regarding the Completion Certificate, it stated that a certificate issued along with Form-4, mentioning the start and completion dates, will be considered as the Completion Certificate.
RERA previously clarified that real developers should not deposit amounts received from buyers into various bank accounts. It specified that for financial discipline and to ensure timely project completion, they should maintain three accounts in a single bank for each project. However, since landowners are also considered promoters by Maha RERA, questions arose about whether they need to maintain three separate bank accounts. In this context, Maha RERA stated on September 4 that if landowners are not promoters (developers), they are not required to open three separate bank accounts.
Maha RERA previously requested developers to include details of the parking spaces allocated or sold to homebuyers in the sale agreement, and to issue an allocation letter to avoid any future disputes. Recently, official orders regarding this requirement have been issued.
This website uses cookies.