The Maharashtra Real Estate Regulatory Authority (Maha RERA) took significant steps in 2024 to safeguard homeowners and build their trust in Maharashtra’s real estate sector. Under the leadership of both former chairman of RERA Ajoy Mehta, who retired in September, and his successor Manoj Saunik, MahaRERA ensured a seamless continuation of reforms aimed at protecting buyers.
Landmark Policies to Protect Homebuyers
Parking Details in Sale Agreements in September 2024:
MahaRERA introduced a landmark mandate requiring developers to include detailed specifications of parking spaces in sale agreements and allotment letters. These specifications must outline the size, height, and width of parking slots. This policy addresses long-standing grievances from homeowners regarding inadequate parking manoeuvring space or obstructed slots.
Delivery Timelines for Amenities:
To address delays in the delivery of promised amenities, MahaRERA issued an order in July 2024 mandating developers to specify clear timelines, along with the size and location of amenities, in agreements. This initiative ensures homebuyers receive what was promised at the time of booking.
Construction Quality Audits:
In April 2024, MahaRERA introduced a framework for appointing third-party agencies to audit construction quality throughout various stages of a project. This proactive measure tackles concerns like apartment leakages before buyers take possession.
Guidelines for Senior Citizen Housing:
MahaRERA became the first regulator in India to issue guidelines for senior citizen housing projects in May 2024. These include provisions for accessibility, safety features, and green principles, which developers are required to incorporate in sales agreements and related documents.
Ajoy Mehta’s Legacy and Insights
Ajoy Mehta, MahaRERA’s chairman until September 2024, left an indelible mark on the authority. His book, RERA – A Perspective, provides critical insights into the challenges facing the real estate industry. Mehta highlighted instances where developers sold premium flats on higher floors without securing necessary civil aviation clearances. “It must be understood that while a plot may have the potential to be built up to a certain height, this is subject to civil aviation clearances,” he wrote, underscoring the importance of compliance to protect buyers.
Leadership Transition
The leadership baton passed to Manoj Saunik in September 2024, who has carried forward the momentum of buyer-focused reforms. Saunik’s tenure has already seen robust implementation of the policies introduced under Mehta, reflecting the authority’s commitment to transparency and accountability.
Subhash Goel, Director – Goel Ganga Developments commented on the developments, stating, “The policies introduced in 2024 are a testament to our dedication to making real estate transactions safer and more transparent. These initiatives protect homebuyers and instill confidence in the industry”.
Conclusion
MahaRERA’s proactive measures in 2024 definately set new benchmarks in the Indian real estate sector. It is focusing on homebuyer protection, quality assurance, and transparency. As the authority continues to lead by example, Maharashtra’s real estate market stands poised for greater trust and growth.
