In a significant move to protect homebuyers and promote transparency in the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued an order mandating the inclusion of comprehensive details about facilities and amenities in the sale agreements of all future housing projects. This new regulation aims to eliminate uncertainties surrounding the availability of promised amenities and ensure that developers adhere to their commitments.
Mandatory Inclusions in Sale Agreements
MahaRERA’s order, effective immediately, requires developers to include detailed information about the facilities and amenities available in a housing project in Annexure-I of the sale agreement. This annexure must specify:
- The nature and scope of amenities, such as swimming pools, sports courts, gyms, and other recreational facilities.
- The expected dates when these amenities will be available for residents’ use.
- The stage-wise availability of these facilities in phased projects.
- The date of transfer of these amenities to the housing project association or residents’ group.
This measure ensures that homebuyers are fully informed about the availability and transfer timelines of facilities, thus protecting their interests and fostering greater accountability among developers.
Non-Negotiable Provisions and Compliance
MahaRERA has classified this provision as non-negotiable, underscoring its importance for consumer protection. The inclusion of these details is now a mandatory part of the sales contract, alongside other crucial aspects like carpet area, liability period, and parking provisions. Developers are also required to provide a comprehensive list of amenities in Schedule II of the Model Sale Agreement.
Approval for Changes in Amenities
To prevent arbitrary changes to the promised amenities, the order stipulates that any major revisions, shifts, or corrections must receive MahaRERA’s approval. Additionally, changes to the location and number of amenities require the consent of at least two-thirds of the residents. This clause ensures that developers cannot unilaterally alter the project’s offerings, thereby protecting the interests of all stakeholders.
Public Consultation and Implementation
The order follows a draft proposal released in April 2024, which invited suggestions and opinions from the public and stakeholders until May 27, 2024. After reviewing the feedback and consulting with experts, MahaRERA incorporated additional items into the final order to enhance transparency and accountability in the sector.
Enhanced Disclosure Requirements
Developers must now provide detailed disclosures regarding the anticipated date of the Occupancy Certificate (OC), the status of the project’s ownership, and any concessions granted by local planning authorities. Annexure-One will detail the proposed facilities, their availability dates, and their eventual transfer to the relevant housing project organization.
In a further step to ensure transparency, developers must also disclose specifications related to recreational grounds, playing fields, and elevator systems, including capacity, speed, and intended use.
This landmark regulation by MahaRERA marks a significant step towards safeguarding consumer rights and promoting trust in the real estate sector. By ensuring that all promised amenities are clearly documented and delivered, MahaRERA aims to foster a more transparent and responsible development environment.
