The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a new policy to prevent homebuyers’ fraud. Under the new policy, each standalone real estate project will have a single MahaRERA registration number.
Previously, it was possible for developers to register the same land under multiple MahaRERA registration numbers. This could lead to confusion and fraud, as homebuyers may not be aware of all the projects that are being built on a particular piece of land.
The new policy will help to ensure that homebuyers have accurate information about the projects they are considering investing in. It will also make it easier for MahaRERA to track the progress of projects and ensure that they are completed on time.
The new policy will apply to all standalone real estate projects in Maharashtra. Developers who are applying for a new MahaRERA registration will need to provide a sworn statement that the land on which the project is being built does not have another MahaRERA registration number.
If a developer is found to have provided false information, MahaRERA can take action against the developer, including imposing fines or suspending the project.
The new policy is a significant step forward in protecting the interests of homebuyers in Maharashtra. It will help to ensure that homebuyers are not misled by developers and that they have accurate information about the projects they are considering investing in.
Benefits of the new policy
The new policy has a number of benefits for homebuyers, including:
- Increased transparency:Â Homebuyers will have more accurate information about the projects they are considering investing in.
- Reduced risk of fraud:Â The new policy will make it more difficult for developers to commit fraud by registering the same land under multiple MahaRERA registration numbers.
- Improved accountability:Â MahaRERA will be able to track the progress of projects more easily and ensure that they are completed on time.
The new policy is a welcome development for the real estate sector in Maharashtra. It is a step in the right direction to protect the interests of homebuyers and ensure that the sector is fair and transparent.