At regular intervals the Maharashtra Real Estate Regulatory Authority (MahaRERA) comes up with new instructions for the builders and developers, such as they are not supposed to provide project updates, along with the sale of houses on a quarterly basis.
Also, it will conduct training and certification of real estate agents, for which a steering committee has been set up. By doing so, it desires to bring a certain level of consistency in the practices of real estate agents, enhance knowledge, awareness of regulatory frameworks and practices. Besides, hundreds of projects have been blacklisted, restricted from sale and advertisements over failure to update the projects for a long time.
Chairperson, Housing and RERA committee of Builders Association of India Anand Gupta told Afternoon Voice that, “Earlier there was a lot of uncertainty on the selling of parking space. However, the RERA Act has clearly mentioned that the developers are supposed to sell parking spaces in podiums, stilts and basements. By issuing such a circular, MahaRERA has brought transparency in the realty sector.”
MahaRERA has specified that the developers of Mumbai and Maharashtra are not entitled to sell or allot open parking space to flat buyers. The open parking space is part of the common areas of a real estate project as per the RERA Act and is provided free floor space index (FSI).
According to the MahaRERA, the notification was issued following cases of disputes over the exact location of the parking space vis a vis the apartment. To prevent such happening, developers will be henceforth required to specifically mark the garage, open and /covered parking space in the real estate project in accordance with the approved/sanctioned plans and tag it to the apartment to which it is allotted.
The regulatory body has directed that the garage/ covered parking space when sold/ allotted for monetary consideration, the type, numbers, size as well as the place where such garage/ covered parking space is situated should be mentioned in the agreement for sale. It should be annexed to the agreement.
MahaRERA was established on May 1, 2017.
