The Maharashtra Real Estate Regulatory Authority (MahaRERA) has clarified that its circular issued in 2022 applies retrospectively. This declaration carries significant implications for real estate developers and stakeholders, as it means that the regulations outlined in the circular are applicable to projects registered before its issuance.
The retroactive application of the circular underscores MahaRERA's commitment to enforcing regulatory standards consistently across all real estate projects in Maharashtra. It ensures that developers adhere to the prescribed guidelines and fulfill their obligations to homebuyers, irrespective of when their projects were registered.
MahaRERA's decision to apply the circular retrospectively aims to address any ambiguity or discrepancies in the interpretation of regulatory provisions. By providing clarity on the applicability of the circular, the authority aims to strengthen consumer protection measures and promote transparency in the real estate sector.
Real estate developers operating in Maharashtra are now required to comply with the regulations outlined in the circular, even if their projects were registered prior to its issuance. This move is expected to enhance accountability and governance standards within the industry, benefiting homebuyers and ensuring fair practices.
As MahaRERA asserts the retroactive application of its circular, stakeholders in the real estate sector will need to review their projects and ensure compliance with the regulatory requirements outlined therein. The authority's proactive stance reinforces its role in safeguarding the interests of homebuyers and promoting a robust and transparent real estate market in Maharashtra.
