In a significant ruling, the Maharashtra Real Estate Regulatory Authority (Maharera) has declared that a circular issued in 2022 applies retrospectively. This decision carries implications for real estate developers and homebuyers alike, as it affects ongoing projects that were initiated before the issuance of the circular.
The circular in question, issued by Maharera in 2022, pertains to certain regulations and guidelines governing real estate projects in Maharashtra. By ruling that the circular applies retroactively, Maharera has clarified that its provisions are not limited to projects initiated after the issuance of the circular but also encompass ongoing projects.
This decision by Maharera underscores the authority's commitment to ensuring compliance with regulatory standards and promoting transparency and accountability in the real estate sector. It aims to provide clarity and consistency in the application of regulations, thereby safeguarding the interests of homebuyers and ensuring the orderly development of real estate projects in Maharashtra.
The retrospective application of the circular may have implications for developers who are required to adhere to the regulations outlined in the circular for ongoing projects. It also serves as a reminder to developers to maintain transparency and compliance with regulatory requirements throughout the lifecycle of their projects.
Overall, Maharera's ruling on the retrospective application of the 2022 circular signifies a proactive approach towards strengthening regulatory oversight and promoting consumer protection in the real estate market. It underscores the authority's commitment to upholding the principles of fairness and accountability in the real estate sector in Maharashtra.
