MahaRERA Introduces Orders for Real Estate Protection

04 Nov 2024 CW Team

Key among the directives is a mandate requiring all real estate agents to disclose their registration numbers in any transaction or advertising, making it easier for homebuyers to verify an agent's authenticity. This measure is designed to reduce instances of fraudulent practices and unregistered agents in the market, thus enhancing consumer trust.

Additionally, MahaRERA has introduced guidelines for landlords and agents to clearly outline fee structures and commissions. These rules emphasize that any service fees or charges should be transparently disclosed and agreed upon before finalizing any transactions. This provision aims to prevent conflicts over hidden charges and ensures that landlords and tenants alike are fully informed about costs.

For homebuyers, MahaRERA’s new guidelines stress the importance of timely delivery and quality standards in residential projects. Developers are required to adhere strictly to promised timelines and specifications, with MahaRERA overseeing compliance. This initiative aims to protect buyers from delays and subpar construction quality, which have been common complaints in the real estate sector.

Furthermore, MahaRERA has empowered buyers with more robust mechanisms for filing complaints and seeking redress. With these new orders, homebuyers are assured of MahaRERA’s commitment to enforce compliance and address grievances promptly.

These comprehensive measures reflect MahaRERA’s proactive approach to creating a balanced, transparent, and fair real estate ecosystem in Maharashtra. By enforcing these rules, MahaRERA intends to bolster consumer confidence and ensure that all stakeholders — from agents to buyers — engage in transactions that are fair, transparent, and compliant with the law.

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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued five new directives aimed at safeguarding the interests of real estate agents, landlords, and homebuyers across Maharashtra. These orders seek to enhance transparency, promote accountability, and ensure fair practices in property transactions. Key among the directives is a mandate requiring all real estate agents to disclose their registration numbers in any transaction or advertising, making it easier for homebuyers to verify an agent's authenticity. This measure is designed to reduce instances of fraudulent practices and unregistered agents in the market, thus enhancing consumer trust. Additionally, MahaRERA has introduced guidelines for landlords and agents to clearly outline fee structures and commissions. These rules emphasize that any service fees or charges should be transparently disclosed and agreed upon before finalizing any transactions. This provision aims to prevent conflicts over hidden charges and ensures that landlords and tenants alike are fully informed about costs. For homebuyers, MahaRERA’s new guidelines stress the importance of timely delivery and quality standards in residential projects. Developers are required to adhere strictly to promised timelines and specifications, with MahaRERA overseeing compliance. This initiative aims to protect buyers from delays and subpar construction quality, which have been common complaints in the real estate sector. Furthermore, MahaRERA has empowered buyers with more robust mechanisms for filing complaints and seeking redress. With these new orders, homebuyers are assured of MahaRERA’s commitment to enforce compliance and address grievances promptly. These comprehensive measures reflect MahaRERA’s proactive approach to creating a balanced, transparent, and fair real estate ecosystem in Maharashtra. By enforcing these rules, MahaRERA intends to bolster consumer confidence and ensure that all stakeholders — from agents to buyers — engage in transactions that are fair, transparent, and compliant with the law.

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