In a groundbreaking move aimed at enhancing transparency and protecting the interests of homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has revamped its project registration certificates. This new initiative, which came into effect immediately, introduces comprehensive and easily accessible details about registered real estate projects across Maharashtra. The updated certificates are set to bring greater accountability and clarity, making it easier for homebuyers to make informed decisions.
Historically, project registration certificates only included basic details like the project name, address, and promoter. However, the new certificates will now offer a more detailed and user-friendly overview, ensuring that prospective buyers have access to all the necessary project information at their fingertips. This move is seen as a significant victory for the homebuyers’ community and a step forward in the mission to build trust in the real estate sector.
Key Features of the Updated Project Registration Certificates
More Detailed and User-Friendly Information
MahaRERA’s updated certificates now include a wealth of essential information for homebuyers:
- Total Built-up Area: The overall built-up area of the project is now specified.
- Building and Wing Details: The number and names of buildings and wings are listed.
- Number of Habitable Floors: Clear information on the number of floors that are livable.
- Unit Details: Total number of residential and non-residential units.
- Commencement Certificate Details: Information about construction permissions and approval levels.
- Parking Slots: Breakdown of parking availability for cars, two-wheelers, and visitors.
- Project Updates: Any changes to deadlines, ownership transfers, or joint ventures will now be updated on the certificate.
These updates aim to provide homebuyers with a comprehensive understanding of the project before making any commitments.
Easy Access to Certificates
The new certificates will be displayed prominently at the construction site and the project’s official website. Buyers can also easily access the certificates online through MahaRERA’s website by entering the project’s registration number. A direct link to the certificate will appear on the first page, providing quick access to all relevant project details.
Additionally, MahaRERA has made it mandatory for project advertisements to include a QR code. When scanned, this code will allow potential buyers to quickly verify the project’s registration details, offering an extra layer of transparency and convenience.
MahaRERA’s Broader Mission: Ensuring Transparency and Accountability
MahaRERA’s Chairman, Manoj Saunik, emphasized that the new registration certificates align with the authority’s broader mission to protect homebuyers’ rights. “To purchase a property, most people invest their lifetime savings. MahaRERA is striving to ensure that these investments remain safe and secure,” he said.
The introduction of this detailed registration certificate follows other buyer-centric reforms such as standardized sale agreements, mandatory disclosure of parking dimensions, and the inclusion of amenities details in the project’s legal documents. Saunik added, “We urge all homebuyers to carefully study these details and verify them before making any commitments.”
Summary Table: Key Features of the Updated Project Registration Certificates
| Feature | Details |
|---|---|
| Total Built-up Area | Included in the certificate |
| Building and Wing Details | Names and number of buildings/wings listed |
| Number of Habitable Floors | Number of floors that are livable |
| Unit Details | Total number of residential and non-residential units |
| Commencement Certificate | Construction permissions and approval levels |
| Parking Slots | Number of parking spaces for cars, two-wheelers, visitors |
| Project Updates | Updates on deadlines, ownership changes, or joint ventures |
| Access | Easily accessible via MahaRERA website and QR code |
Expert Quotes on the New Initiative
According to Vimal Nadar, National Director and Head of Research at Colliers India, “This move is a progressive step towards full transparency and greater accountability. It provides homebuyers with detailed, easy-to-understand information about a project, helping them make well-informed decisions.”
MahaRERA Chairman Manoj Saunik added, “This initiative reflects our commitment to empowering homebuyers and ensuring they have access to all necessary details to protect their investment.”
Frequently Asked Questions (FAQs)
1. What information will be included in the new project registration certificates?
- The updated certificates will include details such as total built-up area, number of buildings and wings, habitable floors, unit details, parking availability, and updates like ownership changes or deadline extensions.
2. How will homebuyers access the new project registration certificates?
- The certificates will be displayed at construction sites and on project websites. They will also be accessible online through the MahaRERA website using the project’s registration number.
3. What is the purpose of the QR code in project advertisements?
- The QR code will allow potential buyers to scan and quickly access the project’s registration details, ensuring transparency and ease of verification.
4. How will the new certificates benefit homebuyers?
- Homebuyers will be able to access detailed and transparent information about the project, such as the number of units, parking availability, and project updates, allowing for more informed decision-making.
5. What other measures has MahaRERA introduced to protect homebuyers?
- MahaRERA has introduced standardized sale agreements, mandatory disclosure of parking and amenities, and strict legal scrutiny before granting project registrations to ensure homebuyers’ rights are protected.