In a significant move aimed at protecting homebuyers from fraud, the Maharashtra Real Estate Regulatory Authority (Maharera) has decided to include detailed information about housing projects in the registration certificates issued to builders. This will include key details such as the number of flats, parking spaces for both two-wheelers and four-wheelers, the number of floors, building wings, and the approved number of floors for construction.
This change ensures that prospective homebuyers will have access to comprehensive information about the housing project, which was previously not always provided transparently by builders. The move is expected to help eliminate deception in property dealings, allowing buyers to make more informed decisions.
Key Features of the New Maharera Registration Certificate
Maharera Chairman Manoj Sawanik informed that the new registration certificates would now include all crucial details in a user-friendly format, such as:
- Name and address of the housing project and the promoter
- Total construction area
- Names/numbers of building wings
- Approved floors for habitation
- Number of residential and non-residential buildings
- Details of parking space for four wheelers, two-wheelers, and visitors
- Construction permission up to specific floors (as per the CC)
This new initiative aims to provide clarity to homebuyers, who often spend their life savings on purchasing property. In the past, builders sometimes concealed vital details about the projects, leading to potential fraud. Now, with the new certification system, buyers will receive all the essential details upfront.
Maharera’s Essential Decision for Homebuyers
Maharera has made these changes to ensure that homebuyers have full access to all the necessary information about housing projects before making an investment. The new certificates will no longer just mention the project and promoter’s name and address in one line, but will provide detailed information in a clear and understandable format, enabling buyers to make decisions based on the full scope of the project.
