Mumbai, 31st July 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken a significant step towards enhancing transparency and accountability in the real estate sector by mandating that developers specify deadlines for the delivery of facilities and amenities in housing projects. This directive, announced today, aims to address long-standing concerns about the availability of promised amenities and ensure that homebuyers receive what they were promised.
According to the new regulation, developers must include a detailed schedule of facilities and amenities in Annexure-I of the Agreement for Sale. This annexure, part of the official sales document registered with the government, will now outline the delivery dates for various amenities such as swimming pools, tennis courts, gymnasiums, clubhouses, and more. The directive is designed to prevent developers from delaying or neglecting the promised features of a project.
“In the past, developers often advertised attractive amenities but failed to deliver them in a timely manner,” said Ajoy Mehta, Chairman of MahaRERA. “Our new regulation requires developers to specify when these facilities will be available. This change will provide homebuyers with clarity and ensure that developers are held accountable for their commitments.”
The new rule also addresses projects that are developed in multiple phases. Developers are now required to provide phase-wise timelines for the completion of amenities, ensuring that residents of earlier phases are informed about the availability of facilities. This provision is intended to prevent frustration among residents who might otherwise be left waiting for promised amenities until the final phase of construction.
Furthermore, any major changes to the location or number of facilities will require approval from MahaRERA. If the changes affect the amenities significantly, developers must obtain consent from two-thirds of the affected residents. This measure is designed to prevent unilateral alterations that could impact the quality of life for residents.
The new regulations will be applicable to all registered housing projects with immediate effect. Existing Agreements for Sale will remain in force as per their original terms, but the new provisions will apply to all future transactions. MahaRERA has also introduced a model format for Annexure-I to assist developers in complying with the new requirements.
Previously, the Agreement for Sale focused primarily on the cost of the apartment, payment plans, and penalties for defaults. It did not include specific details about the timing of amenities, often leading to discrepancies between what was promised and what was delivered.
“This measure will eliminate the uncertainty surrounding the availability of amenities,” Mehta added. “Just as developers are obligated to deliver apartments on time, they will now be required to meet deadlines for amenities. This will enhance transparency and protect the interests of homebuyers.”
