The Real Estate (Regulation and Development) Act, 2016, better known as RERA, has fundamentally transformed the Indian real estate landscape. In Maharashtra, MahaRERA has been a pioneer in implementing these rules, introducing several new guidelines in 2024-2025 to further empower homebuyers and ensure project transparency.
Transparency via QR Codes
One of the most innovative updates is the mandatory use of QR codes in all project advertisements. By simply scanning the code, prospective buyers can instantly access the project's registration details, approvals, financial status, and construction progress directly from the MahaRERA portal. This "transparency at your fingertips" model eliminates guesswork and builds trust.
Detailed Parking Disclosures
To address common disputes, MahaRERA now mandates developers to provide specific details about parking spaces in the sale agreement. This includes the exact location, size, height, and width of the slot. Buyers no longer have to worry about receiving inadequate or inaccessible parking spaces after possession.
Timelines for Promised Amenities
A major pain point for many buyers has been the delay in amenities like gyms, clubhouses, and swimming pools. New guidelines require developers to specify clear delivery dates for every amenity mentioned in the brochure. These dates must be included in the registered Agreement for Sale, making the developer legally accountable for their delivery.
Strict Financial Discipline
MahaRERA has tightened the rules for fund management. Developers must maintain three separate bank accounts for each project: a collection account, a separate account (where 70% of collections are kept for construction), and a transaction account. This ensures that the money collected from buyers is used solely for the intended project, preventing the diversion of funds.
Quality Assurance and Audits
The Act also focuses on the structural integrity of the building. Developers are liable for any structural defects for a period of five years after possession. Furthermore, recent frameworks introduce third-party quality audits to ensure that the construction meets the promised standards before the keys are handed over to the residents.
