Builders have been asked by MahaRERA to disclose even those flats in a building that are ‘Not For Sale’ apart from Rehab and Reserved flats.
By Varun Singh
In a first, builders in Maharashtra have been asked by Maharashtra Real Estate Regulatory Authority to disclose information about even those flats that are ‘Not For Sale’ in their projects.
On June 25, MahaRERA came out with a corrigendum to its April 9 circular. The April 9 circular had directed promoters to disclose Sold/Booked Inventory (Building Wise) in the Project.
The earlier circular had stated, under rules 3 (a) and (b) of the Maharashtra Real Estate (Regulation and Development) Rules, 2017 Promoters are under mandatory obligation to disclose certain information.
Rule 3 (a) and (b) casts a mandatory duty on the Promoters to disclose the number of apartments sold/allotted to the allottees and further disclose the size of the apartment based on carpet area even if such apartments are sold earlier on any other basis, such as super area, super built-up area, etc.
Whereas Rule 3 (b) of the said Rule casts a mandatory duty on Promoters to disclose the area of plots sold to the allottees including the extent of the share of common areas and amenities, etc.
In order to give more clarity to the purchasers and to avoid multiple transactions of flats/pIots, MahaRERA made it mandatory for promoters to provide the information in the standard format and gave directions to update the requisite information as soon as the sale is concluded or booking is made.
The format now in the corrigendum issued by MahaRERA has been amended. The earlier format had asked for information related to sold or booked flats.
However, the new format now asks for detail of Sold, Booked, Unsold, Reserved, Rehab, Mortgaged, and even for ‘Not for sale’ apartments in the project.
This move by MahaRERA will bring further transparency to the entire system and the project. The builders apart from declaring which flats in the project aren’t for sale will also disclose information about the carpet area and even the date of registration of the flats with the sub-registrar office.
There are many developer who don’t sell a particular flat on a particular floor, now a homebuyer can easily spot, which flat the builder has actually declared as not for sale.
A homebuyer will also know which flat is for rehab, and which builder has reserved or mortgaged, this will bring transparency for a homebuyer.
