Buying a house then better read this piece of news which wll help you in taking your decision. This ifnormation will save you from buying a house that already has been sold.

By Varun Singh

Buying a house is one of the biggest decision that one takes in his or her life.

People invest their life savings while buying a hosue and hence one needs to be uber careful before they lock the deal.

So how is this piece of news going to help you when you will buy a house?

The biggest challenege one faces while buying a house is how does a homebuyer ascertain whether the builder hasn’t sold the house to someone else too?

This is one of the most common complaints that was heard till sometime ago from various homebuyers.

However, here’s one soltuion, homebuyers can now check whether the home being sold them to has been sold earlier too or not?

MahaRERA came out with a circular where ithas asked the builders to update the information regarding the apartment they have sold.

The rule casts mandatory duty on the Promoters to disclose the number of apartments sold/allotted to the allottees.

The ciruclar issued last weekend has further asked builders to 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.

It further protects those people buying a plot, the circular says, “The Rule casts mandatory duty on Promoters to disclose the area of plots sold to the allottees including extent of share of common areas and amenities, etc.”

The circular states, that in order to give more clarity to the purchasers and to avoid multiple transactions of flats/pIots, it is necessary to provide the information in the standard Format and thereby providing directions to update the requisite information as soon as sale is concluded or booking is made.”

The format can be easily seen here.

The format in which a builder has to submit details of sold flats to MahaRERA

Experts Say this ciruclar will herald a new transperancy in home buying.

Adv Prakkash Rohira says, “The move is to increase transparency on developers selling units and creating rights is a welcome move, and will aid better clarity to buyers to peruse the status of the unit. However, many developers are still in the malpractice of only issuing allotment letters and not registering, and until such menace is curbed the authority must develop a mechanism and procedure of issuing allotment letters and regulating allotments as well. Such will regulate the sales and allotment process suitably.”

Adv Sunil Kewalramani says, “There have been several cases in which a builder sells a flat to multiple persons, causing severe hardship to the latter. Due to this circular the Builder will have to disclose under their Project Registration details; about which flats are sold and which are unsold, and also disclose other details about the flats like area of the flat, Flat No., etc. This will bring more transparency and the buyers can check the details online before buying the flats.”

Also Read: MahaRERA Is Tracking Investment Worth Rs 8 Lac Crore

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