For this, MahaRERA has issued a standard annexure for Covered Parking, Garage, Open Parking and Mechanised Parking

Now, parking is non-negotiable, similar to the other four non-negotiable clauses of force majeure, defect liability period, carpet area and transfer agreement in the Model Agreement for Sale

Several complaints have been received by the Maharashtra Real Estate Regulatory Authority (MahaRERA) with regards to parking spaces sold and allocated by the developers. Therefore, the housing regulator has taken a serious cognisance of this and to prevent a recurrence, it will be mandatory to include all details related to parking as part of annexures to the Allotment Letter and Agreement for Sale.

The complaints that MahaRERA receive are of various nature, such as, building’s beam obstructing parking of vehicle, vehicle cannot be parked in the parking, vehicle door cannot be opened to exit, maneuvering space inadequate, etc.

MahaRERA has issued a model draft clause as per of circular’s annexure, to be included in the legal documents, which includes all the details regarding the parking lot number, parking length, height, width, location of the parking block, etc. in the building. This standard clause is to prevent any ambiguity or disputes at a later stage and is mandatory for promoter to annexe this with Allotment letter and Agreement for Sale. 

In the Model Agreement for Sale, issued in December 2022, mention of Force Majeure, Carpet Area, Defect Liability Period and Transfer Agreement have been made mandatory in every agreement for sale. Now, parking in another aspect that has been made non-negotiable and any changes made despite the consent of a homebuyer, will not be accepted by MahaRERA.

Therefore, MahaRERA insists on strict adherence to the circular and the standard draft clause stating complete details about a parking slot. This will prevent any inconvenience and agony over parking premises that a homebuyer otherwise faces after moving into a new residence.

Also Read: MahaRERA urges homebuyers to be cautious; publishes district-wise list on its portal

The post To avoid disputes over purchased or allocated parking, MahaRERA issues clear instructions with regards to length, width, height, parking number, actual location of parking in the building, etc. appeared first on Square Feat India.

By Varun Singh

This debate, whether a developer can sell or allot open parking spaces has always been the bone of contention between homebuyers and the builder community. 

Many home buyers are always seen complaining that they have been sold and open parking space.

Even MahaRERA claims that on several occasions it has been brought to the authority is notice, that builders sell or allot open parking area for monetary consideration.

This forced the MahaRERA to come out with a circular clearly giving out statements that a developer is not entitled to sell or allot open parking area for monetary considerations.

The circular by MahaRERA further states, that there have been disputes on the exact location of the parking space vis a vis the apartment.

“In view of the above, it is therefore, felt necessary to issue this circular clarifying the following,” read the MahaRERA circular.

The reasons cited by MahaRERA are as follows.

• Open parking areas are provided free of FSI;
• Promoters are not entitled to sell/allot open parking areas for monetary consideration;
• Open parking areas, garage and covered Parking spaces should be specifically marked and numbered at the real estate project site in accordance and as per approved / sanctioned plans and tagged to the apartment to which it is allotted; and
• Garage/or covered parking space when sold/allotted for monetary consideration, the type, numbers and size as well as the place where such garage or covered parking space is situated should be mentioned in the Agreement for Sale being entered into and the plan showing the exact location / allotment along with the particulars as aforesaid should be annexed to the Agreement for Sale.

Failure to comply with the MahaRERA directions shall be considered as violations of the provisions RERA and actions shall be taken against those violators. 

Also Read: Builder Takes MHADA To MahaRERA, Gets No Relief

The post Open Parking Space Cannot be Sold and this is Final appeared first on Square Feat India.

By Varun Singh

On Wednesday a real estate deal took place in the upmarket area of Cuffe Parade. The deal was of a car parking space which was sold for Rs 25 lakh.

Yes, a home buyer paid Rs 25 lakh to buy a car parking space measuring 13.6 sq mts (146 sq ft).

Owning a space to park vehicles in Mumbai that exclusively belongs to you is nothing less than a dream for many.

Even in buildings there are limited covered spaces to park cars that a home buyer gets. These are referred as garages and are mostly found in old constructions.

However, the recent Cuffe Parade deal has brought to the fore again the importance of covered parking.

A developer cannot sell open parking, the spaces that are normally sold in new and resale deals are covered parkings or garages.

Yashika Rohiira, of Karma Realtors says, “Finding a car park that too a covered car park in Mumbai buildings is difficult. Whenever, a garage or a covered parking space comes in market, the residents of the same building jump for it.”

According to Rohiira, residents do not mind paying a premium too for such spaces. And in most cases the garage is way expensive than the cars to be parked there.

Such spaces have always attracted a premium, there are instances cites another realtor where buyers have paid unimaginable rates too.

Pramod Vyas, a realtor from South Mumbai says, “The parking spaces that we are talking about are not the open ones, they are covered from all sides. In 2010 and before that, in Malabar Hill buyers would shell out Rs 50 lakh for a covered parking.”

Also Read: Power firm MD pays Rs 1.12 lakh psf for Worli duplex

The post Parking space expensive than cars in Mumbai appeared first on Square Feat India.