By Varun Singh

Dear flat buyers, before you make an investment in the real estate sector, please read this article carefully.

There is an important update from Maharashtra Real Estate Regulatory Authority (MahaRERA) for flat buyers.

This update will have to be followed by developers and will let the flat buyers know the intricate and important details of the project, in which they wish to invest.

On Monday, MahaRERA came out with circular asking developers to declare an important aspect related to their project.

The circular quotes section 4(2)(c) & (d) of RERA Act and Rules & Regulations. It states that this section provides for enclosing a valid and authenticated copy of approvals and commencement certificate, sanctioned Plan and layout, etc. approved from the competent authority.

The circular signed by Dr. Vasant Prabhu, Secretary, MahaRERA states, “It is observed that Layout Approvals although obtained for the entire project. many a time other approvals are obtained in stages including the Commencement Certificate up to a Plinth /Zero FSI / or commencement certificate up to a particular floor level.

The flat buyers are unaware of these stage-wise approvals, therefore, MahaRERA decided to prescribe a declaration by the Promoter (developer) to certify the exact stage of the Commencement certificate, so that buyers will be aware of the same.

This Declaration format will be called “Format -D” of the circular and the Promoter will be required to upload it while registering the project, alongside the Commencement Certificate (CC).

The promoter will be required to update it as soon as further Commencement Certificate / Approvals are obtained by him, at every later stage.

Experts have hailed this move of MahaRERA as homebuyer friendly and also as a move towards transparency.

Adv Sunil Kewalramani says, “This will bring further clarity and transparency for homebuyers. Now the buyers can check the details about the available CC and other approvals online before they buy the property.”

This means if a builder is promising something to the home buyer, the buyer can check whether the builder has approvals for constructing and fulfilling those promises or not.

Also Read: Tenancy Act: Read This Before You Rent A Home

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