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Maharashtra: Going to buy a house soon? Here are 14 ‘must know’ points to keep in mind

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Prior to stepping out to commence house hunting, the home buyers are supposed to do some homework. Usually, individuals either approach real estate agents or walk-in into a developer’s construction and sales site. What gets ignored is due diligence as prescribed by the Maharashtra Real Estate Regulatory Authority (MahaRERA).

A homebuyer should always be cautious on what they are verbally assured and promised by the builder and an agent vis-à-vis what is actually mentioned in the fine print of the documents signed. There have been numerous instances wherein there has been a mismatch in verbal promise and the legal conditions in an agreement for sale.

The Maharera has issued some basic guidelines for such home buyers as well as investors to prevent fraud and getting into trouble while transacting in a real estate deal.

Prior to sealing the deal, question oneself with:

BEFORE BUYING A HOME

1) Check only MahaRERA registered project

2) Verify developer mentioned completion date on MahaRERA’s website

3) Ink an agreement and allotment letter as per prescribed format

4) Don’t pay more than 10% payment prior to signing the agreement

5) Entertain only through MahaRERA registered real estate agents

IMPORTANT MahaRERA PROVISIONS

6) Financial Discipline: 70% of funds collected to be used for construction

7) Transparency: Detailed project information on MahaRERA’s website

8) Quarterly progress reporting by promoters

9) Consent of two-third allottees must for any major project alteration or addition

10) Complaint filing & conciliation

AFTER THE PURCHASE

11) Monitor the project’s progress through MahaRERA website

12) Only MahaRERA Carpet Area to be referred to for all transactions

13) Ensure documents are as per Model Agreement & Model Allotment Letter

14) Complaint against Promoter or Agent for breach of any promise

If the project is registered with MahaRERA, the developers have to fulfil several conditions under the RERA Act for the benefit of the customer. These conditions include maintaining an escrow account for the project. A total of 70% of the money received from the buyers for the project has to be kept in this account to undertake work on the same project. Moreover, the developer is required to update the project status on MahaRERA’s website every three months.

“Apart from this, starting January 1, MahaRERA will register new projects having the DIN Number of all the directors and promoters of the project. This is to make transparent the related interest that the promoter has other than the project that is under construction,” said a MahaRERA official.

Maharashtra

Aaditya Thackeray Elected Shiv Sena UBT Legislature Party Leader, Sunil Prabhu Named Chief Whip

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Aaditya Thackeray Elected Shiv Sena UBT Legislature Party Leader, Sunil Prabhu Named Chief Whip

Mumbai, November 25: Former Maharashtra minister Aaditya Thackeray was on Monday elected the Shiv Sena (UBT) legislature party leader at a meeting of the party legislators in Mumbai.

Aaditya, son of party president Uddhav Thackeray, defeated Milind Deora of the Eknath Shinde-led Shiv Sena in the recent assembly elections from Worli constituency by 8,801 votes.

His winning margin dipped compared to the last elections in 2019, where it was 67,427 votes.

Senior party leader Ambadas Danve told reporters after the meeting of party legislators that former minister Bhaskar Jadhav was elected the party group leader in the state assembly, while Sunil Prabhu was named the party’s chief whip.

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Maharashtra

The Election Commission Should Take Immediate Action Against IPS Officer Rashmi Shukla: Atul Londhe

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Mumbai, November 25: IPS officer Rashmi Shukla violated the Model Code of Conduct by meeting Deputy Chief Minister Devendra Fadnavis while the code of conduct was still in force. The Election Commission must take this matter seriously and initiate immediate action against Rashmi Shukla, demanded Atul Londhe, Chief Spokesperson of the Maharashtra Pradesh Congress Committee.

Commenting on the issue, Atul Londhe said that in Telangana, the Election Commission had promptly acted against a Director General of Police and another senior official for meeting a senior minister during elections. “Why does the Election Commission act swiftly in non-BJP-ruled states but fail to notice such violations in BJP-ruled states?” he questioned.

Rashmi Shukla faces serious allegations, including phone tapping of opposition leaders. The Congress had earlier demanded her removal from the post of Director General of Police during the election period, and she was subsequently removed. However, despite the declaration of assembly results, Rashmi Shukla met the Home Minister before the Model Code of Conduct officially ended, violating its norms. Londhe insisted that immediate action should be taken against her.

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Maharashtra

‘I Haven’t Resigned Yet,’ Says Maharashtra Congress Chief Nana Patole Amid Rumours Of Quitting Post After Poll Debacle

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Maharashtra Congress president and newly elected MLA from the Sakoli Assembly seat, Nana Patole, denied media reports about his resignation from the post of party chief in the state.

Speaking to the media, Patole said, “I am going to meet Congress President Mallikarjun Kharge. I have not submitted my resignation.”

Earlier it was reported that after the crushing defeat of the Maha Vikas Aghadi (MVA) in the recent Maharashtra Assembly elections, Nana Patole offered to resign as Congress state president, taking moral responsibility for the loss. However, conflicting reports claim that Patole has not yet made a final decision, and there has been no confirmation from him or the party regarding his resignation.

The ruling Mahayuti coalition secured a resounding victory, winning 235 seats with 49.6% of the vote share, while the MVA lagged far behind with just 49 seats and 35.3% of the votes. The Congress, in particular, suffered a major setback, winning only 16 of the 103 seats it contested.

Patole, who contested from the Sakoli seat, narrowly retained his position with a margin of just 208 votes—the smallest margin of his political career. This is a sharp contrast to his 2019 Assembly election performance, where he won the same seat by nearly 8,000 votes. His narrow victory this year ranks among the closest contests in the state.

Patole reportedly sought to meet Congress President Mallikarjun Kharge and Rahul Gandhi on Monday to discuss his resignation but was unable to do so. The party high command has not yet acted on his reported resignation.

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