The real estate sector plays a crucial role in shaping urban landscapes, catering to the housing and commercial needs of millions. In the pursuit of delivering top-notch projects and safeguarding the concerns of homebuyers, regulatory bodies such as the Maharashtra Real Estate Regulatory Authority (MahaRERA) have played a pivotal role in formulating frameworks for quality assurance in real estate endeavour. MahaRERA, established to regulate and promote transparency in the real estate sector, plays a crucial role in ensuring developers adhere to ethical and legal standards.
MahaRERA plays a vital role in governing the real estate sector in the state of Maharashtra, India. It aims to promote transparency, efficiency, and accountability in the real estate industry, safeguarding the interests of homebuyers and fostering a fair and ethical environment for real estate transactions. MahaRERA plays a crucial role in regulating and monitoring real estate projects, ensuring timely delivery, and addressing grievances through its transparent and accountable framework.
Established under the Real Estate (Regulation and Development) Act, 2016, MahaRERA boasts a multifaceted mandate. A key goal is to foster transparency, accountability, and efficiency within the real estate sector. The key role of the MahaRERA charter is provides proper norms and keep a quality check on the work of the Developers. MahaRERA boosts the accountability, transparency and efficiency in the real Estate market.
Quality Assurance Benchmarks:
MahaRERA has meticulously outlined a comprehensive set of benchmarks to ensure the excellence of real estate projects and act as safeguard for the buyers. This encompasses specifications for construction materials, adherence to building codes, and alignment with environmental standards. These benchmarks constitute a sturdy framework that developers must rigorously follow throughout the project lifecycle. This is important to keep an eye on the work done by the developers to provided proper protection to the rights of the buyers. As said in the case MahaRERA v. ABC Builders, where MahaRERA took action against developers for non-compliance with quality assurance benchmarks or delayed project completion.
Project Enrolment and Documentation:
Developers are mandated to register with MahaRERA before initiating any real estate project. During this process, developers submit detailed project plans, timelines, and documentation related to quality standards. This not only ensures transparency but also enables regulatory scrutiny to verify compliance with quality norms. The norms of the MahaRERA to fill the project enrolment gives authority power to keep in check the work of the developers. The delay in the completion is one the main issues of the buyers. In one of the orders by the Mumbai high court, the courts freezes down the account of developers from setting up new projects due to the delay in past projects completion. The MahaRERA freeze on bank accounts and sales restrictions in the South Mumbai project raises pertinent questions about the regulatory landscape and developer accountability
Quality Assurance Mechanisms:
MahaRERA employs a variety of quality assurance mechanisms, including on-site inspections and third-party audits. These measures are critical in evaluating whether the construction aligns with approved plans and adheres to the prescribed quality standards. The MahaRERA idea to make the quality assurance is to give the buyers a proper environment and a better place for living as offered by the developers in their announcements. As ordered in the case Puneet Varma v. MahaRERA (2018), this case may shed light on early interpretations of MahaRERA’s role in addressing grievances related to quality assurance and project completion timelines.
Homebuyer Grievance Resolution:
In instances where homebuyers identify quality issues post-possession, MahaRERA offers a robust grievance resolution mechanism. Homebuyers can file complaints, and MahaRERA facilitates dispute resolution to ensure that quality-related concerns are fairly and promptly addressed. As suggested in the requirement case the idea of resolution will depends on the fact of the case. In the case XYZ Developers v. Homebuyers Association, Investigate cases where homebuyers raised concerns about construction quality post-possession, and how MahaRERA facilitated grievance resolution.
Continuous Surveillance and Adaptation:
MahaRERA’s dedication to quality assurance extends beyond project initiation. The authority consistently monitors market dynamics, technological advancements, and feedback from stakeholders. This adaptability ensures that the framework remains pertinent and effective in the ever-evolving real estate landscape.
MahaRERA’s proactive stance in formulating a framework for quality assurance in real estate projects marks a commendable stride towards nurturing a transparent and responsible industry. By underscoring adherence to quality standards, timely project completion, and robust grievance remedy mechanisms, MahaRERA emerges as a custodian of homebuyers’ interests, contributing significantly to the sustained growth of the real estate sector in Maharashtra.
Aditya Pratap is a lawyer and founder of Aditya Pratap Law Offices. He practices in the realm of real estate, corporate, and criminal law. His website is adityapratap.in and his media interviews can be accessed at http://www.youtube.com/@AdityaPratap/featured. Views expressed are personal.
This article has been assisted by Himanshu Tripathi, 5th year law student pursuing B.A.LL.B. from Amity Law School, Lucknow