MahaRERA restricts realtors from selling open parking space

Under Real Estate (Regulation and Development) Act, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has come up with instructions for the builders and developers, under which they are not entitled to sell or allot the open parking space to any homebuyer.

According to the act, the open parking space is part of the common area of a real estate project and provided free of floor space index (FSI).

The regulatory instructions were allotted by MahaRERA after a series of issues and disputes over the exact location of the parking space. Such occurrences thus required the developers to specifically mark the garage area for the convenience of homebuyers. 

According to MahaRERA, the latest set of instructions were signed by MahaRERA secretary Vasant Prabhu, which states that the developers would, henceforth, be required to specifically mark the garage, open and covered parking space in the real estate projects per the approved plan and tag it to the allotted apartment. 

In addition to this, the regulatory body has also lead the instructions for the sale agreement. The notification further states that garage/covered parking space at the time of selling/allotment for monetary consideration, the type, the number, size, as well as the place where the garage is located should be mentioned in the agreement for sale. The information should be affixed to the sale agreement.

Ajoy Mehta, the secretary of MahaRERA stated that the MahaRERA took this step to tackle the complaints that they have been receiving from Mumbai and Pune citizens regarding the parking being allotted at the discretion of the developers. The latest regulatory steps leave no room for such complaints.

The instructions issued by the MahaRERA committee aims at bringing transparency to the real estate sector. There are over 29,000 ongoing properties in Maharashtra, and these norms abridge the communication and knowledge gap between the buyer and builder. 

The notification has been supported by activist Shrikant Joshi as the notification would act as a watchdog in the process of selling and buying real estate properties.

Furthermore, Ramesh Prabhu, the chairman of Maharashtra Societies Welfare and Association, stated that the previous decision of SC, HC, and MOFA Act mentions that the open parking can not be sold. And the developer is obligated to allocate the open parking area to society. 

MahaRERA has established several norms recently, like; developers are mandated to submit project reports and a report on sales of houses every quarter. Training sessions and certification of real estate agents have been introduced along with a steering committee to conduct these sessions. These practices are aimed to bring a certain level of consistency to a real estate agent’s behavior. The regulatory framework increases the scope of eliminating wrongful real estate sales. 

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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