MahaRERA invitations provision for developers to submit self-declaration of project quality

Under this draft regulation, developers are required to furnish detailed information on the technical aspects of their projects through a self-certification declaration. The draft is available for review on the MahaRERA website, and stakeholders are encouraged to share their feedback by May 23.

Initially, compliance with the new regulations will be voluntary. Developers who opt into the system will be listed on the MahaRERA website, enhancing their reputation with potential homebuyers. However, eventually, compliance will become mandatory for all developers, as stated by MahaRERA officials.

The Real Estate (Regulation and Development) Act, 2016 already includes provisions for defect liability, holding developers responsible for rectifying structural defects at their own expense within the first five years. To further safeguard home buyers’ interests, the draft regulation aims to establish processes and standards to minimize the occurrence of defects.

These measures are intended to guarantee that construction projects adhere to high standards of quality and safety, benefiting homebuyers and bolstering the overall credibility of the real estate sector.