Maharashtra Real Estate Regulatory Authority (MahaRERA) to Consider Regulations on Monitoring Quality of Construction
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is considering regulations on monitoring the quality of construction of real estate projects in the state. This move is aimed at protecting homebuyers from poor-quality projects and ensuring that they get the value for their money.
MahaRERA Chairman Ajoy Mehta said that the authority is drafting a discussion paper on the matter, which is expected to be made public in the coming days. The discussion paper will outline the proposed regulations and procedures for monitoring the quality of construction.
Under the Real Estate (Regulation and Development) Act, 2016 (RERA Act), the defect liability period for a real estate project is five years from the date of possession. This means that the developer is liable for any defects that might be reported in the unit during this period.
However, homebuyers often complain that developers deliver projects with poor construction quality, which leads to defects that are not covered by the defect liability period. This can be a major inconvenience and expense for homebuyers.
The move by MahaRERA to introduce regulations on monitoring the quality of construction is a welcome step. It will help to ensure that developers are held accountable for the quality of their projects and that homebuyers get the quality of construction that they have paid for.
MahaRERA is considering regulations on monitoring the quality of construction of real estate projects in the state. This move is aimed at protecting homebuyers from poor-quality projects and ensuring that they get the value for their money.
The discussion paper on the proposed regulations is expected to be made public in the coming days. The regulations are likely to focus on holding developers accountable for the quality of their projects and ensuring that homebuyers get the quality of construction that they have paid for.
This move is a positive step for the real estate sector in Maharashtra. It will help to improve the quality of construction and protect homebuyers from unscrupulous developers.
- 22 Sep
Investing in Land for Rental Yields: A Lucrative Opportunity
Investing in land and renting it out can be a good way to generate income and capital appreciation. However, it is important to do your research and invest in the right locations. The key factors to consider include proximity to the city center, upcoming infrastructure, social amenities, tourist attractions, and affordability.
- 20 Sep
Flexible Office Space Market in India to Reach 81 MSF by 2025: Report
The flexible office space market in India is expected to grow rapidly in the coming years, driven by rising demand from startups, SMEs, and large enterprises, as well as the increasing adoption of hybrid work models. The market is still at a nascent stage, but it has grown rapidly in recent years, with over 7.6 lakh seats now available. Prominent office areas such as Whitefield in Bengaluru, Hitec City in Hyderabad, Baner in Pune, Andheri (E) in Mumbai, and DLF Cybercity in Gurugram are popular with flexible space operators and occupiers. Overall, the flexible office space market in India is poised for strong growth in the coming years.
- 20 Sep
Hotels in Noida and Greater Noida charge high room rates ahead of two international events
Hotels in Noida and Greater Noida are witnessing robust demand ahead of two international events, the MotoGP Indian Grand Prix and the UP International Trade Show. Room rates have risen appreciably, with some hotels charging up to Rs 25,000 per night. The upward spiral in hotel tariffs has spilled over to adjoining areas like Ghaziabad, Kaushambi and Vaishali in Uttar Pradesh, and parts of Delhi. Visitors are also choosing alternative options like Airbnb rooms. The surge in demand for rooms is a positive sign for the hospitality industry in the area.
- 18 Sep
MHADA announces lottery for sale of affordable homes in satellite towns near Mumbai and Pune
MHADA has announced a lottery for the sale of affordable homes in satellite towns near Mumbai and Pune. The lottery will be held for the sale of 5,311 homes in Mumbai and 5,863 homes in Pune. The homes will be in the range of Rs 9 to 49 lakh in Mumbai and Rs 5 lakh to 1.11 crore in Pune. Over 1,000 homes in Mumbai are being sold under the Pradhan Mantri Awas Yojana (PMAY). The registration process for the lottery is completely online and available on https://housing.mhada.gov.in/ The lottery results will be announced on November 7, 2023 for the Mumbai lottery and on an unspecified date for the Pune lottery.
- 15 Sep
Engineering and Manufacturing Sector Becomes a Major Office Leasing Force in India
The Engineering and Manufacturing sector is becoming a major force in the Indian office leasing market. The sector's growth is being driven by government policies and the increasing demand for chip manufacturing and electronic equipment. The sector's expansion is also creating new opportunities for real estate development in the peripheral locations of major cities.