The Maharashtra Real Estate Regulatory Authority (MahaRERA) has floated a consultation paper on regulating the quality of construction of homes built by developers. However, initially developers can choose whether to come under the ambit of the regulatory framework or not.
The framework proposes appointing third party agencies to determine the quality of construction before giving possession to homebuyers. The agencies will be chosen by the developers.
The public can mail their suggestions and comments by December 31, 2023, to suggestions.maharera@gmail.com
The announcement in regard to this was first made in September 2023, when MahaRERA stated that homebuyers’ grievances may go down if a mechanism is put in place to ensure the delivery of quality homes.
Quality checks
According to MahaRERA, for most people purchasing a home is the single biggest investment they make. Given that, it is imperative to ensure early identification and correction of quality issues.
Per the MahaRERA consultation paper, third party inspections at different stages of a project allows promoters to address issues before handover, saving them time and money on repairs and maintenance.
"Issues found can be fixed before finishing a new home. Defects can be repaired before they result in serious consequences or costly damage. Therefore, it is proposed to introduce a third-party quality inspection mechanism to ensure a thorough assessment of construction quality," the consultation paper says.
Also read: MahaRERA to bring out discussion paper on monitoring quality of real estate projects
Optional initiative
According to MahaRERA, the initiative will initially be optional for all projects. Those that opt for this will be prominently featured on the MahaRERA website, ensuring that prospective homebuyers are informed during their decision-making process.
"As the ecosystem develops and matures, the third-party quality inspection initiative is envisioned to transition into a mandatory requirement for all real estate projects. This evolution will facilitate a clearer understanding of whether defects arise from mishandling by allottees, or inherent issues with the promoter's workmanship. This phased approach aims to enhance transparency, accountability, and overall quality assurance in the real estate sector," the consultation paper reads.
Also read: MahaRERA to grade real-estate projects every six months from April 2024
Current provision under the RERA Act
Section 14 (3) of the RERA Act stipulates that in case any structural defect or any other defect in workmanship, quality, provision of services, or any other obligation of the promoter is brought to the notice of the promoter (developer) within a period of five years after possession, it shall be the duty of the promoter to rectify such defects without further charge, within 30 days.
In the event of the promoter's failure to rectify such defects within such time, the aggrieved allottees shall be entitled to receive appropriate compensation in the manner provided under the Act.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
