Mumbai: In a major decision taken by the Maharashtra Real Estate Regulatory Authority (MahaRERA), for the first time, the new project registration certificate will provide crucial information about the real estate project. Meaning, one will get crucial information about the real estate project simply by going through the MahaRERA certificate and its annexure.

This homebuyer centric step has been taken by MahaRERA after taking into account the essential preliminary information a homebuyer needs pertaining to a housing project. The decision will be applicable with immediate effect for all the new housing projects.

So far, the MahaRERA registration certificate only mentioned project’s as well as promoter’s name and address in a single line. Hereon, this information will be displayed in bullet points to make it reader friendly.

For the first time, certificate’s annexure will include comprehensive details such as project’s total built-up area, names and number of buildings as well as wings, total number of habitable floors, total number of residential and non-residential units, Commencement Certificate (CC) showing construction permission granted up to which floor and total number of parking spaces for four-wheelers, two-wheelers and visitors.

During a project’s life-cycle, if the developer makes any amendments or updates related to the project, such as seeking deadline revision or entering into a joint venture or transferring the project to another company, these details will get reflected in the revised MahaRERA certificate issued for the realty project.

The promoters are mandated to prominently display this certificate at their respective project site as well as on the project website.

In addition, MahaRERA has already made it mandatory to include a QR code — containing project’s essential preliminary information — along with the project registration number in advertisements across all media. By scanning this QR code, one can easily access the key information related to the project.

MahaRERA Chairman Shri Manoj Saunik commented, “To purchase a property, most people invest their lifetime savings. To ensure the investment remains safe and secure, MahaRERA has been striving towards protecting the homebuyers’ rights. As part of these efforts, to further assist and guide home buyers, MahaRERA has initiated mentioning primary and crucial project details on the registration certificates issued to the new housing projects.”

Key highlights:

* Housing project details such as project’s and promoter's name, address, and registration number are now in bullet points for reader friendliness

* Mention of project’s total built-up area

* Name and number of building and wings in the project

* Total number of approved habitable floors

* Number of residential and non-residential buildings/ units

* Commencement Certificate showing construction approvals received up to which floor

* Total number of parking slots for four-wheelers, two-wheelers and visitors

* Additionally, if there are any corrections, timeline extensions or transfer of the project to another company, those details will get reflected in the revised registration certificate issued time-to-time