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MahaRERA, the Maharashtra Real Estate Regulatory Authority, is embarking on an ambitious initiative to enhance the quality of real estate construction in the region. The regulatory body is in the process of developing a comprehensive framework for quality assurance reporting that will empower homebuyers with crucial information while also raising the standards of construction in the real estate sector. This innovative approach seeks to minimize the likelihood of defects occurring in realty projects, ultimately benefiting both developers and homebuyers.
Under the Real Estate (Regulation and Development) Act, there is a provision for a defect liability period, which allows allottees (homebuyers) to seek rectification of structural defects, workmanship issues, or any other defects in quality or services provided by the promoter within five years from the date of possession. In case the developer fails to address these defects, allottees are entitled to receive compensation.
A high-ranking official from MahaRERA articulated the vision behind this initiative, stating, "MahaRERA is envisaging a situation wherein the allottee is not forced to seek rectification or even pursue compensation if the developer fails to deliver." This approach aims to prevent defects from arising in the first place by enforcing rigorous standards throughout the construction process, ensuring that the final outcome is free from defects and adheres to strict quality benchmarks.
MahaRERA is committed to engaging all stakeholders in the real estate sector to ensure the success of this novel approach. The regulatory body has reached out to self-regulatory organizations representing developers to solicit their input and recommendations for the development of the framework for quality assurance reporting. By actively involving developers in this process, MahaRERA aims to create a collaborative atmosphere that prioritizes quality and consumer satisfaction.
In essence, MahaRERA's innovative approach revolves around the creation of a robust quality assurance reporting framework that empowers homebuyers with valuable information about the quality of materials, workmanship, and construction standards. By making this information readily available to potential buyers, MahaRERA is enhancing transparency and enabling homebuyers to make informed decisions when investing in real estate projects. Furthermore, by setting rigorous quality standards and ensuring their adherence during construction, the regulatory authority aims to proactively prevent defects, thus reducing the likelihood of disputes and compensation claims in the post-possession phase.
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