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The Mumbai real estate industry is applauding recent efforts by the Maharashtra Real Estate Regulatory Authority (MahaRERA) in collaboration with CREDAI-MCHI, a leading industry body, to bring clarity regarding staircase and lift well calculations in building projects. This move is expected to benefit both developers and homebuyers by ensuring transparency and fair practices in construction projects.
Domnic Romell, President of CREDAI-MCHI, complimented the organisation. He stated that CREDAI-MCHI plays a proactive role in advocating for regulatory clarity in Mumbai's real estate.
Previously, the lack of clear guidelines on including staircases and lift wells in a building's carpet area, which determines property taxes and sale prices, created ambiguity and potential disputes, impacting project costs. MahaRERA, along with CREDAI-MCHI, actively engaged with the urban development department of the Maharashtra government to seek clarification on these crucial issues. Their efforts resulted in the implementation of specific regulations:
As per Regulation 48(5)(A) of the Development Control and Promotion-Exchange Rules, 2034, only the first staircase in a high-rise building is included in the carpet area calculation. Any additional staircases are subject to specific provisions.
Following the National Building Code, the area occupied by lift shafts is not included in the carpet area calculation on the same floor where the lift opens.
These clarifications offer significant advantages for various stakeholders in the Mumbai real estate market. Having clear guidelines removes uncertainty and allows developers to plan their projects more efficiently, potentially leading to lower project costs and faster completion times. This streamlined process can also foster investment and development in the city.
Transparency in calculations ensures fair pricing and reduces the risk of unexpected charges based on unclear regulations. This clarity empowers homebuyers to make informed decisions and fosters trust in the market.
Clear regulations streamline the approval process for construction projects, ensuring all parties adhere to established standards. This contributes to a more organized and efficient real estate market, potentially generating increased revenue through streamlined processes and adherence to regulations.
This development marks a positive step towards a more transparent and efficient real estate market in Mumbai. Continued collaboration between MahaRERA, industry bodies like CREDAI-MCHI, and stakeholders can create a more favourable environment for both developers and homebuyers, fostering a thriving and sustainable real estate sector in the city.
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