Buyers Could Officially Buy Parking Lots by Clara Lewis TNN 30 OCt 2016
MUMBAI: Buyers will soon be able to officially buy a parking slot while purchasing a flat. The Maharashtra government is in the process of finalising rules for implementation of the Real Estate (Regulation and Development) (RERA) bill.
Once these rules are in place, the government will appoint a three-member authority to ensure registration of developers, look into complaints and regulate the real estate industry. A tribunal will also be set up where orders of the authority can be challenged and an adjudicating would be appointed to ensure arbitration of fines.
Officials said while a Supreme Court order based on the Maharashtra Ownership of Flats Act (MOFA) today does not allow a developer to sell a parking slot, under the RERA Act, it is identified as a unit and can be sold.
A developer will not be ab le to advertise or sell flats unless the project is registered with the authority . Even ongoing projects that have not been issued a completion certificate will need to register with RERA within 90 days of the Act coming into force.
For a project to be registered, the developer will be required to disclose the land details, the sanctioned layout plan, sanctioned building plans, the commencement certificate and also the total number of buildings that will be finally constructed.
The developer will also need to register details of real estate agents, including their registration numbers, who will market the flats. Real estate agents have to independently register with the authority .
"The developer can sell flats only up to the floor which has a commencement certificate. Even if he plans to build a 100-storey building but has a CC only for the first ten floors, he can sell flats only up to the tenth floor," said officials.
The developer will need to declare the time frame within which the project will be completed. Under the proposed rules, the authority can allow an extension of one year provided the developer gives an explanation for the delay. Beyond one year, the developer will be fined for every single day of delay. The maxi mum fine that is proposed is 10% of the project cost.
The setting up of the authority will enable buyers to make an informed choice. Buyers will only need to download information from RERA before purchasing a flat. Details of the entire layout with open spaces, parking lots and amenities will be available on the website.
The developer will also be required to update the sale figures every three months. So, buyers will know exactly how many flats have been sold.
"RERA's role will be to regulate and help develop the real estate market. Rules are being framed to facilitate redevelopment, SRA and timely completion of projects. Once finalized, the government will seek objections and suggestions from the public," said officials.
The authority will be in place by April-end and the website will be ready within three months, said officials.