June 21, 2024

Maharera’s New Parking Rules Boost Transparency in Maharashtra Property Market

Just recently, many real estate developers in Maharashtra have received complaints related to parking spaces. These are primarily associated with obstructions and insufficient space for moving the vehicles from the parking area. Hence, there was a need to standardize the regulations. With this in mind, MAHARERA (Maharashtra Real Estate Regulatory Authority) has included information regarding parking in the Sale Agreements. The regulatory body has now addressed the problems regarding parking provisions in residential areas.

In this article, you will learn more about parking rules and how they have ensured transparency in real estate in Maharashtra.

What has been covered under the MAHARERA parking rules? 

MAHARERA has recently implemented some guidelines regarding parking provisions in real estate development projects. Here are the details of the parking rules.  

Parking Requirements
The regulatory body has stated the minimum number of parking spaces in residential areas. But this number will depend on the size of the area and residential units. 

Parking Space Allocation
As the clauses were presented, they ensured equality by outlining the ways in which the parking spaces had to be allocated. This includes provisions for exclusive spaces and those meant for visitors.  

Parking Space Standards
Certain standards are now set with regard to dimensions, layout, and various amenities. This will help in meeting the requirements of residents and complying with the regulations.  

Subsequently, the regulatory body has presented guidelines for managing and maintaining parking facilities. This includes rules for upkeep and security as well. However, if you wish to keep yourself updated with the current parking rules and Maharashtra’s real estate laws, then you have to go through the documents of MAHARERA or consult legal experts. Check out the article to know more about the MAHARERA act.

How will MAHARERA parking rules be beneficial to homebuyers?  

MAHARERA parking rules will surely benefit homeowners as they aim to bring transparency.  

As the rules provide clear guidelines about the parking spaces, homebuyers will know whether they can use the space. They will also know whether they have to bear associated costs. 

Protection of Rights
While MAHARERA lays parking norms, developers can’t change parking allocations suddenly. They will also not be able to charge hefty fees for the spaces. This will reduce the likelihood of disputes between developers and homebuyers.  

Quality Assurance
Regulations by MAHARERA will often lead developers to offer parking spaces that meet certain standards. This will ensure that the parking space is safe for the homeowners.  

Increase in Property Value
When properties comply with the parking rules, they can have a high resale value. Such provisions will certainly appeal and garner the attention of those who are seeking a house.  

Improvements in Urban Planning
By offering parking provisions, MAHARERA will contribute towards new developments in Maharashtra’s property market. This will reduce traffic and the issues related to parking vehicles.

What will buyers have to do before purchasing a property?

When families are soon going to purchase a property, they have to understand the parking provisions. Here’s what they have to do ahead of time.  

Go through MAHARERA Regulations
When homebuyers become familiar with the parking regulations, they will understand the standards.

Confirm Parking Provisions
Before proceeding with the purchase, buyers will have to confirm whether the parking provisions are provided. They have to check the number of parking spaces and the restrictions by going through the sale agreement.

Comprehend Parking Rights
As buyers are about to sign the agreement, they should ensure that the parking space has to be shared with other residents. This will mitigate confusion and disputes in the future. 

Assess the parking facilities
While evaluating parking facilities, homebuyers have to consider factors like the size of the space and proximity to the residential area. 

Check on Parking Management
By inquiring about parking facilities, the homebuyers will understand parking rules and whether they have to bear operational costs. 

What do real estate developers have to do before selling properties?

Before selling properties, real estate developers have to ensure compliance as well as transparency.  

Project Registration
By registering the real estate projects with MAHARERA, developers can present the project layouts along with parking provisions. They also have to disclose everything that’s related to the real estate project.

Follow approval plans
With time, developers have to make sure that the project is developed as per the approved plans submitted to MAHARERA. If there are any deviations, then that has to be communicated to buyers and approved by the regulatory body.

Transparent Pricing
When buyers are about to finalize a deal, developers have to disclose the overall price of the property, along with the actual selling price and fees or taxes. These details have to be communicated to the buyers.

Towards the end, developers have to ensure compliance with the MAHARERA parking rules and offer ample parking facilities. This will include stating the number of parking spaces for every unit and the associated charges. 

Finally, MAHARERA has come up with a clause that has to be included in legal documents. This clause speaks about the parking length and location of the parking area in residential complexes. Such a type of clause will actually prevent disputes while families start living in the buildings. Moreover, the real estate developer is not allowed to negotiate regarding parking provisions. MAHARERA will also not accept anything if changes are made to the documents after the permission of homebuyers.

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