The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a new Standard Operating Procedure (SOP) designed to expedite the disbursement of compensation to homebuyers who have experienced delays, construction issues, or lack of amenities. This framework, announced on November 22, aims to enforce compensation orders within a 60-day timeframe, representing a significant advancement in the state’s commitment to safeguarding consumer rights in the real estate industry.
According to the updated protocol, MahaRERA is empowered to escalate cases of non-compliance to the Principal Civil Court for enforcement if developers do not adhere to the stipulated deadlines. In severe cases, builders may face imprisonment for a duration of up to three months, as adjudicated by the court.
The SOP introduces a systematic, time-sensitive method for recovery, aiming to alleviate the extensive delays that have historically plagued homebuyers. A representative from MahaRERA indicated that the framework emphasizes efficiency, noting that homebuyers have the option to submit a non-compliance application if compensation is not received within the 60-day period. Subsequently, a hearing will be arranged within four weeks.
Developers identified as being in violation are allowed a limited period to rectify the situation; ongoing non-compliance results in the requirement to submit comprehensive affidavits detailing assets, bank accounts, and investments. Non-cooperation may result in asset seizure by the District Collector or escalation to the Principal Civil Court.
Industry professionals have received the SOP positively, viewing it as a significant advancement for consumer rights, while highlighting the necessity for thorough implementation. A legal expert remarked, “The framework is encouraging, but it is essential that timelines are consistently enforced to achieve meaningful outcomes.”
Another solicitor pointed out that the real-time oversight of recovery warrants and the reduction of adjournments will be vital in guaranteeing that homebuyers obtain prompt relief. MahaRERA handles a multitude of complaints annually, often concerning delayed possession, inferior construction quality, and unmet commitments regarding amenities like parking and community facilities.
The new SOP enhances the adjudication process by setting forth clear procedural milestones, thereby aiming to diminish uncertainty and improve accountability among developers. This initiative also corresponds with wider goals of fair and sustainable urban development.
By guaranteeing timely compensation, homebuyers are in a stronger position to attain financial stability and make well-informed choices in the housing market, thereby fostering inclusive growth and responsible urbanization. Although the SOP implements more robust enforcement mechanisms, experts warn that its effectiveness will rely on proactive monitoring and compliance with timelines by all parties involved.
Citizens and consumer organizations are urged to interact with the authority to ensure successful implementation, indicating a shift towards increased transparency and accountability in Maharashtra’s real estate industry.
