Allottee Power: Unveiling Your RERA Rights in Maharashtra (By CA Lalit Pawar)
Under the Real Estate (Regulation and Development) Act, 2016 (RERA), homebuyers are legally recognized as “Allottees.” This designation comes with a robust set of rights designed to protect their investments and ensure a fair and transparent real estate transaction. While the right to timely possession is a well-known benefit of RERA, the Act goes far beyond that.
MahaRERA (Maharashtra RERA) empowers Allottees with extensive rights related to information, documentation, and grievance redressal, which are crucial for navigating the home-buying journey successfully. As a Chartered Accountant and RERA consultant based in Maharashtra, I, CA Lalit Pawar, frequently advise Allottees on how to leverage these rights. Let’s delve into the comprehensive rights granted to Allottees under MahaRERA.
⚖️ Who is an “Allottee” under MahaRERA?
An “Allottee” is defined under RERA as any person to whom a plot, apartment, or building has been allotted, sold, or otherwise transferred by the promoter. Essentially, if you’ve booked a property and paid a booking amount, you are considered an Allottee with all the rights that come with it.
🔑 Comprehensive Rights of Allottees Under MahaRERA:
MahaRERA grants Allottees a wide array of rights designed to protect their interests at every stage of the real estate transaction:
- Right to Information: Allottees have the right to obtain complete and accurate information about the project, including the approved plans, specifications, amenities, construction progress, and financial details. Promoters are obligated to provide this information upon request. The RERA website for each project acts as a primary source of project information.
- Right to Access Documents: Allottees have the right to access and obtain copies of all relevant documents related to the project, including the title deed, building approval plan, commencement certificate, occupancy certificate, and insurance policies.
- Right to Know Stage-wise Completion Schedule: Allottees are entitled to receive a clear and detailed stage-wise schedule for the completion of the project, outlining the timelines for each phase of construction.
- Right to Claim Possession: The most well-known right is the right to claim possession of the allotted unit within the agreed-upon timeline. If the promoter fails to deliver possession on time, the Allottee has the right to seek compensation or withdraw from the project.
- Right to Know About Changes: Allottees have the right to be informed about any material changes or alterations to the project, including changes to the approved plan, layout, or amenities. The promoter must obtain the consent of at least two-thirds of the Allottees before making any such changes.
- Right to Redressal of Grievances: Allottees have the right to file complaints with the RERA authority if they have any grievances related to the project or the promoter’s conduct. The RERA authority is obligated to investigate these complaints and take appropriate action.
- Right to Refund in Case of Default: If the promoter defaults on their obligations, such as failing to complete the project on time or diverting funds, the Allottee has the right to claim a full refund of the amount paid, along with interest and compensation.
- Right to Obtain Necessary Documents After Possession: Even after receiving possession, Allottees have the right to obtain necessary documents such as the Completion Certificate, Occupancy Certificate and conveyance deed (transfer of title) from the promoter.
- Right to form an association or society Allottees can form an associations and the promoter needs to give all details regarding the allottees.
📝 Exercising Your Rights: A Practical Guide for Allottees
To effectively exercise your rights as an Allottee under MahaRERA, consider the following steps:
- Stay Informed: Regularly check the MahaRERA website for updates on your project.
- Document Everything: Maintain a record of all communications with the promoter, including emails, letters, and meeting minutes.
- Seek Professional Advice: Consult with a real estate lawyer or RERA consultant if you have any questions or concerns.
- File Complaints Promptly: If you have any grievances, file a complaint with the RERA authority without delay.
The Importance of Awareness:
Many Allottees are unaware of the full extent of their rights under MahaRERA. By educating yourself about these rights, you can protect your investment, ensure a smooth and transparent home-buying experience, and hold developers accountable for their commitments.
Conclusion: Empowering Homebuyers in Maharashtra
MahaRERA empowers homebuyers in Maharashtra by granting them a comprehensive set of rights. By understanding and exercising these rights, Allottees can navigate the real estate market with confidence and ensure that their investments are protected. Remember, knowledge is power, and informed homebuyers are the key to a fair and transparent real estate sector.
For More information, please refer original order @ MahaRERA Website:
Blog by CA Lalit Pawar
Disclaimer: This blog provides general information about Allottee rights under MahaRERA. For specific legal advice and guidance related to your situation, please consult with a RERA expert or a real estate lawyer. Always refer to the official MahaRERA website (maharera.mahaonline.gov.in) for the most up-to-date information.
Note: As per ICAI guidelines, please remember that this content is for informational purposes only and does not constitute professional advice. Consult a qualified professional for specific guidance related to your situation.