Navigating MahaRERA’s New Parking Space Regulations: A Closer Look
Introduction
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recently implemented crucial revisions to its regulations regarding parking spaces within real estate projects. This detailed blog post is dedicated to elucidating Order No. 54/2024, dated 29.04.2024, which endeavors to resolve disputes and improve transparency in the allocation of parking spaces, in alignment with MahaRERA’s parking regulations.
Understanding the Background
Parking spaces have been a recurring source of contention in real estate transactions, often resulting in disputes over size, allocation, and documentation. Recognizing the need for clear guidelines, MahaRERA has taken proactive steps to standardize Maharera’s parking regulations.
Related:- Top 5 Rera Regulations Every Developer Should Know
Key Directives of Order No. 54/2024
This order builds upon the foundation laid by Circular No. 36/2021 and introduces several crucial directives:
Transparency in Allocation: Developers are now mandated to provide detailed information regarding the number, type, and dimensions of parking spaces in both the allotment letter and the sale agreement.
Definition of Dimensions: The term ‘size’ now includes the length and breadth for open areas, along with the vertical clearance for covered spaces like basement, podium, stilts and mechanised parking.
Documentation Standards: An approved parking layout plan must be annexed to relevant documents, offering a visual representation for the allottee.
Implications for Developers and Allottees:
Developers must strictly adhere to these standards, ensuring that all parking spaces meet the specified dimensions and are accurately documented. Allottees, on the other hand, benefit from clear information, enabling them to make well-informed decisions about their property purchases.
Ensuring Compliance:
With reference to Order no. 38/2022 dated 16/12/2022 certain clauses were made non-negotiable in terms of incorporating the same in the sale agreement. Order No. 54/2024 emphasises on incorporating the clauses annexed with the order in the allotment letter and the sale agreement and supplement the directions mentioned under Order No. 36/2021 as well as the non-negotiable clauses annexed with Order No. 38/2022.
Conclusion -
MahaRERA’s latest directive underscores its commitment to transparency and fairness within the real estate sector. By establishing clear standards for parking space allocation through MahaRERA’s parking regulations, the authority fosters a more harmonious industry environment. This initiative minimizes disputes and promotes mutual understanding between developers and property buyers.
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