Mumbai News: MahaRERA Mandate On Allocating Parking Spaces A Welcome Move

Mumbai News: MahaRERA Mandate On Allocating Parking Spaces A Welcome Move

Welcoming the move, President of CREDAI-MCHI, Domnic Romell said, “The MahaRERA's mandate is a significant step towards enhancing transparency and accountability in the real estate sector.

Bhalchandra ChorghadeUpdated: Tuesday, June 18, 2024, 08:33 PM IST
article-image
MAHARERA | File Photo

The allocation of parking spaces in cooperative housing societies often sparks disputes among residents. Limited parking availability and a growing number of vehicles aggravate the issue. Some residents feel favouritism or unfair practices are at play, particularly when parking spots are assigned. These disagreements lead to tensions within the community, impacting overall harmony.

With an aim to resolve these issues, the Maharashtra Real Estate Regulatory Authority (MahaRERA), in the month of April, made it mandatory for developers to include all details related to parking as part of annexures to the Allotment Letter and Agreement for Sale. The Authority also issued a model draft clause as part of the circular’s annexure, to be included in the legal documents, which includes all the details regarding the parking lot number, parking length, height, width, location of the parking block etc. in the building.

“This is a very thoughtful move from MahaRERA. With this, the Authority has stated that the developers will not be allowed to sell the parking in a haphazard manner and will have to comply with the rules stated. It will benefit most to the buyers since till now the developers used to keep the details regarding allotment of parking vague thereby creating confusion among people," President of Cooperative Societies Residents Association, Adv Vinod Sampat said.

"This move of MahaRERA will also plug loopholes that are prevailing in the system and initiate suitable action against those flouting the norms," Sampat said and added that the developers will have to pay huge penalties in case they violate the laid conditions.

Welcoming the move, President of CREDAI-MCHI, Domnic Romell said, “The MahaRERA's mandate is a significant step towards enhancing transparency and accountability in the real estate sector. By explicitly disclosing parking details, we can foster greater trust between developers and buyers, which is crucial for building long-term relationships. The buyer is well aware, while purchasing the flat, that the designated parking space belongs to them, and once the society is formed, it cannot alter the parking spaces allotted by the developer.”

Chairman of The Guardians Real Estate Advisory, Kaushal Agarwal said, “MahaRERA’s move will boost buyer confidence by providing clear, documented entitlements, and promote standardised practices across the industry. Developers have become more accountable, and compliance is easier to monitor. This regulation is expected to set a precedent, potentially influencing similar practices nationwide, and fostering a more transparent and reliable real estate market in Maharashtra.”

Stating that this will help prevent disputes and fraudulent practices related to parking slots, Managing Director, Ashar Group, Ajay Ashar said, "As a developer, I welcome this decision and believe that it will enhance the credibility of the industry." Echoing similar feelings, Managing Director of Gera Developments, Rohit Gera said, “MahaRERA was created with a view to increase transparency and provide greater clarity to home buyers. This is yet another step in the right direction."

Director of Ajmera Realty & Infra India, Dhaval Ajmera opined, “Parking-related issues are increasingly becoming more common than ever in gated communities and standalone buildings with limited parking slots. This move will help align the expectations of the home buyers and streamline parking-related issues further cementing MahaRERA’s strategic and home buyer-centric thinking.”

RECENT STORIES

Jain Community Starts Preparations For Chaturmas; Grand Welcoming Underway For Jain Monks Across...

Jain Community Starts Preparations For Chaturmas; Grand Welcoming Underway For Jain Monks Across...

Mumbai Rains: Flooding, 16 Tree Collapses, 5 Short Circuit Incidents Reported In Various Parts Of...

Mumbai Rains: Flooding, 16 Tree Collapses, 5 Short Circuit Incidents Reported In Various Parts Of...

Good News! Mumbai's Water Stock Increases By 1.51 Lakh Million Litres, Adding 39 Days Of Supply Amid...

Good News! Mumbai's Water Stock Increases By 1.51 Lakh Million Litres, Adding 39 Days Of Supply Amid...

Thane: 38-Year-Old Man Sentenced To Life Imprisonment Under POCSO Act For Kidnapping And Murdering...

Thane: 38-Year-Old Man Sentenced To Life Imprisonment Under POCSO Act For Kidnapping And Murdering...

Mumbai: PM Modi Lays Foundation For India’s Longest Urban Tunnel Between Borivali And Thane

Mumbai: PM Modi Lays Foundation For India’s Longest Urban Tunnel Between Borivali And Thane