In a major move to protect homebuyers and enhance transparency in the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced new guidelines mandating developers to compensate affected homebuyers within 60 days. This step aims to strengthen accountability and streamline grievance redressal procedures, ensuring that buyers do not face prolonged delays in receiving their rightful dues.
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Mandatory 60-Day Compensation Timeline:
Developers must compensate or refund homebuyers within 60 days of a MahaRERA order without delays or extensions. -
Strict Compliance Monitoring:
MahaRERA will track each compensation order through a dedicated online monitoring system to ensure timely payments. -
Clear Compensation Clauses in Agreements:
Developers must clearly mention compensation terms, timelines, interest rates, and penalty clauses in the Agreement for Sale. -
Penalties for Delay in Payment:
Non-compliance or delays beyond 60 days will lead to penalties, interest charges, or suspension of project registration. -
Personal Liability of Promoters:
In case of default, the promoter’s personal responsibility will be established to ensure payment is not delayed due to project-level issues. -
Mandatory Declaration of Financial Readiness:
Developers must declare that they have sufficient financial provision to handle compensation claims promptly. -
Digital Payment Confirmation:
Once compensation is made, developers must upload proof of payment on the MahaRERA portal for verification. -
Conciliation First Approach:
Homebuyers and developers are encouraged to resolve disputes via the MahaRERA Conciliation Forum before litigation. -
Possession Delay Accountability:
Any delay in possession will automatically trigger compensation eligibility, based on RERA-specified interest. -
Legal Action for Repeated Violations:
Developers repeatedly violating the compensation guidelines may face legal action, including prosecution.
