April 18, 2021

Mumbai realtors will now have to reveal the number of allotted flats: Maha. Govt.

The Maharashtra Government has asked the real estate developers of Mumbai to disclose the allocation details containing the number of apartments/flats sold or allotted to the home seekers and/or investors. This process has been initiated to avoid the selling off of the same flat to several buyers at different interval of time.

The Govt. has also mandated to disclose the size of the allotted flat/s as per the carpet area. It has also clearly been mentioned in the government orders, that the flats sold earlier by the builders based on other defining parameters like super built-up area, super area, etc., will also have to reveal the size as per the amended factors.

These crucial amendments have been now added in the Maharashtra Real Estate (Regulation & Development) (Registration of Real Estate Agents, Registration of Real Estate Projects, Disclosures on websites and Rates of Interest) Rules, 2017. The execution of the same will be soon seen in the new purchases and allotments done in Maharashtra.

After the circulation of these mandatory regulations, top realtors in Maharashtra will also get a chance to showcase their transparency and authenticity in every property or flats/apartments they sell. This will not only improve the buyer-seller relationship but will also keep things crystal clear.

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