Mumbai News: The MahaRERA Directive on Parking Space Allocation Welcomed

In support of the initiative, Domnic Romell, President of CREDAI-MCHI, remarked, ‘MahaRERA’s directive represents a crucial stride in promoting transparency and accountability within the real estate sector.

The allocation of parking spaces in cooperative housing societies often leads to disputes among residents, exacerbated by limited availability and a growing number of vehicles. Some residents perceive favoritism or unfair practices when parking spots are assigned, causing tensions and impacting community harmony.

In an effort to address these issues, the Maharashtra Real Estate Regulatory Authority (MahaRERA) mandated in April that developers must include comprehensive details about parking in annexures to the Allotment Letter and Agreement for Sale. The Authority also issued a model clause to be incorporated into legal documents, specifying details such as parking lot numbers, dimensions, location within the building, and other pertinent information.

“This move by MahaRERA is highly commendable,” remarked Adv Vinod Sampat, President of the Cooperative Societies Residents Association. “It ensures developers cannot arbitrarily sell parking spaces and must adhere to specified rules. This clarity will greatly benefit buyers, as developers previously maintained ambiguity regarding parking allotments, leading to confusion among residents.

Sampat further emphasized that this action by MahaRERA will address existing loopholes in the system and enforce appropriate penalties against those who disregard the regulations. He added that developers will face substantial fines if they fail to comply with the prescribed conditions.

Domnic Romell, President of CREDAI-MCHI, expressed his approval of the initiative, stating, ‘MahaRERA’s directive marks a significant stride in promoting transparency and accountability within the real estate sector. By clearly specifying parking details upfront, we can cultivate stronger trust between developers and buyers, crucial for fostering enduring relationships. Buyers will now have clarity that the parking space assigned to them is theirs upon flat purchase, with no alteration possible once the society is formed.

Kaushal Agarwal, Chairman of The Guardians Real Estate Advisory, commented, ‘MahaRERA’s initiative will enhance buyer confidence through clear and documented entitlements, promoting standardized practices across the industry. Developers are now held more accountable, with compliance easier to oversee. This regulation is poised to establish a benchmark, potentially influencing similar practices nationwide and fostering a transparent and reliable real estate market in Maharashtra.

Ajay Ashar, Managing Director of Ashar Group, emphasized that this measure would mitigate disputes and fraudulent practices concerning parking slots, stating, “As a developer, I commend this decision and believe it will bolster the industry’s credibility.” Similarly, Rohit Gera, Managing Director of Gera Developments, echoed these sentiments, saying, “MahaRERA was established to enhance transparency and provide clearer information to homebuyers. This move is another positive step in that direction.”

Dhaval Ajmera, Director of Ajmera Realty & Infra India, added his perspective, noting, “Issues related to parking are increasingly common in gated communities and standalone buildings with limited parking slots. This initiative will align homebuyers’ expectations and streamline parking-related matters, reinforcing MahaRERA’s strategic and buyer-centric approach.

Posted and reproduced in Public Interest by

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