MahaRERA's New Rules Enhance Accountability and Transparency: Dhaval Ajmera

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MahaRERA's New Rules Enhance Accountability and Transparency: Dhaval Ajmera

Team FS

02/Jul/2024

Key Points

MahaRERA's New Rules: Aim to bring in more accountability and transparency.
Good Move by MahaRERA: Dhaval Ajmera believes these rules are a positive step for the industry.
Refund Assurance: Money will be refunded from both separate and transaction accounts if necessary.

The real estate sector in India is witnessing a significant transformation with the implementation of new rules by the Maharashtra Real Estate Regulatory Authority (MahaRERA). According to Dhaval Ajmera of Ajmera Realty & Infra India, these new regulations are designed to bring about more accountability and transparency within the industry, which is expected to benefit both developers and consumers.

MahaRERA has introduced these rules with the primary objective of increasing accountability among real estate developers. By ensuring that all transactions are transparent and well-documented, MahaRERA aims to build trust between developers and buyers. This move is expected to mitigate the risks associated with real estate investments and enhance the overall credibility of the sector.

Dhaval Ajmera believes that the introduction of these new rules is a commendable step by MahaRERA. He stated, "The new regulations introduced by MahaRERA are a good move for the industry. They will not only bring in more accountability but also ensure that there is greater transparency in all real estate transactions."

One of the significant aspects of the new rules is the assurance of refunds. In case of a refund, the money will be returned from both the separate and transaction accounts. This measure is designed to protect the interests of the buyers and ensure that their investments are secure. By mandating that refunds come from dedicated accounts, MahaRERA is reinforcing the financial discipline among developers.

Despite the positive outlook, the first quarter of FY25 (Q1FY25) witnessed a slight slowdown in the real estate sector, attributed to the election season and the holidays. However, the sector saw a positive momentum, albeit slower than the previous quarters. This indicates that while there are challenges, the underlying growth drivers remain strong.

Dhaval Ajmera pointed out that the slowdown is temporary and the sector is poised for recovery. He noted, "Q1FY25 saw a little slowdown on the back of elections and the holiday season. However, the momentum is positive, even though it's slower compared to the previous few quarters."

The introduction of MahaRERA's new rules is a part of a broader effort to streamline the real estate sector in Maharashtra. By fostering an environment of transparency and accountability, these regulations aim to attract more investments and encourage sustainable growth in the sector. Developers are now required to maintain detailed records of all transactions, provide timely updates to buyers, and adhere to strict timelines for project completion.

Moreover, MahaRERA's focus on transparency is expected to reduce the number of disputes between buyers and developers. With clear guidelines and accountability measures in place, buyers can make informed decisions and have greater confidence in their investments. This is crucial for the long-term stability and growth of the real estate market.

The positive reception of MahaRERA's new rules by industry leaders like Dhaval Ajmera underscores the importance of regulatory reforms in driving industry growth. As the real estate sector continues to evolve, these measures will play a pivotal role in shaping a more transparent and accountable industry.

In conclusion, MahaRERA's new rules mark a significant step towards enhancing accountability and transparency in the real estate sector. The positive feedback from industry experts like Dhaval Ajmera highlights the potential of these regulations to bring about meaningful change. As the sector adapts to these new norms, stakeholders can expect a more reliable and investor-friendly environment, paving the way for sustained growth and development.

Investors and buyers are encouraged to stay informed about the latest developments in MahaRERA's regulations to make well-informed decisions. The continued focus on transparency and accountability will ensure that the real estate sector remains robust and trustworthy, benefiting all stakeholders involved.

Also Read : CAMS Aims for Over 20% Revenue Growth in FY25: Key Highlights from CEO Anuj Kumar's Interview

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MahaRERA's New Rules Enhance Accountability and Transparency: Dhaval Ajmera

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