Development Agreement Format under Maharera

Development Agreement Format Under Maharashtra Real Estate Regulatory Authority

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is responsible for regulating the real estate industry in Maharashtra. MahaRERA has made it mandatory for developers to sign a development agreement with the buyers. The development agreement format has been prescribed by MahaRERA and all developers must follow it.

The development agreement is a legal document that lays down the terms and conditions of the project. It contains all the details of the project, the timelines, and the payment structure. The development agreement also outlines the rights and responsibilities of both the developer and the buyer.

The development agreement format under MahaRERA is a standard format that must be followed by all developers. The agreement must be signed by both the developer and the buyer before the commencement of the project. Once the agreement is signed, it becomes a legally binding document.

The development agreement format under MahaRERA contains the following clauses:

1. Project Details: This clause contains details about the project such as the name of the project, the location, the land area, and the number of units.

2. Payment Structure: This clause outlines the payment structure of the project. It contains details about the payment schedule, the amount of payment to be made at each stage, and the penalties for delay in payment.

3. Timelines: This clause contains details about the timelines of the project. It outlines the expected date of completion and the penalties for delay in completion.

4. Rights and Responsibilities: This clause outlines the rights and responsibilities of both the developer and the buyer. It contains details about the responsibilities of the developer, such as obtaining all necessary approvals and providing all amenities. It also outlines the rights of the buyer, such as the right to inspect the project.

5. Termination: This clause contains details about the termination of the agreement. It outlines the circumstances under which the agreement can be terminated and the penalties for termination.

In conclusion, the development agreement format under MahaRERA is a standard format that all developers must follow. It is a legally binding document that protects the interests of both the developer and the buyer. The agreement must be signed before the commencement of the project and contains details about the project, payment structure, timelines, rights and responsibilities, and termination.