All You Need to Know About RERA in Maharashtra
The Real Estate (Regulation and Development) Act, 2016, also known as RERA Act India, is a legislation enacted by the Government of India to safeguard the interests of homebuyers and promote transparency and accountability in the real estate sector.
It was introduced to address the challenges and issues of the real estate market. RERA Act India establishes a regulatory framework and promotes transparency, accountability, and efficiency in the real estate sector, and overall helps make the process smooth for the buyers.
About RERA Maharashtra
The Maharashtra government established the statutory body Maharashtra Real Estate Regulatory Authority (MahaRERA) under the Real Estate (Regulation and Development) Act, 2016.
The MahaRERA governs the implementation of RERA provisions in the state with regards to registration, applicability, buying and selling, and more.
Streamlining Project Completion and Legal Compliance
Furthermore, MahaRERA plays a pivotal role in ensuring that real estate developers adhere to project completion timelines and utilize funds appropriately. By mandating the creation of separate project-specific accounts and monitoring the progress of developments, MahaRERA safeguards the interests of buyers and minimizes project delays and financial mismanagement.
For 3 BHK in Chembur and other regions, homebuyers in Maharashtra should consider projects registered under MahaRERA for enhanced protection and legal compliance. To explore a diverse range of options that prioritize transparency, accountability, and consumer welfare, visiting reputable developers like Puravankara is highly recommended.
Key Functions and Services Offered by RERA Maharashtra:
Applicability
RERA Maharashtra or MahaRERA regulation is applicable to both ongoing and upcoming real estate projects in Maharashtra. It covers residential as well as commercial projects in the state. MahaRERA rules and regulations are applicable to developers, promoters, real estate agents, and buyers equally.
Registration
All real estate projects in Maharashtra need to be registered with MahaRERA. Real estate agents and developers must be registered with RERA Maharashtra before they can sell or develop real estate projects in the state. The registration fee may vary depending on the type of the project, like whether it is existing or new.
Grievance redressal
MahaRERA has a system in place for speedy grievance redressal. Homebuyers have the right to file complaints with MahaRERA against real estate developers if they are not satisfied with the quality of construction, delay in delivery, or any other issue.
Penalties and fine
Everyone to whom RERA rules are applicable are liable to face consequences of regulatory compliance. MahaRERA has the power to impose penalties on real estate developers for violating the Act. Failure to comply with the RERA provisions can result in imprisonment for up to 3 years in addition to fine in amount.
Dispute Resolution
MahaRERA has an efficient dispute resolution mechanism in place to address grievances and disputes between buyers and developers. It aims to provide timely resolutions and ensure justice.
● Online Services: Users can refer to the MahaRERA website to know about the latest updates, guidelines for compliance project and agent registration, tracking project status, and lodging complaints, and more.
Benefits of MahaRERA
The MahaRERA offers several benefits to homebuyers, including:
Transparency in Process
RERA requires real estate developers to disclose all relevant information about their projects, such as the project plan, the land title, the construction schedule, and the payment plan. This information helps homebuyers to make informed decisions about their investments.
Redressal Mechanism
RERA provides a forum for homebuyers to file complaints against real estate developers if they are not satisfied with the quality of construction, delay in delivery, or any other issue. RERA in Maharashtra has the power to investigate complaints and to take action against real estate developers who violate the Act.
Reducing Fraudulent Practices
MahaRERA acts as a deterrent against fraudulent practices by enforcing strict penalties and remedies for developers and promoters engaging in unfair practices.
Timely Project Completion
MahaRERA ensures that developers adhere to the project completion timeline mentioned in the agreement, minimising delays and protecting the interests of buyers.
Legal Compliance
RERA Maharashtra makes it mandatory for developers to use the funds collected from investors only for the specific project; they cannot redirect them to any other project. The down payment rate is also currently at 10%, and non-compliance of legal formalities and regulations for RERA in Maharashtra is punishable with imprisonment along with fine.
Reliability
As per the developers need to deposit a sum of 70% of all funds for a particular project in a single account, which can only be used for the construction and costs incurred for the land. Additionally, the developers are required to report the progress on the project(s) on a regular basis to the regulatory authorities, and failure to do so could lead to recrimination.
RERA Registration Process for Agents in Maharashtra
1. Visit https://maharerait.mahaonline.gov.in/ and click on New Registration > Real Estate Agent.
2. Fill in personal details like your mobile number and email ID, and create login credentials.
3. You will receive a verification link on your email ID to confirm details and activate your account.
4. After email verification is done, you would be redirected to the portal to login.
5. Once logged in the portal, you can fill in other details like your project details and proceed to make the payment.
6. Once everything is verified, you’ll receive your registration certificate within 30 days.
7. Renew your certificate every 5 years by submitting a renewal application and paying the fees.
Mandatory information required by Real Estate Agents when registering for RERA
1. Personal details of the agent, including name, address, contact information, PAN card number, and Aadhar card number.
2. Educational qualifications of the agent.
3. Details of the real estate agency, including name, address, contact information, and PAN card number.
4. A statement of the type of properties that the agent deals with, such as residential, commercial, or industrial.
5. A statement of the geographic area where the agent operates.
6. Details of ongoing projects that the agent is currently involved with, including project names, addresses, and status.
7. A declaration that the agent has not been convicted of any criminal offence.
8. A declaration that the agent will comply with the rules and regulations of RERA.
9. Scanned copies of the PAN card, Aadhar card, and photograph of the agent.
10. Scanned copies of the PAN card and address proof of the real estate agency.
Document Checklist to register in RERA Maharashtra:
For Promoter
● PAN Card
● Copy of the legal title report
● Details of encumbrances
● Copy of the layout approval and building plan approval
● Signed proforma of the allotment letter and agreement for sale.
● Declaration in Form B
● Certificates from the architect (Form 1 – for ongoing projects)
● Certificates from the architect (Form 4)
● Certificates from the CA (Form 3)
● Certificates from the CA (Form 5)
● Certificates from the Engineer (Form 2 – for ongoing projects)
● Commencement certificates
For Individual Real-Estate Agent
● PAN Card
● Particulars of Registration including the byelaws
● Memorandum of association
● Articles of association
● Self-certified copies of all letterheads
● Self-certified copy of letterhead rubber stamp
● Acknowledgement receipts proposed to be used by the real estate agent.
● Incomes tax returns of the previous 3 years
● Any pending criminal or civil cases
Company, Society, Partnership Firm, Trust, Development Authority, or Proprietorship Firm
● Self-attested copy of PAN Card of firm or company
● Address and contact information along with proof of address
● Income Tax Returns and Financial Statements for the previous 3 years
● Details of past projects launched or completed in the previous 5 years.
● Name, Address, Photo, contact details of proprietor, partner and/or director and any other authorised person.
● Name of project and proposed date of completion
● Copy of cheque of different bank account opened for the project.
● Copy of legal title report from lawyer
To make the payment
● Application fee for registration in RERA Maharashtra
● Online payment details
Project Registration Charges at RERA Maharashtra
For individual real estate agents:
Rs. 10,000: Up to 1000 sq. m or up to 12 units
For real estate partnership firm:
Rs. 1 lakh: Up to 1,000 sq. m or up to 12 units
More than 1,000 sq. m or more than 12 units: Rs. 5 per sq.m. extra in both cases.
Registering a Complaint on Maha RERA website:
● Register yourself on the online portal of the official website of MahaRERA
● Click on ‘New Registration’
● Enter the details like mobile number and email ID and create your login credentials.
● Login to the portal by entering your username and password.
● Click on ‘Accounts’ > ‘My Profile’.
● Enter details like name, official address, mobile number, and Email ID
● Select the ‘Complaint Details’ tab > ‘Add New Complaints’. Fill in the details as instructed.
● Upload documents and declaration
● Once you’ve filed the complaint, click on the payment tab. You can make the payment either through online or offline mode.
RERA Maharashtra Office Contact and Address Details (Head Office)
Maharashtra Real Estate Regulatory Authority, 3rd Floor, A-Wing, Slum Rehabilitation Authority, Administrative Building, Anant Kanekar Marg, Bandra (E), Mumbai 400051.
Phone No.: 022-68111600
Conclusion
While investing in a real estate project, it is necessary to ensure that the project agreement, the payment plan, and the time schedule for completion of the project is in place, which is made possible under RERA regulations.
Buying a property in Maharashtra requires full compliance under the RERA regulations so you can protect your interests and ensure that you get a good deal.
