Everything You Want To Know About MahaRERA

Posted on 14th June 2017 Author: Planet Homes

Everything you might want to know about MahaRERA!

The Real Estate (Regulation and Development) Act - 2016 [RERA] has been implemented by Maharashtra State Government from 01 May, 2017. Making a very crucial contribution to the policy reforms initiated by the Central Government, RERA is aimed to regularize the real estate sector throughout the country.The Government of Maharashtra has established Maharashtra Real Estate Regulatory Authority (MahaRERA), for effective implementation of RERA. You can visit the official website of MahaRERA here https://maharera.mahaonline.gov.in.

Obviously, the urban areas are the main battleground for real estate market but RERA act would regularize all the real estate transactions, including that in the Maharashtra’s rural areas. All types of projects like residential, commercial, mixed development, redevelopment and plotting schemes, are covered in the ambit of RERA.

With the provisions of GST act and RERA act, the real estate industry would march into a new era in Maharashtra and India.

Whether a developer or a customer or an agent, here are a few deliberations about the RERA provisions that will definitely be useful for you…

  1. The developers will need to furnish the details of the experience of past 5 yearsin,property sales, estimated project cost, full disclosure about the construction project, payment schedules and material specifications, etc. for registering with the Maharashtra Real Estate Regulatory Authority.
  2. All areas of Maharashtra are included in the Planning Area, as defined in Section 2 (zh) of the act.
  3. All the entities that develop real estate project for sale, whether Public real estate promoters or Privatereal estate promoters, all are covered under RERA.
  4. Real Estate projects with, the land area of more than 500 sq. mt. or more than 8 units must be registered under RERA.
  5. All the advertisements for real estate projects, including the prospectus, emails, online/ offline ads, publicity in any form, must carry the MahaRERA registration number of the project.
  6. Developers would need to give compensation to the allottee in a case of a certain breach in the commitment like completion timeline and inferior delivery.
  7. If any promoter contravenes the provisions as per the act, they are liable to pay 10000 Rs per day and;the penalty amounting up to 10 % of the estimated project cost, if a developer fails to register.
  8. Promoters would need to provide a list of real estate agents who would be associated with the project while registering the project.
  9. As per section 29 of the act, the complaints should be resolvedwithin 60 days of filing the same.
  10. Legal entities like cooperative society, company, association, or Federation; has to be registered within three months from the date on which fiftyone per cent of the total number of purchasers, have bookedtheir apartment.
  11. The promoter has to register the project before starting any type of advertising for the project. Online applications for registration are accepted from May 01, 2017 on MahaRERA portal.
  12. There should be an escrow account for every registered project or registered phase of a project, in accordance with the provisions of the Act.
  13. Every Real Estate Agent who intends to facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a registered real estate project being sold by the promoter in any planning area in Maharashtra, shall have to apply for registration to Maharashtra Real Este Regulatory Authority (MahaRERA).
  14. Digital media listings by builders/agents need not get approval from MahaRERA, but the project being advertised must be registered with MahaRERA.

Maharashtra is one of the 13 states that have notified the RERA regulation in India. We shall have more clarity regarding the provisions of the act in future. We hope this information was useful for you. Please send us your comments on this article and your thoughts on the RERA, Planet Homes shall be happy to hear more from you.

For any further clarity regarding Real Estate market of Maharashtra, you can call Planet Homes on 022-4125 6000 or send an email to info@planethomes.in.

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