MAHA RERA: All You Need to Know about RERA in Maharashtra

Overview of RERA Act India

• The Real Estate (Regulation and Development) Act, 2016, is a legislation by the Government of India.
• Aims to protect homebuyers and ensure transparency and accountability in the real estate sector.

About RERA Maharashtra

• Maharashtra Real Estate Regulatory Authority (MahaRERA) established under RERA Act.
• Manages implementation of RERA provisions in Maharashtra for project registration, regulation, buying, and selling.

Key Roles

• Project Completion & Legal Compliance:
  • Ensures developers adhere to timelines and proper fund utilization.
  • Mandates separate accounts for projects to minimize delays and mismanagement.
• Recommendation: Consider MahaRERA-registered projects for protection and compliance.

Key Functions and Services of MahaRERA

Applicability

• Applies to both ongoing and upcoming residential and commercial projects.
• Rules apply equally to developers, agents, promoters, and buyers.

Registration

• Mandatory registration of all projects and agents.
• Varies by project type (existing or new).

Grievance Redressal

• Speedy redressal system for complaints by homebuyers regarding construction quality or delays.

Penalties

• Imposes fines and imprisonment for non-compliance.

Dispute Resolution

• Efficient mechanisms for resolving buyer-developer disputes.
• Offers online services for updates, registration, and complaints.

Benefits of MahaRERA

Transparency

• Developers disclose project details (plan, title, schedule, payment).

Redressal Mechanism

• Provides forums for complaints against developers.

Fraud Prevention

• Enforces penalties against fraudulent developer practices.

Timely Completion

• Ensures developers adhere to agreed timelines.

Legal Compliance

• Funds collected from buyers to be used solely for specific projects.
• 10% cap on down payment.

Reliability

• Requires developers to secure 70% of funds in a single project account.

RERA Registration Process for Agents

1. Visit maharerait.mahaonline.gov.in.
2. Register as a Real Estate Agent.
3. Verify email, fill details, and make payment.
4. Receive certificate within 30 days.
5. Renew every 5 years.

Mandatory Information for Agents

• Personal and agency details, qualifications, and compliance declarations.

Document Checklist

For Promoters

• PAN, legal title report, layout approvals, agreements, certificates from architects, CAs and engineers.

For Individual Agents

• PAN, registration particulars, IT returns, legal declarations.

For Firms

• PAN, financial statements, past project details, legal title report.

Project Registration Charges

• Individual agents: Rs. 10,000 for small projects.
• Firms: Rs. 1 lakh with additional charges for larger projects.

Filing a Complaint

• Register and log in on the MahaRERA official portal.
• Submit complaint details and make payment.

MahaRERA Office Details

• Address: 3rd Floor, A-Wing, Slum Rehabilitation Authority, Bandra (E), Mumbai 400051.
• Phone: 022-68111600

Conclusion

• RERA ensures compliance in real estate transactions, safeguarding buyer interests and enabling informed investment decisions.