RERA Maharashtra, the Real Estate Regulation and Development Act of 2016, was finally set into motion in May of 2017. This law aimed to implement, guide, and supervise the real estate sector in the state of Maharashtra. The Maharashtra Real Estate Regulatory Authority, which is known as the Maharashtra RERA or MahaRERA for short, is the body that governs the real estate sector in the state.
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What is MahaRERA?
RERA Maharashtra looks after the regulation and development of real estate projects, the process of registration of real estate agents, rates of interest and disclosures within the state of Maharashtra. This is carried out through the Maharashtra Real Estate Regulatory Authority that is generally referred to as “MahaRERA”, which runs on the Maharashtra RERA portal.
Some of the key features that are included on the RERA website Maharashtra are as follows.
- To carry out the process to vet and verify the real estate projects and get new agents registered.
- To bring transparency into the sale of flats, plots and buildings within the state of Maharashtra.
- To protect customers, allottees, real estate agents and also those promoters who are involved in the process of real estate transactions.
- To be able to come to a solution and to be able to resolve disputes through settlement methods.
- To create a channel that customers can find easy to approach when they need help to resolve a dispute.
- To provide recommendations to the appropriate government authorities in matters which are related to the development and promotion of real estate in the state.
Within the state of Maharashtra, the registrations under RERA Maharashtra on the Maharashtra RERA website are compulsory for each and every residential and commercial project that is set up. Another sphere that the body oversees, is that it ensures that real estate builders do not advertise for property, book or sell any real estate without registration because this is not permitted as per the act.
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What is the RERA Registration Process in Maharashtra?
Listed below is the detailed procedure on how to go about the registration process on the Maharashtra RERA website.
The steps that need to be followed when logging onto the RERA app to start registration in Maharashtra, are as follows:
- Head to the https://maharerait.mahaonline.gov.in/ online portal.
- Then, what you will need to do next is select the new registration link under the login button, and fill out the form that shall be provided.
- Post that, you need to select your user type in the new window that pops open on your screen. Then you may select from the below options:
- Real estate agent
- Then you need to enter all the required information into the spaces that are provided.
- Later verify your email ID in the provided space, and then you may log in to your account on the portal.
- Once you do so, you need to submit the documents that are required based on your selection. The list of documents you need to provide shall be mentioned. There are also RERA agent registration fees in the state of Maharashtra that are applied.
Interesting Facts About RERA Maharashtra
There are indeed a number of salient features and advantages, and interesting facts that are attached to MAHARERA Maharashtra, we have listed them down below so that you can go through them.
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1. RERA authority:
MAHARERA Maharashtra handles the registration process that is related to the states of Maharashtra as well as the union territories, which are located nearby, such as Dadra and Nagar Haveli, as well as Daman and Diu.
Up to the 23rd of September 2019, the regulatory authority had received a total of 8,968 complaints, out of these, 8,351 complaints were registered, 617 complaints were filed against unregistered projects. A total number of 5,355 orders have been passed against registered projects, and a total number of 351 orders have been passed against unregistered projects in the state.
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3. Easy to use portals:
RERA Maharashtra has also got an official website, this website is very user-friendly (https://maharerait.mahaonline.gov.in/). Having very detailed features, that are self-explanatory it is easy to understand. This website provides information on projects which have been registered with the MahaRERA. It also facilitates homebuyers and property investors to be better informed when they are making a decision. Users of this website can use it to be able to find information related to the expected date of possession, the credibility of brokers, etc, which shall help them greatly. Also, most importantly, now that borrowers/home buyers know when the project is going to be completed, and the date when the bookings are set to open, they can decide when they should apply for a home loan. Thus, they can be planned in advance.
4. Buyer friendly:
RERA Maharashtra is indeed buyer-friendly, because, only projects that have been approved and have been registered under MahaRERA are permitted to advertise. They also handle delays in the completion of projects stringently; in case of delay in project completion. If the project is delayed, then if the allottees/buyers do not want to withdraw from the project that they have booked, then the builders are required, by the law to compensate the buyers by way of refunding money to the buyers’/ allottees, along with interest. This is decided at a pre-set rate that is decided for every month of delay till the time the developer hands over
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The Benefits of RERA Maharashtra
1. Sper high levels of transparency:
Before the introduction of the RERA Act, there was a void in the space of transparency that existed in the real estate sector. Because of this, the buyers were left at the mercy of developers to obtain possession of property that they have/had purchased. Also, promoters and developers could publish non-factual advertisements, etc, and this would mislead the people. Though, now, with the introduction of Maharashtra RERA registration, the consumer is provided with all the necessary information that is related to the project that he/she has purchased. The developer has to, by the law, adhere to the registration of the project with RERA. The builder is also expected to report on its progress, intimate about delays if any. If delays are incurred, for whatever reason, the developer may be penalised. In addition to the above, the buyers have the right to question each step involved in both the development and promotion ofthe construction and the advertising of the home.
2. Adherence to law and order:
Now, post- RERA Maharashtra coming into force, there is no scope for developers to channel the funds that are collected from investors and then redirect them to some of their other projects. The down payment rate has also been fixed at 10%. And, non-compliance to RERA provisions attracts penal action of imprisonment for a span of up to 3 years in addition to a financial penalty.
It has been made mandatory for the developers to deposit a sum of 70% of all the funds that are paid towards a particular project into a single account. These funds are then to be used only for construction or cost of land purposes exclusively. The developers must also report progress periodically on the project to the regulatory authorities, and failure to do so could lead to recrimination.
4. Increased trust:
Perhaps the most significant benefit that customers have is the reinforced trust in the real estate sector because of RERA Maharashtra. This has led to a reinvigoration of the industry and greater confidence among property buyers.
The RERA Maharashtra portal is indeed one of the best-equipped tools online with provisions, that make it easy for the user to find their abodes at their convenience, keeping in mind MAHARERA rules.
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Ans. What you need to do is head to the RERA Maharashtra website. Then, under the registration tab, click on ‘Registered Projects. Post this, under the ‘Search Project Details’, select ‘Registered Projects’. Type the name of the project and then you may proceed to click on search.
Ans. To register as a RERA Maharashtra agent, you need to have the following;
1. PAN Card.
2. Aadhaar Card.
5. Rubber Stamp.
6. Acknowledgement Receipt.
7. IT Returns for the last 3 years (ITR V).
Ans. The document that you shall need to apply for RERA registration in Maharashtra under the RERA Act are:
1. A duly filled RERA agents registration form.
2. Particulars stating the type of organization.
3. An authentic copy of the address proof of the place of business.
4. An authentic copy of the Pan Card of the real estate agent.
Ans. Yes, RERA Maharashtra is applicable in rural as well as in urban areas within the state of Maharashtra.
Ans. The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act passed by the Indian Parliament. The RERA seeks to protect the interests of home buyers and also boost investments in the real estate sector.RERA Maharashtra is a part that falls under the RERA Act and it means all property in the state is properly vetted before it is sold.