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Real Estate (Regulation and Development) Act 2016 was introduced in order to protect real estate buyers especially residential buyers and to regulate the Real estate industry. The Basic aim is to provide time-based construction and delivery of residential properties to end-users. Every State has drafted its own Regulation; Hence the RERA Regulation implemented in Maharashtra is known as Maha–RERA. In Maha RERA registration of new project is mandatory before it is open to the public for sale. i.e. Before any kind of marketing or solicitation is done. Registration of any new real estate project is mandatory; failing which promoter will be liable for heavy penalty and even imprisonment. Further out of key points for Maha-RERA ACT, 70% Amount received from buyer need to be deposited in RERA Designated Bank Account, Every three-month status of Project need to be updated and Land-owner also made a Joint Promoter and treated on par. As per the first Criteria for Selling or even marketing a Real estate project a Project Developer need to obtain RERA Registration Certificate by making an online application to Maha RERA Authority. So the Rera registration is applicable to Builders, Promoters, Co-promoters, Land-owners.
What Kind of Projects need to be registered under RERA?
All Real Estate Projects meant for Public at a large whether commercial or Residential, whether New or Ongoing as on 1st May 2017 need to be registered under RERA. So in the nutshell RERA regulation is for Registration of Real estate projects in order to control them. The Registration can be done by promoters themselves or they can seek help of RERA Registration Consultants. We AKT Associates are providing expert Consulting in MAHA RERA Registration and Compliance in the Area such as Mumbai, Navi Mumbai, Uran, Kalyan, Panvel & Kamothe as well as other part of Maharashtra
What kind of Real estate projects is exempt/ Not Covered Under Registration?
1) If a project has land area less then 500 sq mtrs or have less then 8 units then the registration under MAHA RERA is not required.
2) Any Project which is not meant for sale for public
3) Any Project intended to be given on rent, lease, or leave and license basis only.
Does only Projects in Cities are covered Under Maha RERA 2016?
As per Notification issued by Urban Development Department of Maharashtra (MR & TP) ACT is applicable throughout Maharashtra, Hence project Developed in an area which has been appointed a development body need to be registered in RERA.
Does Land-owner also need to comply with RERA?
Yes as the same has been put on par with promoter/ Developer of Project.
What are the Professionals, which need to be appointed before RERA Registration?
For RERA Registration a Developer need to appoint Structural Engineer, Architect and A Chartered Accountant for the project.
Can I appoint my exiting CA for RERA Purpose?
No for RERA purpose, an independent CA need to be appointed, Any CA who are involved as statutory auditor or handling accounts of the company will not be eligible to be appointed in RERA.
Does Allottee include second sale or re-allotment?
Yes As Section 2(d) Allottee includes second allottee or Re-allotment, but doesn’t include a person to whom the said property is given on rent or resale or Leave and license basis.
What will be consequences if a Project is not registered under RERA?
From 1st May 2017 No Real estate project will be open for any kind of marketing or solicitation for sale unless it has been duly registered with MAHA RERA Authority by providing required documents and information. Hence if any ongoing or new project has been launched after 1st may 2017 then it should be mandatory register under MAHA RERA.
Is sending Sms and Email will amount to marketing ?
As per section 2(b), ‘advertisement’, means any medium adopted in soliciting for sale of Real estate property would be covered Under Maha RERA as a way of solicitation, including sms and emails. Even issue or release of Prospectus, which is intended for sale of apartment in real estate project, will also be covered. Hence only RERA Registered Projects will be allowed to be marketed and sold.
Is there Separate Bank accounts need to be opened for each project?
Yes For each project a dedicated RERA Bank account need to be opened with a scheduled bank and all payment received by allotees need to be deposited with 70% minimum deposit in the account which need to be withdrawn as per progress of work on submission of relevant documents. Note from Nov 2017 the amount can be withdrawn on self certification of Developer, No CA Certificate will be required on each withdrawal from designated account.
Does Landowner also need to deposit 70% of amount received as cost of Land?
Yes, As RERA keeps landowner on par with Developer/ Promoter It need to be deposit amount up to 70% in RERA designated accounts. However if the same is received from Promoters own fund or from bank Loan it need not be adhered with the 70% deposit Rule.
What are the places where RERA Registration needs to be mentioned/displayed?
RERA Registration Number needs to display on every Banner or advertisement material, Agreement and on Receipt Book.
What are the places where AKT Associates is Providing MAHA- RERA Registration?
We are currently providing RERA Registration and Compliance services in all over Maharashtra. We have dedicated team Maha Rera Consultants in Mumbai, Navi Mumbai, Uran, Khopoli, Kalyan, Dombivali and other parts of Maharashtra. Ultimately we are a leading RERA Registration Service Provider In Maharashtra with Maha RERA Experts Near you and a to the point Maha-Rera Advisory Services within reach for end to end RERA Compliance, RERA Certificate for New Projects and RERA Advisory.
We are handling more than 1500+ successful clients and providing them with services which covers Legal, Technical, Taxation and other business compliance part. That all says a lot on our ways of working and our expertise in the area.
At AKT associates we have been our client’s obvious choice since more than 20 years. For serving you with the best results we use our experience of decades which has exposed us with deep understand.
With a strong team which comprises of experts with qualification like CA, CS, MBA & LLB and they will all available with the wholesome result, with dedicated customer service team and support staff. We are always there to execute your work efficiently.
We touch the top position not just because we are the best in what we do but also because we know the value of your time and money. We know the value of your time so all the work by AKT Associates is performed on time and at around 70% less cost in comparison to all the other leading firms of the market that too without compromising on the quality aspect.
The services of the firm are performed and delivered by using the cutting edge technology which makes the AKT Associates always available & deliver services right in your email. So it doesn’t matter where you are because we are always at your finger tips.