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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.
What are the various regions of Maharashtra which are included in the area of planning as specified in the Act?
In accordance with notifications issued by the Urban Development Department of Government of Maharashtra, MR & TP Act is applicable to all the districts of Maharashtra.
What were the main aims of framing Real estate (Regulation and Development Act, 2016?
Its main objectives are defined as follows:
If a real estate project has land area more than 500 sqmts but containing less than 8 apartments. Does it still need to be registered?
Yes. Every real estate project which has land area more than 500 sqmts or has more than 8 apartments needs to be registered
Does advertisement include solicitation by emails and texts? Does advertisement also include issuing the prospectus?
As per section 2(b), which defines ‘advertisement’, any of the mode used for the invitation for sale would be included in the said definition, including SMS and emails. The prospectus which aims to the sale of an apartment in real estate is deemed to be covered as an advertisement.
Does the term ‘allottee’ include secondary sales?
As per section 2(d), an allottee includes any individual who procures the ‘apartment/plot’ by sale or transfer, however, any such individual is not included who have rented such plot or apartment.
What is the penalty prescribed for non-registration of a project under the Act?
If any promoter fails to register as per Act, he shall be liable to a penalty that may be increased up to the value of the ten percent of the assessed price of the real estate project. If he continues to violate the same, he will be liable for a punishment of period that may extend up to three years or with fine which may extend up to a further value of ten percent of the assessed cost of the real estate project, or with both of the values.
What kind of registration of real estate agents would be from the types of project specific, location specific or individual specific?
Real estate agents have to get registered with MahaRERA either as an individual or as “other than individual”. While applying for the registration the promoters have to project the names of registered real estate agents who will be working as agents in the said project. Names of such agents will be displayed along with other project specifications on the MahaRERA website, upon registration of the project.
Is the promoter required to give any undertaking to Maha RERA for completing his project within a specified period?
Yes, in accordance with the provisions of the Act, the promoter, while applying for registration to MahaRERA, has to give a declaration, supported by an affidavit, indicating the duration in which he assumes to complete the project or the duration, as the circumstance may be.
Does interest is paid by the promoter to the buyer automatically or the buyer will have to approach Maha RERA?
The interest payment is in accordance with the model format of contract and therefore should be paid automatically. The buyer may have to file a complaint to MahaRERA if there is a grievance.
Is there any provision for interim relief to be granted, pending the final adjudication of the complaint?
The procedure to be followed by MahaRERA while adjudicating a complaint is briefed in Section 36 of the specified Act which has been read with 6(2) of Maharashtra Real Estate (Recovery of Interest, Penalty, Fine payable, Compensation, Forms of Complaints and Appeal, etc.) (Regulation and Development).
Where the home buyer who is aggrieved will file his complaint?
The aggrieved person can file an application online as per the format provided by Maha RERA website.
What are the various grounds on which a home buyer can file a complaint?
An aggrieved person may file a complaint with MahaRERA for any violation or contravention of the rules and regulations of the specified Act or the provisions drafted as under.
Who would decide the complaints?
As per Regulation 24 of Maharashtra Real Estate Regulatory Authority (General) Regulations 2017, for adjudication proceedings with respect to complaints filed, MahaRERA may, by order, direct that specific matters or concerns to be acknowledged and addressed by a single bench consisting of either the Chairperson or any other member of the authority.
Is there any economic jurisdiction for the authorities handling a complaint?
No. However, geographical jurisdiction may be specified for Chairperson or members of Maha RERA.
Is there any time limit prescribed for disposal of complaints?
Section 29 of the Act provides that complaints should be disposed of as expeditiously as soon as possible but it should not take more than 60 days from the date of filling the same.
Is there appeal provided against the orders given by Maha RERA? Is there a time limit? What are the fees?
Any person aggrieved by any direction or decision or order made by MahaRERA or by an adjudicating officer may file an appeal before the Appellate Tribunal within a duration of 60 days according to the Rule 9 of Maharashtra Real Estate (Regulation and Development) (Recovery of Interest, Penalty, Fine payable, Compensation, Forms of Complaints and Appeal, etc.).
Is there a time limit prescribed for the promoter to execute conveyance in favour of the association of buyers?
Promoter shall execute a registered conveyance deed made in favor of allottee within a period of 3 months from the date of issuance of a certificate of occupancy or fifty one ross purchases, in specified building or a wing, has to paid in full consideration to the promoter, which of them is earlier.
How does the Act Impact Joint Promoters or joint Venture Agreements or cases of mutual growth with the owner of the land on revenue sharing basis or area share basis, where landlord and promoter are two different parties but both are beneficiaries of the sale of the project?
The Act makes both the Promoters and the landlord or any such groups which are beneficiary of a sale of a project and gets receipts from allottees as Co-Promoters and therefore they are liable to follow the legal provisions of the specified Act and Rules and Regulations.
How can the promoter apply for registration?
Maha RERA shall launch an online application for registration from 1st May 2019. Every promoter is supposed to apply online by this IT solution, filling the details in the requisite forms, uploading the required documents and paying the necessary fees.
Is it mandatory for the promoter to register the project instantly after the sanctioned approvals?
Promoter has to register the project before he starts any form of advertisement, an effort to market, booking, making a sale, offering or inviting individuals to buy the plots, buildings or apartments.
If the registration has not been received, does the ongoing Project have to stop sales or construction?
At the end of ninety days from the date of notification of Section 3 of the Act, The ongoing project’s promoter will not advertise a market, book, sell or any invite for selling or people to purchase in any mode plot, building or apartment until he got himself registered with the project.
If an ongoing project is registered under MahaRERA, then will the Act be applicable for the complete project or it will be applied specifically to those units which are sold after registration?
The Project/Phase are registered only and hence the regulations of the Act are applicable to all units of the Project/Phase.
If an allotted has already executed a bond with the promoter previously ongoing project gets registered with the authority, can he become a complainant before Maha RERA?
Maha RERA empowers any aggrieved person to file a complaint with respect to a registered real estate project. It will also involve an allottee who has signed an agreement before the project is registered with Maha RERA. However, MahaRERA will have authority to adjudicate for violations and contravention of provisions of the Real Estate (Regulation and Development) Act or rules and regulations made thereunder.
If the of an ongoing project has to be changed by the promoter will he need the consent of the pre-registration purchasers?
Maha RERA protects the welfare of all allottees including those who have signed a bond even before the project is registered under its provisions Hence, if the promoter wants to change the plans post registration, then the consent of all pre-registration allottees shall be required as well.
Kindly define the process for obtaining registration to operate as Real Estate Agents? What documents will be essential for getting the real estate agent’s license?
It will be through an easy online process. This process is briefed in Rule 11 of Maharashtra Real estate (Regulation and Development)
What is the fee for registration? What is the duration?
The fees are in accordance with Rule 11(3) of the Maharashtra Real Estate (Regulation and Development) Rules, 2017. This registration will be considered valid for the duration of five years.
Is it necessary for marketing and sales staff of Builder, Promoter, and Developer to register them as an agent?
Kindly refer Section 2(zm) of the Act.
Will the registration of Maha RERA be operated in other states?
No. The registration is valid only for Maharashtra region.
Can registration be transferred to another agent or other state where the specific agent wishes to transfer his office?
In case the real estate agent has not received any commission from the client or from the promoter, can the agent still be accountable and responsible for the builder’s default?
The agent’s liability is in accordance with Section 10 of the Act. He is not held liable for the promoter’s default.
Does agent be considered accountable till the delivery of flats/real estate unit done or he is accountable only till the document gets registered?
The real estate’s responsibility will be specified in accordance with Section 10 of the said Act.
What will be the penalties and fines?
Penalties for non-registration and contravention of provisions of section 9 and 10 are given in Section 62 of the Act.
What are unfair Trade Practices?
It is explained in Section 10 (c) of the Act.
If false information or documents have been provided by the promoter to the real estate agent, will the agent be liable for misleading?
Under Section 12 of the Act, it is the obligation of the promoter regarding the veracity of advertisement and prospectus. The agent is liable if he makes a false or misleading representation concerning the services that he intends to offer.
Will digital media listings by builders/ agents need to get approved from Maha RERA?
If a body that is different than an individual and has applied and paid the registration fees also, does he requires to be mandatory apply separately for its staff?
No, as long as the staff operates under the aegis of the said entity.
Does multi-state operator of real estate agency business require to apply in all states of India?
For working as a real estate agent in Maharashtra, registration will be given by Maha RERA. For the Other States, Builder/Promoter need to apply for a separate application for each state
Is Agent authorized to sign on behalf of his promoter or Builder?
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