MahaRERA: Know about RERA Act in Maharashtra

Before RERA, the real estate sector was often plagued by issues like project delays, misleading advertisements, and lack of transparency. So, RERA was enacted to address these concerns and protect the interests of homebuyers.

MahaRERA is the state-specific implementation of this central act in Maharashtra, tailoring it to the region's unique real estate dynamics.

What is MahaRERA?

MahaRERA stands for the Maharashtra Real Estate Regulatory Authority, established under the Real Estate (Regulation and Development) Act, 2016. It aims to regulate the real estate sector, ensuring buyers, builders, and agents operate within a transparent and standardised framework.

MahaRERA mandates the registration of projects and agents, facilitating fair practices and reducing disputes in the real estate market. This authority focuses on timely project deliveries, authentic information disclosure, and strict adherence to rules, creating a balanced ecosystem for all stakeholders.

Features and benefits of MahaRERA

MahaRERA offers several features that set it apart:

• Transparency: Buyers can access detailed information about MahaRERA registered projects, including timelines, approvals, and ownership details.
• Accountability: Developers must adhere to committed timelines or face penalties.
• Fair Practices: Homebuyers are protected against false advertising and fraudulent transactions.
• Grievance Redressal: A systematic mechanism exists to resolve disputes between buyers and developers.
• Standardised Agreements: Developers must use model agreements that eliminate ambiguities.

For those considering home loans, MahaRERA registered projects provide an added layer of assurance, ensuring your financial investment is safeguarded.

Key functions and services offered by RERA Maharashtra

Applicability:

MahaRERA applies to all ongoing and new residential and commercial projects in Maharashtra, covering promoters, buyers, and real estate agents.

Registration:

Developers must register their projects if they exceed 500 square meters or involve more than eight apartments. Agents must also register themselves before conducting business.

Grievance Redressal:

Buyers can file complaints against developers or agents on the MahaRERA portal. Disputes are resolved within 60 days, ensuring timely justice.

Penalties and Fines:

Non-compliance attracts strict penalties, including fines of up to 10% of the project cost or imprisonment for severe violations.

Dispute Resolution:

MahaRERA Appellate Tribunal handles appeals, ensuring fair hearings for aggrieved parties.

Registration process for agents in MahaRERA

Real estate agents in Maharashtra must register with MahaRERA to operate legally. The registration process is straightforward yet comprehensive:

1. Create an Account: Visit the MahaRERA website and create an account as a real estate agent.
2. Fill out the Application: Provide personal details, business details, and previous experience.
3. Upload Documents: Submit the required documents, such as identity proof, address proof, and business registration certificates.
4. Pay the Fee: The registration fee varies depending on the agent type (individual or company).
5. Approval: Once submitted, the application is reviewed, and upon successful verification, the agent receives a MahaRERA registration certificate.

This process ensures only credible agents operate in the market, enhancing the buyer's trust.

Document checklist to register in MahaRERA

To ensure a smooth registration process, agents and developers must prepare the following documents:

• PAN card
• Aadhaar card
• Address proof (utility bills, lease agreements, or property tax receipts)
• Project details (for developers)
• Ownership or business proof (for agents)
• Copy of board resolutions (for companies)
• Fee payment receipt

Ensuring these documents are complete and accurate reduces delays in the registration process and facilitates smooth approval.

Project registration charges in MahaRERA

Developers must register their projects under MahaRERA, and the registration charges are calculated based on project size and type.

• Residential Projects: INR 10 per square meter, capped at INR 50,000.
• Commercial Projects: INR 20 per square meter, capped at INR 1,00,000.
• Mixed-Use Projects: Charges depend on the dominant usage (residential or commercial).

By registering, developers align with legal standards, making their projects eligible for buyers seeking home loans.

Complaint filing and redressal in MahaRERA

MahaRERA provides a user-friendly platform for filing complaints and seeking redressal:

1. Log in to the MahaRERA Portal: Create an account if you haven’t already.
2. Fill out the Complaint Form: Provide details such as the project name, registration number, and specific grievances.
3. Pay the Fee: A nominal fee is required to process your complaint.
4. Track Your Complaint: Use the portal to track the status and updates.

The authority ensures timely resolution through hearings and mediation, giving buyers and agents a reliable avenue to address their concerns.

Wrapping Up

MahaRERA has revolutionised the real estate industry in Maharashtra by fostering transparency, accountability, and fairness. Whether you're buying your first home, registering a project, or seeking to resolve a dispute, MahaRERA acts as your guiding light.

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