Overview of RERA Registration in Maharashtra
Maharashtra, India’s financial hub, is undergoing a real estate boom. From opulent high-rise residences to business premises, the state provides a wide variety of properties. Maharashtra offers attractive investment options for real estate developers and investors thanks to its thriving economy, advantageous location, and rich cultural legacy. However, given that the market can be cut throat, and prices can be high, it is imperative to thoroughly investigate and examine market trends before engaging in any real estate transactions in Maharashtra. The Indian government issued the RERA Act in 2016 to encourage transparency in land transactions (both buying and selling).To address the needs of buyers, sellers, brokers, and other interested parties in the real estate market, this legislation was developed. Numerous modifications have been made since the act’s introduction. Therefore, it is crucial for all parties to understand how RERA impacts the real estate sector. Prior to the RERA’s implementation, there was no openness or accountability in the real estate sector. Furthermore, interactions with organisations like the TRAI, IRDAI, and SEBI were not taken into consideration.
Eligibility Criteria for RERA Registration in Maharashtra
- Estate size: Until recently, only developments and structures with more than eight apartments and a floor area of 500 square metres had to be registered with RERA. However, this requirement is also applicable in Maharashtra to structures with eight units or fewer and less than 500 square metres.
- Type of estate: All residential projects, commercial projects, and community initiatives would require this type of registration. The builder would therefore need to consider this registration if the aforementioned projects were to proceed.
- UIN or Unique Identification Number: Only candidates who have a Unique Identification Number, often known as a UIN, may submit an application. This unique identification number is only accessible after the applicant registers with the Real Estate Regulatory Authority of Maharashtra.
- Applicable parties: Promoters and real estate brokers, including builders, developers, contractors, development organisations, and other governmental entities, are subject to the RERA Act whether they develop land, construct buildings, or rent out flats.
Benefits of RERA Registration in Maharashtra
Benefits of RERA Act registration include many of the following:
- New complaints procedure: Anyone may file a complaint under RERA 2016’s guidelines. This would be relevant to anyone who would wish to buy the property. Additionally, under this system, contractors and real estate agents are also permitted to file complaints.
- Method for resolving disputes: The RERA Act includes a method for resolving disputes in real estate, which aids in settling grievances that result from disagreements.
- Encouraging ease of transactions: Because of the duties placed on the promoter and the buyer, ease of transactions is promoted.
- Possession of property promptly: False promises made by project promoters regarding their completion and delivery have been the real estate market’s worst shortcoming. As a result, buyers have gone through intense financial stress and mistrust. When registering under the RERA, promoters are required to include the anticipated completion date of the project, otherwise, they run the risk of facing harsh penalties.
- Accurate project information: The project’s promoter is obliged to provide accurate and comprehensive information about the project’s status, features, and other crucial facts that cannot be changed afterwards.
- Licence clearance guarantees to prevent fraud: Prior to RERA, project promoters routinely failed to secure the required government permits and approvals, which led to delays in the developments. However, for promoters who are RERA-registered, the licences must be in place before even selling one unit. Thus, con artists can no longer deceive buyers into falling for their schemes.
Documents required for RERA Registration in Maharashtra
- A Promoter or Company must have the following documents:
- CoI or Certificate of Incorporation
- The registered business address of the company
- Copy of the Memorandum of Understanding and Articles of Association
- Certificate of project commencement
- registered email address
- Permanent Account Number
- Company Identification Number (CIN)
- Real estate agents must have the following documentation and information:
- DSC or Digital Signature Certificate
- State, District, and Tehsil information
- PAN or Permanent Account Number
- Residential proof like electricity bill
- Income tax details
- Name of the individual and his father’s name
- Any other relevant bank information
Process of RERA Registration in Maharashtra
Under the RERA Act, registering is a very simple process. The steps listed below must be followed in order to register:
- Visit the Maharashtra Real Estate Regulatory Authority’s website.
- Choose one of the alternatives like Promoter, Buyer, or Real Estate agent registration by going to the new registration tab.
- Complete the necessary fields, such as email and contact information, and validate the captcha that was produced.
- After making an account, the applicant must provide information to fill out the form. Here, specifics regarding the projects or construction contracts must be provided.
- Once the required paperwork has been submitted, the applicant must pay the land registration fees. Under this plan, commercial and residential properties might be assessed separately.
- The applicant would have to attest that all of the information they have supplied in their application is true and accurate. The specifics of the building must be completely and truthfully described. The applicant must submit the RERA registration form after this has been confirmed.
Validity of RERA Registration in Maharashtra
Real estate agents will receive registration numbers from the authorities, which must be used in every transaction they assist with. These registration numbers are good for 5 years. If real estate agents falsify project details to buyers, they will also be held accountable. Up to 5% of the project’s overall cost would be levied as a daily fee of Rs 10,000. Additionally, since they are accountable for the projects they are involved in, real estate agents must maintain accounting records.
Swarit Advisors Support
For all real estate projects with more than eight units, RERA registration is necessary in Maharashtra. Data on the project, financial data, and authorization from the necessary authorities must be provided as part of the registration process. After registering, the developer is required to disclose all project information, such as the current state of work, any estimated completion dates, and any modifications made to the original design. The Maharashtra RERA authority is in charge of managing and regulating the city’s real estate industry. It has the authority to investigate buyer complaints, fine developers for noncompliance, and, if necessary, withdraw a project’s registration. Given Maharashtra’s strict regulations and oversight, it is essential for real estate builders to register their projects under RERA in order to avoid legal issues and provide transparency to buyers. Swarit Advisors’ experience with Maharashtra RERA registration allows them to assist developers in understanding the process and adhering to the rules. Our team of professionals is aware with the RERA Registration procedure and provides customised solutions to meet the specific needs of each client.