Under the 2016 RERA Act, the Maharashtra government established the agency to promote and regulate the country’s real estate industry in 2017. The facility is known as the Maharashtra Real Estate Regulatory Authority (Maha RERA). By Act, an operator wishing to market, sell, promote, reserve, or buy a real estate project in Maharashtra must first receive a RERA registration in Maharashtra.
Project developers and real estate agents can register their real estate projects with the Department of the Maharashtra Real Estate Regulatory Authority. For this reason, you must submit a request to the competent authority along with the necessary documents. In this lesson, we will discuss in detail the registration of RERA in Maharashtra.
What is a RERA Registration ?
All organizers, builders and estate agents who wish to sell, market, promote, advertise, buy or reserve real estate projects must first register with RERA. This type of Registration is called RERA Registration.
The 2016 Real Estate (Regulation and Development) Act aims to protect home buyers and stimulate investment in the real estate sector. Additionally, the Act allows other states to establish a Real Estate Regulatory Authority (RERA) in each state.
The RERA Act also regulates the real estate sector and serves as a decision-making body for the rapid resolution of disputes.
Real estate Act requires that all commercial and residential real estate projects be registered in RERA, where there are more than eight residential units and the land of more than 500 square meters.
The state agency for the registration of RERA in the state of Maharashtra is known as Maha RERA.
The primary responsibility of Real Estate Regulatory Authority
The main responsibilities of the Authority are listed below:
- Ensure the disclosure of real estate projects by project leaders.
- Registry of real estate projects.
- Register of real estate agents.
- Rectify complaints
- Give the respective government a recommendation on issues related to the promotion and development of the real estate sector.
- Establish symmetry of information between the buyer and the developer.
- Ensure that real estate projects are sold transparently and efficiently.
- Create transparency, reduce fraud and delays, and ensure fair play.
- Promote good governance in the real estate sector and strengthen investor confidence.
Who needs RERA registration in India?
The following companies must receive RERA registration
Organizers, real estate projects, and real estate agents are subject to the following conditions:
- The applicability of the Act has now been extended to commercial and residential real estate, which also includes planned development.
- All commercial and residential projects of more than 500 square meters or more than eight units/apartments must be registered under RERA. Also, they must ensure that small projects by local project promoters also fall within the scope of the RERA Act.
- Any ongoing project that has not received a final certificate must register with the regulatory authority under RERA within three months.
- Real estate brokers who facilitate the purchase and sale of real estate must receive pre-registration from RERA following specific state Acts.
Developer and developer documents are required for RERA registration in Maharashtra (for an ongoing project)
To register at RERA in Maharashtra, developers or builders must first submit the following documents:
- PAN card of the organizer;
- registration details, including statutes;
- social contract;
- social contract;
- Self-certified copies of all letterheads;
- Declaration or declaration of income for the last three years;
- Self-certified copy of the letterhead stamp;
- Confirmation documents to be used by the real estate agent;
- balance verified by the organizer for the previous financial year;
- If the developer is not the owner for whom the development of the project is proposed, the Following documents from the owner are required:
- development agreement;
- Joint development agreement;
- cooperation agreement;
- Any other agreement between the organizer and the owner.
- Name, address, contact details and a photo of the organizer/director/partner/president or another authorized person if there is another facility;
- Details on architectural and design standards, type of technology used in construction, anti-seismic measures, etc.
- development plan for the real estate project;
- details of charges related to the proposed land on which the real estate project will be carried out;
- details of the subordinate procedures for the proposed property for a real estate project (if applicable);
- The number of covered parking spaces;
- Information about the proposed plan, the approved plan, the zone index, the development plan, etc.
- Suggested number of wings or buildings, etc.
- Other documents as needed.
Documents required by Real Estate Agents for RERA Registration in Maharashtra
If the applicant requests the registration of RERA in Maharashtra as a real estate agent, the person must submit the following documents:
- Details of records that may have been acquired under other Acts and rules and regulations;
- Certified copy of the social contract (MoA), articles of association (AoA), certificates of association, etc.
- Information about the broker’s company, which must contain the name, type of company (company, owner company, company, etc.), registered address of the company, PAN, registration numbers, DIN, Aadhaar card number, etc. . under whom the declarations are submitted to the legal authority;
- Current color photographs of the broker, be it an individual or partners, directors, trustees, etc. This also includes people on duty, etc. with real estate agents
- details of the income tax return for the last three fiscal years preceding the application;
- If the applicant is exempt from filing such statements during any of the three years, the company must make the corresponding statement.
- Information on all criminal or civil cases pending against the agent;
- Details of real estate projects and their developers (if applicable) for which the applicant has been a real estate agent for five years;
- Certified true copies of all stamp images, letterheads, and confirmation receipts that the real estate agent would use;
- Other documents and information as specified in the regulations.
RERA registration fee in Maharashtra for property developers
The registration fee differs for another company applying for RERA registration in Maharashtra. Here we have entered rates for each of them:
a) Registration fees for real estate projects: The RERA registration fee in Maharashtra for real estate projects is at least Rs 50,000 or Rs 10 per square meter. However, the maximum fee is Rs. Only 10,000,000.
b) Registration fees for the project extension: For the time extension, the developer can apply depending on the area of the proposed developing country presenting a minimum of Rs. 50,000 or Rs.10 per square meter. However, the maximum fee is Rs. Only 10,000,000.
c) Withdrawal of registration fees for project registration: The fees for withdrawing the application for registration of real estate projects are to the extent specified in the regulations issued by the authority.
Maharashtra RERA real estate agent registration fee
Real estate agents can request a new registration or a renewal of registration. The rates for both are as follows:
a) Real estate agent registration fees: If the agent is an individual, he must pay an amount of Rs. 10,000. However, if the applicant is not an individual, the agent must pay an amount of Rs. 1,00,000.
b) Extension fees for registering a real estate agent: The applicant must submit Form J 60 days before the registration expires to renew the registration.
If the agent is an individual, he must pay an amount of Rs. 10,000. However, if the applicant is not an individual, the agent must pay an amount of Rs. 1,00,000.