MahaRERA or Maharashtra Real Estate Regulatory Authority came into existence in 2017 for the regulation and promotion of the real estate industry in Maharashtra. Maharashtra became the first state to introduce a conciliation mechanism under Section 32 (g) of the RERA Act through ADR (Alternative Dispute Resolution).
If you are a a resident of Maharashtra and want to invest in the real estate sector, here’s all you need to know about MahaRERA. Read on!
Here are a few benefits of MahaRERA::
Transparency to buyers
The promoter must create a web page on the authority’s website post-registration. The web page must contain all the details regarding a property, such as the quarterly update status of the project, details of registration, etc.
With this system, buyers can stay updated about the project’s status.
Registration of real estate agents
Real estate agencies who want to facilitate the purchase or sale of plots, buildings or apartments must register themselves with MahaRERA online. With their registration, accountability from real estate agents is ensured.
Compensation to buyers
If a promoter fails to give possession of a plot or apartment in accordance with the agreed-upon parameters, then the buyer has two options:
Clear mention of carpet area
A carpet area is an area covered by the internal walls of an apartment or building. In other words, it refers to the net utilisable floor area. The property price depends upon the carpet area, which was often manipulated by promoters earlier. Now, with the onset of the MahaRERA act, promoters are required to mention the actual carpet area beforehand, which results in fair pricing of a property.
Liability for defect
Buyers can report any structural defect or quality concerns to the promoters within 5 years. Upon this, it is the duty of the promoter to rectify such issues without any extra charges. If the promoter fails to rectify these issues, the buyer will receive equal compensation.
Also Read – A Comprehensive Guide On The RERA Act
Here is the list of facilities that RERA in Maharashtra provides:
For real estate agents:
Yes, obtaining a MahaRERA registration is mandatory for all builders. Without MahaRERA approval, builders cannot sell, advertise or book any real estate in Maharashtra. That’s why it is important to obtain MahaRERA registration.
Here is a step by step explanation of obtaining RERA registration in Maharashtra:
Visit MahaRERA’s official website.
Tap on ‘Online Application’.
On the new page, choose the ‘New Registration’ option.
Create a new account for yourself and then select your user type- ‘Promoter, Real estate agent or Complainant’.
Enter all necessary information.
Upon entering the required details, you will receive a verification link on your registered email address. Activate your account by opening that link.
After activation, log in to your account with your username and password.
Enter all necessary information on the website and upload the required documents.
If you are registering for RERA in Maharashtra, you will have to submit these documents:
Here are the MahaRERA fees and charges:
|New Real Estate Agent Registration or Renewal||Rs. 500|
|New Project||Rs. 750|
|Project Extension or Withdrawal||Rs. 500|
|Annual Fee to Project for Status Updates||Rs. 500|
|Filing a Complaint||Rs. 50|
Note – Final total MahaRERA fee will include bank charges and taxes
Here are the steps to ensure whether a project is MahaRERA registered or not.
Go to the MahaRERA website and click on ‘Registration’.
Next, click on ‘Registered Projects’, and you will be taken to an external website. Here, you must make sure that pop-ups are active.
Put in the project name, RERA number or promoter name in the blank box.
Upon completing these steps, you will be able to find the RERA certificate along with the details of that particular project.
It is crucial that you follow these steps when purchasing a property to make an informed and safe investment. If you have already shortlisted a MahaRERA registered property but are falling short of budget, you don’t need to worry. You can streamline your home purchase with a cost-effective home loan from Navi.
If you are looking for Home Loans, you can download the Navi app on Android or iOS and apply for an instant home loan of up to Rs. 5 crores.
Also Read – Top-up home loans
Perhaps the most significant benefit of RERA in Maharashtra is that it increases trust between promoters and property buyers. An initiative as great as this has undoubtedly reinvigorated the real estate sector.
Ans: Yes, promoters must update their project details on a regular basis. Inability to do so will lead to the violation of Section 11 of the Real Estate (Regulation and Development Act, 2016). Note that you will also have to become liable for penal action if you violate this rule.
Ans: To file a complaint, you first need to register on the website as a complainant. After this, you will have to log in with your credentials and add your complaint. You will also have to upload a few documents to complete this process.
Ans: If the builder does not follow the RERA order in your favour, you can file an application to execute the order against that particular builder as soon as possible. The authority will take the necessary steps at the earliest.
Ans: To apply for a project extension, you will have to log in using your username and password and go to the ‘Project Extension’ tab. Next, select the project and enter the proposed extension date. Upload the necessary documents, make the payment and download the payment receipt to complete this process.
Ans: For new project registration, you will have to pay a fee of Rs. 750, and for project extension/withdrawal requests, you need to pay Rs. 500. At the same time, you have to pay Rs. 500 for annual status updates and Rs. 500 for new real estate agent registration/renewal. There is also a fee of Rs. 50 for complaint filing.
Before you go…