What is RERA Act in Maharashtra for Real Estate?by Prafulla Mishra Freelance Advisor
The Real Estate (Regulation and Development) Act, 2016 came into force from 1st May 2016 with two primary objectives:
Protect the interests of home buyers.
Promote the real estate sector in the country.
This Act was passed on 10th March by the Rajya Sabha and on 15th March by the Lok Sabha in 2016. The Real Estate Regulatory Authority, established under this Act in each state, will be the enforcement body.
The Maharashtra Real Estate Regulatory Authority or MahaRERA is the respective organization in this state. This body was established on 8th March 2017 vide notification number 23.
Real Estate Regulatory Authority Facts at a Glance –
Real estate projects registered – 27,000.
Application for registration of agents received – 17,000.
Complaints resolved – 20,000+ as of 30th June 2019.
The following is in brief everything you need to know about MahaRERA in Maharashtra –
Established Rules Under this Body
Form of Annual Statement of Accounts and Annual Report.
Officers and Employees (Appointment and Service Conditions).
Recovery of Interest, Penalty, Compensation, Fine payable, Forms of Complaints and Appeal, etc.
Registration of Real Estate Projects, Registration of Real Estate Agents, Rates of Interest and Disclosures on Website.
MahaRERA Facts & Figures
First-time homebuyers can experience several benefits with RERA in action. Few of the facts and figures of RERA’s impact in Maharashtra are mentioned below:
Received – 8,800+.
Resolved – 5,600+.
Processing – 3,100+.
Total projects – 22,500+.
Registered and completed – 4,700+.
Registered but not completed – 17,600+.
Not yet registered – 180+.
Real Estate Agents –
Total agents – 21,300+.
Registered – 21,000+.
Not yet registered – 190+.
How to register with Maharashtra Real Estate Regulatory Authority?
The official website of Maharashtra Real Estate Regulatory Authority (RERA full form) allows the registration of promoters, real estate agents, and complainants through these steps:
Select the “Online Application” tab.
Click on “New Registration”.
Select the use type: promoter, real estate agent, or complainant.
Select state or UT.
Create a username and password.
Enter your mobile number and email ID.
Select “Create User”.
Documents Required for Agent Registration -
Income tax returns for the previous 3 years.
Articles of association.
Memorandum of association.
Self-attested copies of the letterhead rubber stamp.
Self-attested copies of all letterheads.
Details of registration in addition to bye-laws.
Acknowledgments receipts used proposed to be used by the individual.
Pending civil or criminal cases.
Documents Required for Promoter Registration –
Declaration in Form B.
Certificates from the architects (Form 1 is mandatory for on-going projects).
Certificates from the engineers (Form 2 is mandatory for on-going projects).
Certificates from the CA (Form 3 and 5).
Certificates from the architect (Form 4).
Legal title report.
Signed proforma of the allotment letter.
Agreement of sale.
Layout and building plan approval documents.
Details of encumbrances.
How to register a complaint in the portal?
RERA can alter the real estate market by bringing more transparency and empowering homebuyers. Individuals can easily file a complaint when a dispute arises, thanks to this body.
After logging in to the MahaRERA portal, users can register a complaint by following the steps mentioned below –
Stage 1: Complaint
Click on “Complaint Details”.
Click on “Add New Complaints”.
Select any “Division” from the drop-down menu.
Enter the registration number.
The project name and promoter name will be auto-populated after you enter the above details.
Stage 2: Add Complainant
Provide the complainant's name.
Select the complainant type.
Provide your nature of interest in this project.
Provide your office or residential address.
Enter your contact details.
Stage 3: Add Respondent
Provide the respondent's name.
Select the type of respondent.
Provide the office or residential address.
Stage 4: Upload Documents
Upload the necessary documents and add a short description.
Provide facts of the case.
Provide the relief sought by you, its grounds, and legal provisions.
Provide the interim order.
Stage 5: Declaration
Enter your name, your father’s name, place, and date.
You will have to pay a fee of Rs. 50 after completing the above steps. To do so, click on the “Payment” tab and choose whether you want to pay online or offline.
Apart from filing complaints, you can also check the details of a project or real estate agent through the MahaRERA. This website makes it straightforward to avail of information about the property you are buying.
The availability of home loans under PMAY has also made purchasing houses easier. NBFCs like Bajaj Finserv provide such loans to eligible beneficiaries.
They also bring you pre-approved offers that lower the time is taken to avail financing by making the process uncomplicated. Pre-approved offers come with home loans, personal loans, business loans, and several other financial products. Check your pre-approved offer by providing only a few essential details.
Lastly, the MahaRERA portal enables you to search for state-wide projects via pin code or districts. Click the “Registration” tab on the website to do.
Created on Oct 3rd 2019 06:07. Viewed 355 times.