The real estate sector in Maharashtra is one of the essential industries that not only contributes significantly to its GDP but is also one of the largest sources of employment.
However, the sector was mostly unorganised, which led to various fraudulent practices like false advertisements of property, delay in handover, etc.
Consequently, it was one of the very first states to set up a real estate regulatory body of its own known as RERA Maharashtra to protect the interest of the buyers and put a stop to malpractices of builders and promoters.
The main objectives of RERA Act include –
- To make the process of buying and selling real estate in Maharashtra more transparent by ensuring that there is accountability.
- Quick settlement of all disputes.
- Setting up an appellate tribunal to address all appeals regarding orders and decisions of RERA.
Guidelines for promoters and agents
RERA Maharashtra has also set some guidelines for promoters, developers, and real estate agents to safeguard the interest of buyers. Violating these guidelines is punishable under law. Hence, they need to know all about MahaRERA in Maharashtra –
- The real estate regulatory authority has mandated that all ongoing commercial and residential projects where the land is over 500 sq. metres should be registered. A property that has not been registered yet cannot be booked, advertised, marketed, offered for sale in any or manner.
- A promoter or developer who fails to register their projects will be penalised up to 10% of the overall estimated cost of the project.
- Promoters are also required to state an estimated time for project completion during registration. In case the project is not completed within this time, they will have to pay interest on the total amount paid by the buyer for every month of delay.
- Real estate agents working on a project are also required to register themselves with the regulatory body.
Aside from this, there are also other benefits first time home buyers can experience with RERA in action.
Complaint filing procedure
Property buyers should follow the steps below to register a complaint under RERA Maharashtra-
- Visit the official website of RERA Maharashtra.
- On the login page, click on the ‘New Registration’ option
- Select user type ‘Complainant’ from the options given
- Enter other information which is required to create a login ID.
- Login using your credentials to access your user profile
- Click on ‘Add New Complaint’.
- Add the complaint with proper explanation and necessary documents for evidence.
- After entering all the details and submitting the documents, click on ‘confirm and proceed’ button to make the payment and complete registration.
Documents needed for promoter/developer registration
Given below is a list of documents that a promoter or developer need to submit during RERA registration–
- Name, address, photograph, contact details of the promoter or developer in charge of the project.
- Approved plan and layout of the building.
- Bank account details.
- Form 1 and Form 4 from architects.
- Form 3 and Form 5 from a CA.
- Form 2 from engineer.
- Certificate of commencement.
- PAN card.
- Development/ownership/lease agreement.
- In case of a sale, contract signed proforma and allotment letter.
Also Read: How MahaRERA impacts real estate?
A real estate agent needs to submit the following documents while registering –
- PAN card.
- Bye-laws.
- Memorandum of association/Articles of association.
- Self-certified copied of letterhead.
- Income tax returns for the last three years.
- Self-certified rubber stamp copies.
- Details of civil/criminal cases that are pending.
With the implementation of RERA Maharashtra, purchasing a property in any part of Maharashtra has become more accessible. It has led to increasing demand for home loans, as more individuals are opting for secured funding options to buy a house.
Consequently, some HFCs are providing pre-approved offers for a hassle-free loan application procedure. You can check your pre-approved offers quickly by entering your name and contact details.
Before applying for a home loan, buyers should check the status of a project and other details such as pricing, completion date, etc. on the official website of RERA Maharashtra and plan accordingly. RERA has the potential to alter the real estate market and benefits homebuyers immensely.
