The Real Estate (Regulation and Development) Act, 2016, came into force from May 2017. Among the Act’s key objectives is regulating the real estate industry in every nook and corner of the country. Every state in India has its own RERA authority that oversees and regulates the real estate sector in the state. Maharashtra’s RERA, also called MahaRERA, has been very active since its launch.
Latest updates
MahaRERA—the Maharashtra Real Estate Regulatory Authority—has announced a detailed check of Occupation Certificates (OCs) for stalled or expired property projects. This move comes after reports that fake land records and forged paperwork were used to wrongly obtain approvals for real estate developments. Local planning authorities will now help in verifying these claims.
What is MahaRERA?
MahaRERA stands for the Maharashtra Real Estate Regulatory Authority. It was established under the Maharashtra Real Estate (Regulation and Development) Rules, 2017, and serves multiple purposes:
- Ensures registration of property projects and real estate agents.
- Encourages honest dealings in the buying and selling of homes, plots, and commercial buildings.
- Looks after the interests of property buyers, promoters, and agents.
- Offers a system to help resolve disputes between parties.
- Has a tribunal where buyers can file appeals if they are unsatisfied with decisions.
- Gives suggestions to government bodies about the real estate sector and its development.
All residential and commercial property projects in Maharashtra must register with MahaRERA. Developers cannot advertise or sell any property without first getting registered.
What is RERA Act in Maharashtra?
Under the Real Estate (Regulation and Development) Act, 2016, every Indian state must have its own Real Estate Regulatory Authority. RERA overseas the protocols in the real estate industry and initiates quick dispute redressal. Maharashtra is the first state to fully implement RERA via Maharashtra Real Estate Regulatory Authority or MahaRERA. The RERA Act in Maharashtra functions on the following objectives:
1. Bring optimum transparency in the sale of plots, apartments, and buildings.
2. Protection of customers’ interest in real estate transactions.
3. Initiate fast dispute settlement with a settling method.
4. Formation of the Appellate Tribunal to receive complaints from buyers.
In Maharashtra, every residential and commercial project must mandatorily get registered under MahaRERA. No promoter or developer is permitted to advertise, sell or book their real estate projects otherwise.
So far, the state alone has processed over 18,000 applications, making up for more than 60% of the RERA applications in India. Also, MahaRERA dealt with close to 2,387 complaints in the previous year.
MahaRERA registration process
Here is a step-by-step guide to registering on the MahaRERA website:
- Go to the official MahaRERA website at https://maharerait.mahaonline.gov.in/
- Click on the ‘New Registration’ link located next to the Login button
- In the new window that opens, select your user type from the following options:
- Promoter
- Real estate agent
- Complainant
- Fill in all the necessary information as prompted
- Verify your email ID to ensure access to your account
- Submit the required documents based on your chosen user type
Features and benefits of MahaRERA
Features of MahaRERA
- State-specific authority: MahaRERA is responsible for overseeing real estate activity in Maharashtra, including the union territories of Dadra and Nagar Haveli, and Daman and Diu.
- Handling complaints: By 23 September 2019, the authority had received 8,968 complaints. Out of these, 8,351 were linked to registered projects and 617 to unregistered ones. So far, 5,355 orders have been passed for registered projects and 351 for unregistered ones.
- Informative website: MahaRERA has a user-friendly website where buyers and investors can find complete details of registered projects. The website shares project timelines, broker credentials, and other key details, helping buyers plan better, including when to apply for home loans.
- Designed to protect buyers: Only registered projects can be promoted under MahaRERA. If builders delay handing over the project and buyers choose not to withdraw, they are entitled to receive their money back with interest for each month delayed.
Planning to purchase a MahaRERA registered property? Check your home loan eligibility with Bajaj Finserv today. You may already be eligible, find out by entering your mobile number and OTP.
Benefits of MahaRERA
- Better transparency: Before MahaRERA, many buyers faced challenges due to lack of proper information. Now, developers must share all project details, stick to commitments, report delays, and face penalties for not complying. Buyers also have the power to question every step of the development process.
- Follows strict rules: MahaRERA ensures that builders cannot misuse funds collected from buyers. Builders must only accept a 10% advance payment before signing an agreement. Failure to follow the rules can result in fines and even jail time of up to 3 years.
- Developer accountability: Builders are required to keep 70% of the project funds in a separate bank account. These funds can only be used for the construction work or for land costs. Developers also need to update the authorities regularly about how the work is progressing.
- Higher buyer confidence: The biggest benefit of MahaRERA is that it helps restore faith in the property market. More buyers now feel secure and confident when investing in real estate.
Required documents for MahaRera registration
The documents required for MahaRERA registration include:
- Promoter documents: PAN card, legal title report copy, encumbrances details, building approval and layout approval copies, and a photograph of the promoter
- Agent documents: PAN card, particulars of registration, memorandum of association, articles of association, self-certified copies of all letterheads, self-certified copy of letterhead rubber stamp, acknowledgement receipts, income tax returns of the last 3 years, and any pending criminal or civil cases
- Other documents: Commencement certificate, allotment letter, architect certificate, agreement for sale, title deed, and address proof
Is RERA approval mandatory?
Initiated by the Indian Government, RERA supervises the regulations in the real estate industry and quick settlement of disputes. According to the Act, every state and union territory in India must establish its own RERA to protect the consumers’ interests and enhance transparency in the sector.
Every promoter and builder must get their projects registered under the RERA of their respective state. Consumers must also ensure to purchase only RERA registered properties because of significant reasons.
- Non-registered real estate projects are considered illegal, and buyers may face difficulties in the future.
- On approaching the regulatory body for redressal, such buyers may be questioned on purchasing an unregistered property.
- Promoters shall pay the penalty for non-registration along with imprisonment in extreme cases.
Developers must mention the registration numbers of their projects in all their promotions, confirming their compliance with the regulatory body. These mandates are essential to meet the objectives of RERA – transparency in the sector, protection of interests, fast-tracking dispute settlement, minimizing project hand-over delays, etc.
Besides being the first state to implement RERA in full swing, here’s what makes MahaRERA act unique
1) Number of applications processed
MahaRERA act has been functional since May 2017, much before other state authorities formed their regulatory body. It handles RERA registrations in Dadra and Nagar Haveli and Daman and Diu, and it has processed more than 18,000 applications. It makes up well over 60% of the total RERA applications handled in the country.
2) Number of grievances redressed
The regulatory authority handled around 2,387 complaints in the past year. Over 2,000 appellants completed the appeal process, and around 1,200 of these were resolved. This is large and speaks of the body's reach and convenient communication channels for homebuyers.
At the same time, Maharashtra RERA, along with developers' bodies such as NAREDCO, CREDAI, and MCH land, representatives of the Mumbai Grahak Panchayat and the Maharashtra Chamber of Housing Industry have formed the MahaRERA Conciliation and Disputes Resolution Forum as an alternate forum for redressing grievances from homebuyers like you. The objective of having another forum, according to MahaRERA officials, is to create a level playing field for both buyers and builders.
3) How MahaRERA website differs from the rest
The Maharashtra RERA website is said to be the most consumer-friendly among the other RERA websites. You can find minute details about the projects undertaken under the scheme. Thus, it allows you to make a more informed decision regarding your real estate investment. Moreover, the Maharashtra RERA website mentions up-to-date information on current and new projects covered under the MahaRERA act online. For instance, you can easily get information on the building plan and the number of parking spaces allotted for a particular project with just a click on the MahaRERA website.
The website also gives you a pretty fair idea of when you can expect possession of your house, flat, or apartment, as it contains the completion date as well as the revised completion deadlines if any. You can also check the credibility of brokers of different projects here. Knowing when your project is going to be completed also enables you to decide whether you can take a home loan. Check the loan amount you are eligible for by using the Home Loan Eligibility Calculator on lender websites such as Bajaj Finserv and pave the way for easy housing finance up to Rs. 15 crore*.
Ready to move forward with your property purchase? Check your home loan offers from Bajaj Finserv with competitive interest rates starting at 7.99%* p.a. You may already be eligible, find out by entering your mobile number and OTP.
4) Buyer-friendly policies
One of the noteworthy policies undertaken by the MahaRERA act was the ban on advertisements of any developer’s projects until it was registered. Secondly, once builders cross the 3-month deadline of completion, they are prohibited from requesting further extensions and instead have to pay fines up to Rs. 10 lakh. Some of the policies are also beneficial to developers, such as where MahaRERA allows developers to make corrections even after they get the signed RERA certificate of their property.
RERA approved projects list
Maharashtra has taken a leading role in implementing the Real Estate (Regulation and Development) Act (RERA) effectively since its inception. It currently boasts the highest number of MahaRERA-approved projects nationwide.
As the most proactive state in RERA implementation, Maharashtra's regulatory authority has recently updated its website with a comprehensive list of ongoing registered projects and agents. Out of the 68,000 projects registered under the Act nationwide, MahaRERA has granted approval to a total of 31,221 RERA approved projects. Additionally, there are 42,865 registered agents in the state.
You can follow the below steps to find the list of RERA approved projects:
- Visit the official RERA website for that region
- Look for the ‘Approved Projects’ or ‘Project Registration’ section
- Use filters or search options to refine your search by project name, developer, or location
- Browse the list of approved projects, click on a project for more details
- Verify the project information and contact the RERA authority if needed
Found your dream home in a RERA approved project? Secure financing with Bajaj Finserv offering flexible repayment options up to 32 years. You may already be eligible, check your home loan offers by entering your mobile number and OTP.
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Challenges ahead for MahaRERA
The MahaRERA has gone far in streamlining itself and regulating the real estate industry in Maharashtra, Dadra and Nagar Haveli, and Daman & Diu. However, there is still much ground to be covered. It lacks, for example, information on the pricing of an apartment or escrow accounts.
Being the first to administer such a significant change, RERA impact on real estate in Maharashtra is adds to investor and homebuyer confidence.
Planning to invest in a MahaRERA regulated property? Apply for a home loan from Bajaj Finserv with quick approval in just 48 hours*. You may already be eligible, check your home loan offers now by entering your mobile number and OTP.
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