What is Form 3 in MahaRERA? Filing Guidelines and Requirements

When buying a home, you want assurance that your money is safe, and the project is trustworthy. The Real Estate (Regulation and Development) Act (RERA), introduced in 2016, aims to protect homebuyers and regulate builders. MahaRERA is the RERA authority in Maharashtra. A critical document in this process is MahaRERA Form 3.

Let’s dive into what Form 3 in MahaRERA is, why it is important, how to file it, and what requirements must be met to ensure compliance.

What is Form 3 in MahaRERA?

MahaRERA Form 3 is a key document that developers must file when registering their real estate projects with MahaRERA. This form serves as a financial statement certified by a chartered accountant (CA). It ensures that funds collected from homebuyers are used only for the project for which they were collected.

In simpler terms, Form 3 guarantees transparency. It holds developers accountable for the proper use of funds and helps protect buyers from delays or misuse of their money.

Why is MahaRERA Form 3 important?

Form 3 is essential for maintaining trust between buyers and builders. It ensures that:

• Funds are secured: Developers must declare how much money has been collected and how it is being spent.
• Project completion is timely: By regulating cash flow, it ensures that funds are used for construction and not diverted elsewhere.
• Transparency is maintained: Builders must disclose financial details, making the process clearer for buyers.
• Compliance is achieved: Filing Form 3 ensures that builders meet MahaRERA’s rules and regulations.

Filing guidelines for Form 3 in MahaRERA

The process of filing Form 3 is straightforward but requires accuracy. Below are the key steps:

1. Hire a Chartered Accountant (CA): Only a CA registered with MahaRERA can certify Form 3. The CA verifies all financial details of the project before submission.

2. Fill in project financial details: Developers must provide:

• Total funds collected from homebuyers.
• Amount spent on construction.
• Remaining funds in the project’s account.

3. Declare escrow account details: As per MahaRERA, developers must maintain an escrow account for every project. At least 70% of the funds collected should be deposited into this account and used only for land and construction costs.

4. Attach supporting documents: These include:

• Bank statements.
• Proof of expenses incurred.
• Copies of contracts for construction or land development.

5. Submit Form 3 online: Developers must upload Form 3 and the supporting documents on the MahaRERA portal.

6. Compliance and updates: Developers must submit Form 3 regularly to show the progress of the project and ensure ongoing compliance with MahaRERA rules.

Key requirements for MahaRERA Form 3

To file Form 3 successfully, developers must meet several requirements:

1. Escrow account setup: An escrow account is mandatory. This account ensures that funds are used only for project-related expenses.

2. Detailed financial reporting: Developers must disclose all financial details, including:

• Total collections.
• Amount spent on the project.
• Balance funds available.

3. Proof of expenses: Every rupee spent from the project account must be backed by evidence, such as invoices or payment receipts.

4. Compliance with timelines: Form 3 must be filed regularly, usually every six months, to provide updates on the project’s financial status.

5. Third-party certification: The CA certifying Form 3 must be independent and unbiased. This ensures that the financial details are accurate and reliable.

How MahaRERA Form 3 benefits homebuyers

MahaRERA Form 3 is designed to protect homebuyers and ensure transparency. Here is how:

• Protects your money: It ensures that the funds you pay are used only for your project.
• Prevents delays: By regulating cash flow, it reduces the chances of project delays.
• Increases trust: Builders who comply with MahaRERA rules gain the trust of buyers.
• Promotes transparency: Buyers can access financial details of the project, ensuring clarity.
• Ensures accountability: Developers must provide regular updates, making them accountable for their actions.

Filing MahaRERA Form 3 as a developer

For builders and developers, filing Form 3 is an essential step in ensuring project compliance. It demonstrates that they are following the law and using funds responsibly.

Developers who fail to file Form 3 or provide false information can face heavy penalties, including project cancellation. Filing Form 3 correctly is not just a legal requirement—it is a way to build credibility and attract buyers.

How home loans help with MahaRERA-compliant projects

Buying a home in a MahaRERA-registered project is a smart decision. But what if you do not have the full amount? That is where a home loan comes in.

A home loan provides financial assistance, making it easier to buy your dream home. By investing in a MahaRERA-compliant project, you ensure that your money is safe, and the project will likely be completed on time.

With Bajaj Housing Finance, you gain:

1. High loan amount: Secure a home loan of up to Rs. 15 crore* to bring your dream home to life.

2. Low interest rates: Enjoy interest rates starting 8.25%* p.a, and EMIs as low as Rs. 741/lakh*.

3. Quick approval: Get approved within 48 Hours* of applying – sometimes even sooner.

4. Flexible repayment tenure: Choose a repayment term of up to 32 years for comfortable EMIs.

5. Simple application: Take advantage of doorstep document collection for a smooth process.

6. Balance transfer facility: Move your existing home loan and get a top-up loan with better terms.

Secure your dream home with a Bajaj Housing Finance Home Loan today. It is your step toward a transparent and worry-free real estate investment.