MahaRERA

MAHARERA

Overview MAHARERA UPRERA GUJRERA

What is MahaRERA?

RERA stands for the Regulation and Development Act, which aims to protect the interest of home buyers and also encourage investments within the real estate sector. RERA was brought into effect in 2016 by the Government of India, and since then, every state has had its own RERA authority regulating the home buying market.

For instance, if you’re planning to buy a house in the state of Maharashtra, make sure the property is pre-approved by Maharashtra RERA. Also know, that this Indian state was the first in the country to implement RERA in full swing.

The Regulation and Development Act in Maharashtra came into effect the same year as the Parliament approved the RERA bill. This regulatory authority oversees all real estate grievances within the state and provides quick resolution to home buyers and owners.

Through the RERA Act Maharashtra, relevant authorities have facilitated appellate tribunals to register official complaints from duped buyers. This body’s policies have also brought more transparency in every real estate transaction between buyers and developers.

Every residential, as well as commercial complex in Maharashtra, must be registered under RERA. Until they are, the builders cannot sell or even advertise the properties they are developing to prospective buyers.

RERA in Maharashtra is making the Maharashtra real estate sector safer as it already dealt with over 2200 complaints last year. Moreover, this regulatory body has processed over 18,000 RERA applications, which makes up for 60% of all RERA applications within India.

What are the Primary Goals of MahaRERA?

Here is an overview of the primary objectives of the RERA ACT, Maharashtra:

The overall objective of this Act is to facilitate the seamless sale of plots of land, fully-constructed buildings or apartments.
Through its policies, it aims to establish transparency between sellers and buyers. For example, buyers can now demand complete floor plans and blueprints from developers before purchasing.
It provides quick resolution to disputes between buyers and developers.
Due to developers following RERA's norms, there is clear information about the plot, home and apartment sale.
MahaRERA has established the concept of an Appellate Tribunal that allows buyers to file complaints about any developer.

It's safe to say that if a property - be it commercial or residential – if registered with this regulatory body, means it's authentic, and you can purchase it without any worries.

Therefore, even before you take a home loan to buy any residential housing in the state, we recommend you check whether the property is registered with RERA Maharashtra.

What are the Benefits of Registering with MahaRERA?

Protects buyers from insolvency

The RERA Act Maharashtra holds Escrow account to protect buyers from insolvency. Simply put, if you’re purchasing an under-construction property, the developer has to deposit 70% of the money you pay them into a single account. The developer can access these funds only after handing over the home to the respective buyer.

Protects the rights of all stakeholders

Not only buyers but RERA-registered brokers and developers also have the right to file a complaint against dubious deals and buyers who default on their payments.

Awards project completion flexibility to developers

MahaRERA Maharashtra awards flexibility to developers by allowing them to choose the date of project completion.

Improves trust and accountability in the real estate sector

Due to this Act, more people would want to work within the real estate sector as rules are clearly laid out and processes streamlined.

Ensures fair pricing

Maharashtra RERA ensures that buyers pay only on the basis of carpet area. Therefore, no builder can charge a steep premium on the square footage of a home.

How Can You Check MahaRERA Registered Projects?

Checking whether a project is registered with Maharashtra RERA is easy, and you can do it online. All you have to do is follow the steps listed below:

Log on to the official MahaRERA portal by clicking here. Once you do, click on ‘Registration’. You’ll see this item on the top menu bar of the page.
From the 'Registration' drop-down menu, choose 'Registered Projects' to be taken to an external web portal. If that page does not open, check the pop-up setting on your browser. You must allow all pop-ups to complete this process.
On the external page, a short form will open asking for specific details. Here, add the project and promoter's name. Once you do, the page will display all MahaRERA Maharashtra details. Here, you can check a developer’s RERA certificate and other relevant details.
And, that's it! The Maharashtra RERA Act allows you to figure out whether a property is indeed registered with them or not.

How Can You Check Registered Agents on MahaRERA?

Not only developers and their properties, but independent brokers and real estate agents are also registered with Maharashtra RERA. And, if you’re dealing with one, it’s prudent to check whether they’re registered or not. Here’s how:

Log on to the MahaRERA Maharashtra web portal, and click on the 'Registration' tab from the top menu.
This drop-down menu will display several options. Select 'Registered Real Estate Agents' to be taken to an external website.
A form will open on the external website. Here, enter the agent's registration number or name. If the agent is indeed registered with the Maharashtra RERA Act, you’ll see their mention. If not, the search will return empty, and you’ll know they are not to be trusted.

What are the Documents Required for MahaRera Registration?

Refer to the complete list of documents required for registering your project or yourself under the RERA Act Maharashtra:

Your full name, address, mobile number and photograph if applying as an independent individual.
If you’re applying as a partnership firm or company, submit your company registration documents.
Agreements pertaining to ownership, lease or development of a project.
The approved building plan and complete layout.
Details of your RERA bank account (typically opened before applying for MahaRERA).
Form 1 from your architect(s), Form 2 from your Structural Engineer(s) and Form 3 from your Chartered Accountant(s).
PAN card, name, address, mobile number and photograph of the person in charge of promoting a property for a certain developer.
Once you have all these documents, applying for Maharashtra RERA approval becomes smooth.

How Can You Register Projects on MahaRERA?

Want to register your project under Maharashtra RERA? You can do so online, and the process is pretty straightforward.

Log on to the official RERA site of Maharashtra and click on the ‘Online Application’ tab.
As you’re a new user, you’ll have to register with the portal. For this, click on the ‘New Registration’ tab.
Follow the due process to create your account with Maharashtra MahaRERA authorities.
On the registration page, you must select your state as Maharashtra and also fill in the remaining details such as username, registered email address, and mobile number. Once you've filled out all details, click on 'Create User'.
Once you do this, the portal will send you a verification link to your registered email address. Open your inbox and verify by clicking on the link.
After this, you can log in to the website with your user name and password, fill in the required fields, upload the necessary documents and register with the Maharashtra RERA Act and apply for home loan hassle free.

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MahaRERA

What is MahaRERA?

What are the Primary Goals of MahaRERA?