Everything you Need to Know About the MahaRERA Act

The RERA Act in Maharashtra is the set of rules set by the Maharashtra state government under the Real Estate Regulatory Authority of India (RERA) for the entire real estate industry and its dealings. This means that all operations related to purchasing, registering, launching, and resolving must be undertaken under the supervision of the RERA. Every state in India has its own RERA guidelines for registration, compliance, and implementation. So, what is the MahaRERA Act and what is its significance? Let us understand through this article.

Table of Contents

• What Is the RERA Act in Maharashtra?
• MahaRERA Registration Process
• Is RERA Approval Mandatory?
• Features and Benefits Of MahaRERA
• Eligibility Criteria for Registering with RERA Maharashtra
• RERA Maharashtra: Fees for Registration
• RERA Maharashtra: Rules and Regulations
• Conclusion
• FAQs

What Is the RERA Act in Maharashtra?

The MahaRERA full form is Maharashtra Real Estate Regulatory Authority. This body governs all activities related to the real estate sector in the Maharashtra state. The main aim of the MahaRERA Act is to keep the government informed about every transaction that takes place, any new ownership that is registered, and to avoid fraud in the property sector. It prohibits any and all new construction to begin without registration and keeps periodic checks on properties in Maharashtra. 
It is interesting that Maharashtra was the first state in the country to implement the RERA Act. To sign up for more details, you can create your account on the official RERA Maharashtra rules website.

MahaRERA Registration Process

Before you sign up for any real estate deal, learn about the MahaRERA registration process:

• Click on the link to the official website: https://maharerait.mahaonline.gov.in/
• Log into your account if you have an existing one, else click on New Registration.
• You will see 3 options:
• - Promoter
• - Real Estate Agent
• - Complainant
• As the website asks, enter all your details.
• Submit the required documents. A few vital ones are mentioned below:
• - Self-attested photocopy of PAN card
• - Complete address and contact information
• - Details of past projects
• - Encumbrance certificate

Is RERA Approval Mandatory?

In Maharashtra, MahaRERA registration is mandatory for all residential and commercial projects. Without approval, builders are not allowed to advertise, book, or sell any real estate project. Buyers should also purchase only RERA-registered properties as they have a lower risk of project delays and/or fraud, and are under regulatory oversight.

Developers are required to mention their registration number in all their promotional material, to ensure compliance with the regulatory requirements. With these mandates, the Maharashtra RERA Act aims to bring transparency, protect the interests of the participants, timely dispute resolution, etc.

Without approval, unregistered projects are considered illegal. Buyers of such properties might face difficulties with potential grievance redressal. Promoters will also be penalised for non-registration.

Features and Benefits of MahaRERA

The Maharashtra RERA Act rules and regulations around real estate property offer the following 6 features:

• It ensures that all operations are transparent and that no real estate transactions are done without registration under RERA or against RERA Maharashtra rules.
• It holds the parties involved responsible for all development of the land or building in context and makes certain that all individuals can exercise their rights without denial.
• It has rules in place to maintain financial discipline.
• It binds the seller to cater to the complaints and requirements of the buyer within time limits.
• It demands that all agents, brokers, and firms involved in the deal record their details for safety reasons.
• With the RERA in place, buyers can be assured of just and legally secured dealings.

There are three main benefits to buyers and sellers under the RERA Act in Maharashtra:

• Buyers have a set of rights that not only protects them from fraud but also lists what comes under their legal authority.
• Sellers can be assured of all financial security since brokers and institutions are also registered under RERA.
• The construction of any given project is timed, hence, delays leading to increases in costs can be avoided.

Eligibility Criteria for Registering with RERA Maharashtra

As per RERA rules in Maharashtra, the MahaRERA projects must meet the below criteria to be registered:

• All projects should undergo RERA registration before being advertised or being sold,
• The land size should be greater than 500 square metres.
• If the land has dimensions less than 500 square metres, or if the number of proposed apartments to be built is less than 8 across all phases, it does not need to be registered.

For all up-to-date information on the eligibility criteria, check the official MahaRERA website.

RERA Maharashtra: Fees for Registration

Registration fees under MahaRERA vary depending on the type and size of the project. The fees are based on the carpet area of each project, meaning the net usable area of an apartment.

The below table summarises the registration fee based on the carpet area.

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For the most up-to-date information on registration fees, check the official MahaRERA website.

RERA Maharashtra: Rules and Regulations

In order to prevent malpractices, the Maharashtra RERA Act has a strict set of rules and regulations that participants in the real estate industry need to adhere to. It is important for prospective buyers to run an RERA check of their potential investment options before making a decision. Some important rules and regulations state that it is mandatory for every commercial and residential property to be registered with MahaRERA and that developers are required to submit quarterly reports on their ongoing projects on the MahaRERA website.

By understanding these rules and regulations, prospective buyers can make informed decisions and protect their interests in the real estate market.

Conclusion

When you are dealing with real estate like home purchases and construction, it is crucial that you are aware of the MahaRERA meaning. If you are interested in purchasing a home, one of the best options for an affordable deal is taking up a home loan. With SMFG Grihashakti, you can avail of home loans at attractive interest rates and reasonable EMIs. To know if you are eligible for this, check through the online eligibility calculator and benefit from the online portal to apply for a loan. Take the big step towards owning your own home today!