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Maharera Study Circle Presentation Final
Maharera Study Circle Presentation Final
MAHARERA
INTRODUCTION
What are the objects and reasons for which the Real Estate (Regulation and
Development) Act 2016 has been framed?
• No. The advertisement issued after 1st May 2017 must carry the MahaRERA
Registration Number of the project.
• It is mandatory that the advertisement for marketing of apartments in the real estate
project must carry the MahaRERA registration number
MAHARERA
DEFINATION OF RERA CARPET AREA
Rera Carpet
Area:-
excluding outer
wall
Other areas
exclusively
used by the
buyer :-
Balconies and
veandas
Open terraces
and service
area
MAHARERA
1)Registration Process
2) Compliances
3) A quick review of the RERA provisions
MAHARERA
Create user account on MahaRERA Website
MAHARERA
Proforma of agreement for sale- Upload model copy of agreement for sale as
specified in the annexure A of the Rule 10 and MahaRERA General (Amendment)
Regulations 2017 of the Rules. In case promoter choose to execute Agreement for
sale that is not in accordance with the specified format, then the Promoter shall
highlight deviations/modifications in the agreement for sale and upload the same
along with deviation sheet
MAHARERA
• Under Section 11 of the Act, it is the duty of the promoter to quarterly up-to-date:
• The list of number and types of apartments or plots, as the case may be, booked;
quarterly up-to-date the list of number of garages booked
• Quarterly up-to-date the list of approvals taken and the approvals which are pending
subsequent to commencement certificate
• Quarterly up-to-date status of the project and such other information and documents
as may be specified by the regulations made by the Authority.
• On failure to quarterly update the project under the provisions of the act, the
promoter shall be liable to a penalty which may extend up to 5% of the
estimated cost of the real estate project as determined by the Authority.
MAHARERA
SECTIONS
3. The Promoter shall not advertise, market, book, sell or offer for sale or invite persons
to purchase in any manner any plot, apartment or building, unless he registers the
project.
4. Application has to be made for Registration of the Project on the RERA website by
inserting range of details relating to the Promoter, Project, Approvals etc.
6. This Section permits the authority to grant extension of registration of a project to
the Promoter under reasonable circumstances where there is no default on the part
of the Promoter, for a period not exceeding one year.
Post that even if the project is not getting completed inspite of obtaining extension for
ONE year the Promoter needs to get the consent from 51% of Allottees who have booked
the flats.
7-8. Revocation of Registration in the event if the Promoter makes any default
under the Act, violates any of the terms of Approvals, involves into unfair trade
practices, indulges in any fraudulent activities. In this case a) the Promoter will be
debarred from accessing the website and added in list of defaulters, b) Competent
Authority or Allottees will take up the development, c) Bank accounts will be
freezed.
9-10. Registration of Real Estate Agents and Functions of Real Estate Agents
MAHARERA
11. Specifically provides for the Functions and duties of the Promoters. These
duties are mandatory in nature. It is important for the promoters to submit the details
on quarterly basis within the due date as provided in the Rules.
a) Quarterly updation on RERA website
b) Advertisement shall mention website address of Authority and QR code, RERA
Registration number.
c) Make available all the details and documents, approvals, plans to the Allottees .
d) Stage-wise time completion schedule of the Project.
e) Defect liability - 5 years
f) Obtain Completion certificate/OC
g) Providing and maintaining the Project till conveyance to Society/Apex Body
h) Society formation- within 3 months from the date on which 51% of the total no of
Allottees have booked their flats in the building.
i) Conveyance of land and common areas in favour of the Society/Apex Body as the
case may be.
j) Payment of all outgoings till conveyance of land/common areas to Society/apex body.
k) Not to mortgage or create a charge after execution of Agreement for Sale for flat/s.
MAHARERA
12. In the event if the Allottes makes an advance basis the advertisement, model
flat/building structure and suffers any loss, damage due to incorrect/false
statement contained therein, then, he shall be compensated by the Promoter.
(Refund of advance plus Interest thereon plus compensation)
13. No deposit or advance to be taken more than 10% of the consideration value by
promoter without first entering into agreement for sale.
14. Adherence to sanctioned plans –
a) Minor changes due to architectural and structural reasons authorized by
Architect/Engineer are allowed after proper declaration and intimation to the Allottee
eg. Change in height, addition to area, change in partition, column, beam, cutting into
the wall, closing of ingress/egress etc. as more particularly mentioned in sec 14.
b) Changes in sanctioned plans, common areas, specifications of the buildings or
common areas will need 2/3rd consent of the Allottees.
c) Defect liability for 5 years from handover- includes i) Structural defect, ii) defect in
workmanship (eg. Inferior materials, not following Industry standards, improper
installations, not meeting with tests, electric works/plumbing iii) quality or provision
of services (lifts, STP, water tanks, brands) iv) any other obligations under
Agreement for Sale. (Suggestion-Indemnity clause, B.G for 6 years is strongly
suggested to safeguard our interest)
MAHARERA
15. The Promoter shall not transfer or assign his majority rights in the Project to third
party without obtaining a) 2/3rd consent of the Allottees, 2) prior written approval of
the Authority.
17. Execution and registration of Conveyance deed in favor of the Society/Apex body,
as the case may be, shall be carried out by the Promoter a) in case of standalone
building within 3 months from date of issue of Occupancy certificate, b) in case of Layout-
within 3 months from date of issue of occupancy certificate to the last Real Estate Project
in the Layout.
MAHARERA
18. 1. Under Section 18 of the RERA, if the promoter fails to complete or is unable
to give possession of the apartment, plot or building as per the terms of the agreement
for sale or due to discontinuance of his business,
a)Intends to withdraw:- the Allottee if in case wishes to withdraw from the project is
entitled to claim a refund of the amount paid along with interest plus
compensation if any,
b)Does not intend to withdraw:- if the Allottee does not wish to withdraw then the
Promoter has to pay interest for every month of delay till handing over of the
possession.
18.2. Promoter is liable to pay compensation due to loss caused to the Allottees due to
defective title of the land. This is not barred by law of limitation.
18.3. Promoter is liable to pay compensation for failure to comply with any obligations
under RERA and terms of Agreement for Sale.
MAHARERA
The Allottee shall be entitled to know stage-wise time schedule of completion of the
project, including the provisions for water, sanitation, electricity and other amenities
and services as agreed to between the promoter and the Allottee in accordance with the
terms and conditions of the agreement for sale.
The Allottee shall be entitled to claim the possession of apartment, plot, or building,
as the case may be, and the association of Allottees shall be entitled to claim the
possession of the common areas, as per the declaration given by the promoter under
sub-clause (C) of clause (l) of sub-section (2) of section 4.
MAHARERA
The Allottee shall be entitled to claim the refund of amount paid along with
interest at such rate as may be prescribed and compensation in the manner as
provided under this Act, from the promoter, if the promoter fails to comply or is
unable to give possession of the apartment, plot or building, as the case may be,
in accordance with the terms of agreement for sale or due to discontinuance of his
business as a developer on account of suspension or revocation of his registration
under the provisions of this Act or the rules or regulations made thereunder.
The Allottee shall be entitled to have the necessary documents and plans,
including that of common areas, after handing over the physical possession of the
apartment or plot or building as the case may be, by the promoter.
Every Allottee, who has entered into an agreement for sale to take an apartment, plot
or building as the case may be, under section 13, shall be responsible to make
necessary payments in the manner and within the time as specified in the said
agreement for sale and shall pay at the proper time and place, the share of the
registration charges, municipal taxes, water and electricity charges,
maintenance charges, ground rent, and other charges, if any.
MAHARERA
The Allottee shall be liable to pay interest, at the rate of highest MCLR of SBI plus
2%, for any delay in payment towards any amount or charges under the Agreement.
Every Allottee of the apartment, plot or building as the case may be, shall
participate towards the formation of an association or society or cooperative
society of the Allottees , or a federation of the same.
Every Allottee shall take physical possession of the apartment, plot or building as
the case may be, within a period of two months of the occupancy certificate
issued for the said apartment, plot or building, as the case may be.
• Open Parking Area: This has been clearly included in the definition of "Common Areas"
which need to be conveyed to the Association of Allottees after Occupancy Certificate is
received. Hence, sale or allotment of Open Parking Areas by the Promoter is not
permissible
STATISTICS
REGISTRATION IN MAHARASHTRA
Applications
Received
Applicant Type Registration Granted Completed Projects as
per Form 4
Promoter 45132 43644 13612
Agent 47937 46229 0
Total 93069 89873 13612
Applications
Applicant Type Received Registration Granted Completed Projects as
per Form 4
Promoter 212 207 49
Agent 2 2 0
Total 214 209 49
MAHARERA
957 887