RERA Maharashtra Demystified: Know Your Rights as a Homebuyer

 RERA Maharashtra, the Real Estate Regulation and Development Act of 2016, was finally set into motion in May of 2017. This law aimed to implement, guide, and supervise the real estate sector in the state of Maharashtra. The Maharashtra Real Estate Regulatory Authority, which is known as the Maharashtra RERA or MahaRERA for short, is the body that governs the real estate sector in the state.

What is MahaRERA?

 The difference between RERA and Maha-RERA is that, while the RERA act enables prospective buyers to decide where they would like to invest their money, RERA Maharashtra looks after the regulation and development of real estate projects, the process of registration of real estate agents, rates of interest and disclosures within the state of Maharashtra. This is carried out through the Maharashtra Real Estate Regulatory Authority which is generally referred to as “MahaRERA”, which runs on the Maharashtra RERA portal.

Some of the key features that are included on the RERA website in Maharashtra are as follows.

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1. To carry out the process to vet and verify the real estate projects and get new agents registered.
2. To bring transparency into the sale of flats, plots and buildings within the state of Maharashtra.
3. To protect customers, allottees, real estate agents and also those promoters who are involved in the process of real estate transactions.
4. To be able to come to a solution and to be able to resolve disputes through settlement methods.
5. To create a channel that customers can find easy to approach when they need help to resolve a dispute.
6. To provide recommendations to the appropriate government authorities in matters which are related to the development and promotion of real estate in the state.

Within the state of Maharashtra, the registrations under RERA Maharashtra on the Maharashtra RERA website are compulsory for each and every residential and commercial project that is set up. Another sphere that the body oversees, is that it ensures that real estate builders do not advertise for property, book or sell any real estate without registration because this is not permitted as per the act. 

What is the RERA Registration Process in Maharashtra?

Listed below is the detailed procedure on how to go about the registration process on the Maharashtra RERA website. 

The steps that need to be followed when logging onto the RERA app to start registration in Maharashtra, are as follows:

1. Head to the https://maharerait.mahaonline.gov.in/ online portal.
2. Then, what you will need to do next is select the new registration link under the login button, and fill out the form that shall be provided.
3. Post that, you need to select your user and type in the new window that pops open on your screen. Then you may select from the below options:
   • Promoter
   • Real estate agent
   • Complainant
4. Then you need to enter all the required information into the spaces that are provided.
5. Later verify your email ID in the provided space, and then you may log in to your account on the portal.
6. Once you do so, you need to submit the documents that are required based on your selection. The list of documents you need to provide shall be mentioned. There are also RERA agent registration fees in the state of Maharashtra that are applied.

RERA Act: Definition of Carpet Area

Carpet area, built-up area, and super built-up area are three methods for calculating the size of a property. As a result, when it comes to purchasing a home, there can be a significant disparity between what you pay and what you receive. The RERA defines carpet area as the net usable floor area of an apartment, omitting the area covered by exterior walls, areas beneath services shafts, exclusive balcony or verandah area, and exclusive open terrace area, but including the area covered by the flat's internal partition walls.

RERA-approved projects: Which projects can get RERA approval?

Below are the basic characteristics of a RERA registered project

• Commercial and residential developments, as well as plotted developments.
• Projects with a total area of more than 500 square metres or eight units.
• Projects that were not completed before the Act went into effect.
• The project will not be covered by RERA if it is solely for renovation, repair, or redevelopment and does not include re-allotment, marketing, advertising, selling, or fresh allotment of any plots, apartments or buildings in the real estate project.
• Each phase will be treated as a separate real estate project that will require a new registration.

How to file a complaint under RERA?

The Head of Policy, RICS, Digbijoy Bhowmik explains - "Complaints can be filed under Section 31 of the Real Estate (Regulation and Development) Act, 2016, either with the RERA full form - Real Estate Regulatory Authority or the adjudicating officer. Such complaints may be against promoters, allottees and/or real estate agents. Most state government rules made pursuant to the RERA, have laid out the procedure and form in which such applications can be made. In the case of Chandigarh UT or Uttar Pradesh, for instance, these are placed as Form ‘M’ or Form ‘N’ (common with most other states and union territories)." A complaint filed under the RERA must be submitted in the format specified by the state's laws. Within the stipulated time limit, say a RERA complaint in Pune a complaint can be lodged against a project registered under RERA for breach or disobedience of the act's provisions or the rules and regulations enacted under RERA.

Interesting Facts about RERA Maharashtra

There are indeed a number of salient features and advantages, and interesting facts that are attached to MAHA RERA Maharashtra, we have listed them down below so that you can go through them. 

1. RERA Authority:

MAHARERA Maharashtra handles the registration process that is related to the states of Maharashtra as well as the union territories, which are located nearby, such as Dadra and Nagar Haveli, as well as Daman and Diu.

2. Grievances:

Up to the 23rd of September 2019, the regulatory authority had received a total of 8,968 complaints, out of these, 8,351 complaints were registered, and 617 complaints were filed against unregistered projects. A total number of 5,355 orders have been passed against registered projects, and a total number of 351 orders have been passed against unregistered projects in the state.

3. Easy to use portals:  

RERA Maharashtra has also got an official website; this website is very user-friendly (https://maharerait.mahaonline.gov.in/). Having very detailed features, that are self-explanatory it is easy to understand. This website provides information on projects which have been registered with the MahaRERA. It also facilitates homebuyers and property investors to be better informed when they are making a decision. Users of this website can use it to be able to find information related to the expected date of possession, the credibility of brokers, etc, which shall help them greatly. Also, most importantly, now that borrowers/home buyers know when the project is going to be completed, and the date when the bookings are set to open, they can decide when they should apply for a home loan. Thus, they can be planned in advance.

4. Buyer friendly:  

RERA Maharashtra is indeed buyer-friendly, because, only projects that have been approved and have been registered under MahaRERA are permitted to advertise. They also handle delays in the completion of projects stringently; in case of delay in project completion. If the project is delayed, then if the allottees/buyers do not want to withdraw from the project that they have booked, then the builders are required, by the law to compensate the buyers by way of refunding money to the buyers’/ allottees, along with interest. This is decided at a pre-set rate that is decided for every month of delay till the time the developer hands over 

The Benefits of RERA Maharashtra

1. Sper high levels of transparency:

Before the introduction of the RERA Act, there was a void in the space of transparency that existed in the real estate sector. Because of this, the buyers were left at the mercy of developers to obtain possession of property that they have/had purchased. Also, promoters and developers could publish non-factual advertisements, etc, and this would mislead the people. Though, now, with the introduction of Maharashtra RERA registration, the consumer is provided with all the necessary information that is related to the project that he/she has purchased. The developer has to, by the law, adhere to the registration of the project with RERA. The builder is also expected to report on its progress, intimate about delays if any. If delays are incurred, for whatever reason, the developer may be penalised. In addition to the above, the buyers have the right to question each step involved in both the development and promotion of the construction and the advertising of the home.

2. Adherence to law and order:

Now, post-RERA Maharashtra coming into force, there is no scope for developers to channel the funds that are collected from investors and then redirect them to some of their other projects. The down payment rate has also been fixed at 10%. And, noncompliance to RERA provisions attracts penal action of imprisonment for a span of up to 3 years in addition to a financial penalty.

3. Accountability:

It has been made mandatory for the developers to deposit a sum of 70% of all the funds that are paid towards a particular project into a single account. These funds are then to be used only for construction or cost of land purposes exclusively. The developers must also report progress periodically on the project to the regulatory authorities, and failure to do so could lead to recrimination. 

4. Increased trust:

Perhaps the most significant benefit that customers have is the reinforced trust in the real estate sector because of RERA Maharashtra. This has led to a reinvigoration of the industry and greater confidence among property buyers. 

The RERA Maharashtra portal is indeed one of the best-equipped tools online with provisions, that make it easy for the user to find their abodes at their convenience, keeping in mind MAHA RERA rules.

Maharashtra RERA Special Features

Number of applications reviewed

Since May 2017, the MahaRERA Act has been in operation, long before other state governments established their regulatory organisations. It is in charge of RERA-approved registrations in Dadra and Nagar Haveli, Daman and Diu, and has processed over 18,000 applications. It is responsible for more than 60% of all RERA applications processed in the country.

Number of grievances resolved

The regulatory authority received 2,387 complaints the prior year. Over 2,000 people filed appeals, and about 1,200 of them were successful. This is a key figure, demonstrating the scope of the organisation's reach and the ease with which homebuyers can contact it.

Latest news about RERA

The Central Advisory Council (CAC), chaired by Hardeep Singh Puri, Minister of Housing and Urban Affairs, will meet on April 12 to review several concerns relating to the structural safety of real estate projects. Several instances involving structural safety in multistory apartments have occurred. According to RERA, promoters have five years from the date of possession to correct structural flaws that have been identified. Some RERA laws relating to structural safety will be addressed to improve high-rise building safety and prevent loss of life and property.

The meeting will also address the formation of a committee to resolve legacy blocked projects, as well as the issue of some states amending RERA regulations by exempting active projects from registration when creating rules under the RERA statute. Furthermore, the CAC will consider measures such as frequent structural audits by reputable institutes and physical inspections of projects during construction.

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