The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the Real Estate Regulatory Authority (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution.
Maharashtra was one of the first states to notify rules and establish the MahaRERA after all sections of the Real Estate (Regulation & Development) Act, 2016, came into force on May 1.
Without registering ongoing projects, developers cannot market or sell them. Violating provisions of Section 3 that deals with registration, selling and marketing of new and ongoing projects will attract a penalty of up to 10% of the property’s estimated cost, as determined by the authority.
One should also be aware of MOFA – The Maharashtra Ownership of Flats (Regulation of the Promotion, Construction, Sale, Management and Transfer) Act, 1963 which was before RERA enacted to regulate the promotion, construction, sale, management and transfer of flats sold on an ownership basis within the State of Maharashtra.
Key Aspects to understand from these laws are:
- What is a “Flat”?
- Who is a Promoter?
- Responsibilities / Liabilities of the Promoter
- Remedies if Promoter fails to give possession on due date
- Registration of Agreements
- Conveyance of title
- Liability as a Flat – Taker (Flat Owner)
Chartered Accountant – RERA Representation
Chartered Accountant is one of the professions recognised by the MahaRERA to provide legal RERA representation to the applicant or the appellant to present their case.
We help clients prepare their case and also represent them before the Appellate Tribunal or the Regulatory Authority or the adjudicating officer, as the case may be.
Maharera offie is located at the following address:
Maharashtra Real Estate Regulatory Authority
3rd Floor, A-Wing, SRA Administrative Building, Anant Kanekar Marg, Bandra East, D Block BKC, Naupada, Bandra East, Mumbai, Maharashtra 400051
Phone: 022 2659 0035