MahaRERA Website at Step by Step clarifications online project registration

NAREDCO Presents Knowledge Seminar on MahaRERA
Step by Step clarifications on online project registration at MahaRERA Website, Speakers :Gautam Chatterjee, Chairman, MahaRERA
Introduction
Government of India has enacted the Real Estate (Regulation and Development) Act 2016 and all the sections of the Act shall come into force with effect from May 1, 2017. Under this Act,
The key components of MahaRERA(rera) 2016 are as follows:
1. rera and Appellate Tribunal
Under this Act, appropriate government shall establish Real Estate Regulatory Authority for regulation and promotion of the real estate sector in the State / UTs.The key responsibilities of the
The appropriate Government shall also establish Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority. Any person aggrieved by any direction or decision or order made by the Authority or by an adjudicating officer may file an appeal before the Appellate Tribunal and the appeal shall be dealt with by it as expeditiously as possible and endeavour shall be made by it to dispose of the appeal within a period of sixty days.
2. Real Estate Projects Registration, MahaRERA(rera)
All commercial and residential real estate projects will have to register except in projects where
• area of land proposed to be developed does not exceed five hundred square meters
• number of apartments proposed to be developed does not exceed eight inclusive of all phases
• promoter has received completion certificate for a real estate project prior to commencement of this Act
No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, Promoter of ongoing real estate projects, in which all buildings as per sanctioned plan have not received Completion Certificate, shall also be required to be registered for such phase of the project which consists of buildings not having occupation or completion certificate.
If any promoter fails to register as per Act, he shall be liable to a penalty which may extend up to ten per cent of the estimated cost of the real estate project.
3. rera Agents Registration
All Real Estate Agents should register under this Act. No real estate agent shall facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot,
4. Filing of complaints
Any aggrieved person may file a complaint with MahaRERA or the adjudicating officer, as the case may be, with respect to any registered real estate project, for any violation or contravention of the provisions of this Act or the rules and regulations made there under. The Authority shall establish an adjudicating mechanism for speedy redressal of such complaints.
5. Financial Discipline
The Act strives to ensure greater financial discipline in the real estate sector. Some of its provisions are as follows:
• A promoter shall not accept more than ten per cent of the cost
• Seventy per cent of the amounts realized for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose
• Withdrawal from such accounts shall be in proportion to the percentage of completion of the project, which shall be certified by an engineer, an architect and a chartered accountant in practice.
• Promoter to compensate buyer for any false or incorrect statement with full refund of property cost with interest
• Project Accounts to be Audited / FY. Copy to be submitted to MahaRERA
• Provision for MahaRERA to freeze project bank account upon non-compliance
6. Transparency
The Act shall drive great transparency in the real estate sector as follows:
• Details of all the Registered Projects shall be available online for citizens including:
o quarterly update of the list of approvals taken and the approvals which are pending subsequent to commencement certificate;
7. Citizen Centricity
• Promoter cannot make any additions and alterations in the sanctioned plans without the previous consent of at least two-thirds of the allottees, other than the promoter, who have agreed to take apartments in such building.
• If the promoter fails to complete or is unable to give possession of an apartment, plot or building, in accordance with the terms of the agreement for sale, he shall be liable to pay interest for every month of delay.
• MahaRERA(rera)under Promoter to enable formation of Legal Entity like Cooperative Society, Company, Association, Federation etc. within three months from the date on which sixty per cent of the total number of Purchasers in such a building or a wing, have booked their apartment.

MahaRERA website,
http://maharera.mahaonline.gov.in

edit by kishor kanade

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