List of Documents Required for Registration under MAHARERA
List of Documents Required for Registration under MAHARERA. When you want to register for RERA in Maharashtra then you need to fullfil the following documents list along with the process.
MAHARERA: Documents, Rules, and Regulations for Real Estate Registration in Maharashtra
Introduction
The real estate sector plays a vital role in Maharashtra’s economy, attracting both investors and homebuyers alike. To ensure transparency, accountability, and the protection of buyers’ rights, the Maharashtra Real Estate Regulatory Authority (MAHARERA) was established. In this article, we will delve into the essential documents, rules, and regulations that developers and agents must adhere to for registration with MAHARERA.
Section 1: Overview of MAHARERA
The Maharashtra Real Estate Regulatory Authority (MAHARERA) was formed in 2017 under the Real Estate (Regulation and Development) Act, 2016. Its primary objective is to regulate and promote the real estate sector in Maharashtra by safeguarding the interests of homebuyers and ensuring transparency in project development.
Section 2: Documents Required for Registration
2.1 Promoter’s Documents
Promoters are required to submit various documents, including their PAN card, address proof, certificate of incorporation (for companies), partnership deed (for partnerships), audited financial statements, and bank account details.
2.2 Project Documents
Project-related documents such as project details, development agreement (if applicable), sanctioned building plans, carpet area calculations, title and ownership documents, and environmental clearance (if applicable) are necessary for registration.
2.3 Financial Documents
Promoters must provide details of the estimated project cost, sources of finance, and maintain a separate escrow account to ensure that funds are utilized exclusively for the specific project.
2.4 Architect/Engineer Documents
Architects and engineers involved in the project should furnish their registration certificates and provide project specifications, drawings, and design details.
2.5 Agent Documents (if applicable)
Agents, if involved in the project, must submit their PAN card, address proof, agreement with the promoter, and details of ongoing or completed real estate projects.
Section 3: Rules and Regulations
3.1 Timely Project Registration
Developers are required to register their projects with MAHARERA before advertising, marketing, or selling any units. Non-compliance can result in penalties and legal consequences.
3.2 Adherence to Project Timeline
Promoters must adhere to the project’s declared timeline and complete it within the specified period. Any changes to the timeline must be communicated to buyers and the authority.
3.3 Transparency and Accountability
MAHARERA ensures that developers provide accurate and transparent information regarding the project, including the layout plan, amenities, facilities, and any alterations made during the construction phase.
3.4 Escrow Account Management
Promoters are mandated to maintain a separate escrow account for each project, wherein a minimum of 70% of the funds received from buyers is to be deposited and utilized exclusively for the project’s development.
3.5 RERA Website Compliance
Developers must regularly update project-related information on the MAHARERA website, including details of approvals, completion status, and any changes made to the project.
Section 4: Benefits of MAHARERA Registration
4.1 Buyer Protection
MAHARERA ensures that buyers’ rights are protected, providing them with a platform to register grievances and seek timely resolutions. The authority promotes fair practices and prevents fraudulent activities.
4.2 Boost to Investor Confidence
The transparency and accountability fostered by MAHARERA registration instill confidence among investors, attracting more capital to the real estate sector in Maharashtra.
4.3 Timely Project Completion
The adherence to project timelines and utilization of funds from the escrow account help expedite project completion, benefiting both developers and buyers.
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How to check MAHARERA PROJECT details
To check MAHARERA DETAILS OF project or any builder and developer you can visit following link
https://maharerait.mahaonline.gov.in
You can search projects and developers information which are registered in MAHARERA.
Conclusion
MAHARERA’s establishment has brought significant positive changes to the real estate sector in Maharashtra. By enforcing registration requirements, imposing rules and regulations, and ensuring transparency and accountability, MAHARERA has emerged as a pivotal institution that safeguards the interests of homebuyers while promoting sustainable growth in the real estate industry. Developers and agents must fully understand and comply with the required documents, rules, and regulations to navigate the registration process successfully and contribute to a thriving and responsible real estate sector in Maharashtra. Above is the detailed information for List of Documents Required for Registration under MAHARERA.
