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The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square meters, or eight apartments, to register with the Real Estate Regulatory (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution.
As per the Act, every promoter who wishes to market, sell, advertise, book, or purchase real estate project in Maharashtra is first required to obtain RERA Registration in Maharashtra.
The Real Estate Regulation and Development Act, 2016 also extensively known as RERA has defined some guidelines for Real Estate agents to ensure sale of plot, apartment or building, and sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal.
1. Every Real estate agent is required to be registered in the RERA Act and shall make an application in writing.
[A]. Under which returns are required to be filed with statutory authority
1. Registration number
3. Aadhar Card
4. DIN no., as the case may be,
[B]. Particulars of registration obtained under laws, and rules and regulations along with the copy of partnership deeds, memorandum of association, articles of association.
[C]. Recent color photographs of the real estate agents
[D]. Income Tax returns for last three financial years preceding the application
[E]. Proof of principal place of business
[F]. Details (if any) of all real estate projects and their promoters on whose behalf he has acted as real estate agent in preceding five years
[G]. Details of all civil/ criminal cases pending against him or Associate/s. authenticated copies of all letter heads; rubber stamp images, acknowledgement receipts proposed to be used by the real estate agent
[H]. Address, Contact No, Cell No & Email ID
[I]. Incorporation Certificate
[J]. Copy of Deed of Article and Memorandum of Association
|1.||Rs.10,000||If Applicant is Individual|
|2.||Rs.1,00,000||If Applicant is an entity which is not registered under Companies Act,2013|
|3.||Rs.5,00,000||If Applicant is Body Corporate, registered under Companies Act,2013|
1. A duly filled RERA agent’s registration form
2. Particulars stating the type of organization (Pvt. Ltd./Public./LLP/Partnership firm/ Proprietorship Firm) with a registration number.
3. A self-attested copy of the address proof of the place of business.
4. A self-attested copy of the Pan Card of the real estate agent
1. Fill up the personnel/corporate details with supporting documents (Aadhar Card must for Individuals)
2. Generate Login Credentials
3. Pay Registration Fees
4. Authority to authenticate the documents
2. Increase Confidence
3. Helps in Increase Professionalism
5. Boost Investments
6. Consumer Forums
7. Reduction in Litigation
8. Increase Transparency
9. Timely delivery of projects
Real estate agents will also be penalized if they will falsely represent any information regarding project to buyers. Penalty will extend upto Rs 10,000 per day and maximum 5% of total project cost. Real estate agent is also required to keep books of accounts of the projects they are indulged in and are answerable for them.
Yes, the act covers both commercial and residential real estate as per Section 2(e) defines apartment and section 2(j) defines building which include both residential and commercial real estate.
No. Every real estate project which has land area more than 500 sq.mts and has more than 8 apartments’ needs to be registered.
If the application for the registration of the project is not complete as required under the Act or the Rules and Regulations made thereunder, the Authority may grant an opportunity to the promoter to complete the application in all respects. However, in case of non-compliance the Authority has the power to reject the application, only after giving an opportunity to the promoter of being heard.
The MahaRERA website would display all the registered projects. It is mandatory that the advertisement for marketing of apartments in the real estate project must carry the MahaRERA registration number.
Every Real Estate Agent who intends to facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a registered real estate project being sold by the promoter in any planning area in Maharashtra, shall have to apply for registration to Maharashtra Real Este Regulatory Authority (MahaRERA).