RERA & MahaRERA Overview
Understanding the Real Estate Regulatory Authority and its compliance requirements for developers, agents, and buyers in Maharashtra.
Understanding RERA
What is RERA?
The Real Estate (Regulation and Development) Act, 2016 (RERA) was enacted to protect home buyers and boost investments in the real estate sector. It established state-level Real Estate Regulatory Authorities.
What is MahaRERA?
Maharashtra Real Estate Regulatory Authority (MahaRERA) is the state authority established under RERA Act for Maharashtra. It oversees all real estate projects and agents in the state.
When was it enacted?
RERA was enacted in May 2016 and came into force on May 1, 2017. MahaRERA became operational in Maharashtra from May 1, 2017 onwards.
Purpose & Objectives
RERA aims to bring transparency, accountability, and efficiency to the real estate sector. It protects home buyer interests, ensures timely project completion, and regulates transactions.
Who Needs RERA Registration?
Real Estate Developers & Promoters
Projects with more than 8 apartments or plot area exceeding 500 sq. meters must register before advertising or selling.
Real Estate Agents & Brokers
All real estate agents facilitating transactions of RERA-registered projects must obtain MahaRERA agent registration.
Redevelopment Projects
Society redevelopment projects involving sale of additional units must register under RERA, regardless of project size.
Layout & Plotted Developments
Developers selling plots in a layout where the area exceeds 500 sq. meters or involves more than 8 plots must register.
Non-Compliance Consequences
MahaRERA Registration Process
Document Collection
Gather all required documents including land title, building plan approvals, commencement certificate, and financial details.
Form Filling
Complete the MahaRERA online application form with project details, promoter information, and financial statements.
Certificate Procurement
Obtain required certificates from CA (Chartered Accountant), Architect, and Engineer as mandated by MahaRERA.
Online Submission
Upload all documents and submit the application on the MahaRERA portal along with the prescribed fee.
Review & Approval
MahaRERA reviews the application. Any deficiencies are communicated and must be rectified within the stipulated time.
Registration Certificate
Upon approval, the project receives its RERA registration number which must be mentioned on all advertisements.
Post-Registration Compliance
Quarterly Progress Reports
Every registered project must submit quarterly updates on construction progress, financial status, and completion status.
Annual Audit Report
Annual financial audit reports certified by a CA must be submitted to MahaRERA for each registered project.
Advertisement Compliance
All project advertisements, brochures, and hoardings must include the RERA registration number.
Escrow Account
70% of project funds collected from buyers must be deposited in a separate escrow account and used only for that project.
Project Extension
Developers must apply for project extension before the registration expires, with valid reasons and updated completion timelines.
Buyer Agreements
Standardized agreements for sale must be used, and possession must be given as per the date mentioned in the registered agreement.
Need Help With RERA Compliance?
Our team of experts handles the entire registration and ongoing compliance process for you.