You would have known about RERA which stands for The Real Estate (Regulation and Development) Act of 2016. This act was recently enforced in Maharashtra as well and this means that all the developers, as well as property agents, were now supposed to register for RERA to protect the interest of the buyer.
Once it was decided that RERA will be implemented in Maharashtra, an authority was set up to ensure that the law is enforced and the license is issued as per the requirements of the builders and other stake holders. For this, Maha RERA was established and MAHA RERA stands for Maharashtra Real Estate Regulatory Authority. This was done in March 2017. Within a few months, it managed to achieve the goal and the amount of money being infused in the real estate industry shot up.
Let us look at all the goals of RERA so as to understand the purpose of bringing in this act
Objectives of RERA
- To protect the interest of the property buyer
- To add transparency to the real estate market
- To set up a process for quick redressal in case of a dispute
- To set up an appellate authority which can address complaints.
- To ensure that the developer shares the clear information about the projects.
These were the objectives of RERA and it is certainly helping in achieving these objectives. In addition to this, it is now mandatory for Property Agents as well as Developers to register under RERA. Let us now look at the documents required for the registration and then we will talk about the process of registration for RERA.
Documents Required for Registration under RERA
The documents required would differ from case to case. If you are a property agent then the documents will be different and if you are a developer then the documents will differ as well. Let us first look at the documents required for the property agents and then we will talk about the documents required by the property developers.
Documents for Real Estate Agents
The documents required to be submitted by the Real Estate Agents are
- PAN Card of Agent
- Address Proof and ID Proof of Agent
- Details of Office along with Company Documents
- Partnership Agreement and other registration details
- ITR for last 3 years
- Details of Business Address
- Details of Past Experience
Documents for Property Builders or Developers
The documents required to register are
- PAN Card for Promoters
- ID Proof and Address Proof for Individual Promoters
- ID Proof and Address Proof of Directors Registration is for company
- Report for Title Flow to the Property
- Development Agreement or Collaboration Agreement or Joint Agreement
- Information about Project and Development
- Approved Map and Plan along with detailed Layout
- Documents for Transferable Development Rights & Floor Space Index
- Details of Common Facilities
- Technical Details and Details of Technology used during development of the project
Along with these documents, there is a fee applicable for the registration as well. We have listed the details of the fee and then we will talk about the complete registration process.
Fee for RERA Registration
As mentioned above, you need to make the payment of Fee for Registration and this is also the final step of the process. You can make the payment using the online modes. Here are the details of the fee
- Real Estate Agent – For real estate agent, the fee varies from Rs 10,000 to Rs 1 Lakh. Rs 10,000 is the fee for the individual Real Estate Agents whereas Rs 1 Lakh is for the cases when the registration is not for individual agents. The fee for renewal is the same.
- Developer – The fee for the developer is Rs 10 per square meters. But it should be noted that the minimum amount that needs to be paid by the developer is Rs 50,000 and in addition to this, there is also an upper cap. The maximum fee can’t exceed Rs 10 Lakh. The same fee is also applicable for the extension of timelines for the project delivery.
Process for RERA Registration
We have discussed the documents required as well as the Fee for RERA Registration. Let us now talk about the process of registration.
- Visit the Maha RERA Official website to register under RERA. The link to the website is https://maharerait.mahaonline.gov.in/. You can go through various details and guidelines on the website if you wish to get more information about RERA.
- From the menu option, click on Online Application and this will take you to the Login Page. On this page, click on New Registration to register as a new user.
- A form for the registration will be displayed. It is important to select the right User Type here. Once that is selected, enter the details along with other details. You also get to set up a username and password on this page. Click on create a user after entering the details
- Login to your account now and go to accounts page. Here, you need to enter the personal details along with the details of PAN Card and Aadhaar Card. Move to the next sections and enter the address of the office along with other contact details.
- Once again, move to the next section and upload your phone on the website. Ensure that you are updating a recent photograph. Apart from these details, you will have to add the details of your past experience.
- In the next section, share the details of the branches of your office. If you do not have any branch then you can skip this point.
- You will now be asked to upload all the relevant documents. Upload them all as per the requirement and once the documents are uploaded, proceed to make the payment of the fee. The details of the fee are already mentioned above.
After the payment, the application number will be shared with you and it will be forwarded to the authority for verification. The registration number along with the registration certificate will be granted to you after the verification is complete. The whole process can take up to 30 days.