RERA stands for The Real Estate (Regulation and Development) Act of 2016 and this act was implemented to protect the interest of home buyers. This helps in ensuring that the home buyers get a transparent deal and the act also helps to ensure that the investments in real estate remain to be high. The rules vary from state to state and not all states have implemented RERA yet.
It should be noted that the RERA has been implemented in Maharashtra as well. There are a process and fee associated with RERA. Talking about the process at a high level, the promoters need to make an application with RERA and they are then granted registration by RERA within 30 days of application.
This was the process at a high level but we will now discuss the process in details in the later section but before we talk about the Process, let us look at the fee that is involved with the Registration Process.
RERA Registration Fee Information
As mentioned earlier, there is a fee associated with the RERA registration. The developer and the builder need to pay a registration fee. The fee can be paid via online methods including RTGS and NEFT. In addition to this, there is a minimum and maximum amount of the fee.
The registration under RERA can be filled under the developer or under the Real Estate Agent Category. We will first talk about the registration as a Developer or Builder. This is applicable to all the people who are involved in the development of the real estate project.
- Actual Fee for Developers – The Minimum registration fee for any type of registration with ERA is Rs 50,000. Also, it should be noted that the fee for every square meter is Rs 10. This means if the builder is registering for 4500 square meters then the builder needs to pay Rs 50,000 in fee where if the builder is registering for 6000 square meters then the fee would be Rs 60,000.
- Ceiling Amount for Developers- There is also a ceiling amount applicable with RERA and this amount is capped at Rs 10,00,000. This means that the builder won’t have to pay more than Rs 10 lakhs for registration.
- Extension of Timeline – The same amount of fee that was paid during the registration is required to extend the timeline of any real estate project
Real Estate Agent
A real estate agent is not involved in the development of the projects and hence it would not be fair to charge the same amount of fee from the real estate agent as well. The fee structure for registration of real estate agent with RERA is listed below
- Actual Fee for Real Estate Agents – The real estate agents can also pay the fee via NEFT and RTGS along with other online methods. The minimum amount that needs to be paid is Rs 10,000 and if the real estate agent is an agent then this is the amount. However, if the RERA registration is requested by a company then the fee is Rs 1,00,000.
- Renewal of Registration–The fee for renewal of application is same as the fee for registration. This means that the individual needs to pay Rs 10,000 whereas other applicants need to Pay Rs 1,00,000 for renewal of registration.
Registration Process under RERA
The online process is available for the registration under RERA and we have listed the process below
- RERA Maharashtra Website – To start the registration visit the official website for Maharashtra RERA and the link to the website is https://maharerait.mahaonline.gov.in.
- New Registration – From the topmenu, click on Online Registration and you will be redirected to a new page. Click on New Registration here and a form will be displayed on the screen.
- User Name and Password – Enter the User Type and fill in the details in the form. You will also need to set up a username and a password here. You will be able to login to account using these details.
- Login to Account – Now, click on Create User and you will be redirected back to the login page. Enter your login details and login to the account.
- Personal Details – From your dashboard, click on My Accounts then navigate to Profile. Here you need to enter the personal details including the PAN Number and Aadhaar Number. You must also enter the contact details and address for official communications.
- Past Experience – On the same page, upload your photo and once that is done, update the details. In the next section, you need to update the Experience where you need to add the details of the projects you were associated with earlier. If there are any other branches then you can add the details of the same.
- Documents Upload –Now, you need to upload the documents and make the payments. Under the registration details, click on Documents Upload. This will take you to a page where you need to upload documents. Upload at least 4 documents which are required.
- Payments –In the next step, click on Payment, a page will be displayed, check all the details and move ahead with the payment. You can make the payment using the online methods.
The online application will be submitted and you will receive an application number. Post verification, the registration will be complete for you and you will receive a registration number along with a registration certificate from RERA. The lead time for getting the Registration is 30 days. If there is a request of additional documents from RERA then you must upload them well within time to ensure that your application doesn’t get rejected.
If you are an agent then you can start advertising for the services and projects after the registration is complete. The developers can also market their projects after the RERA registration is complete. The process is quite transparent but you need to ensure that the documents provided by you are readable and clear.