Maharashtra was among the very first states to create a Real Estate regulatory and Development authority under the Real Estate Regulation and Development Act. Ever since its beginning, Maharashtra RERA continues to be a pioneer in carrying out RERA successfully. The active approach and effective functioning of the Maharashtra RERA Authority set a standard for other states. In case a buyer’s rights are infringed upon or any provision of the Act is abused, any homebuyer is permitted to file a RERA complaint with the builder, agent or developer. Let us understand the documents required for RERA registration in Maharashtra.
Understanding RERA Registration
RERA Registration is a certificate issued under the Real Estate Act to correct real estate issues prevailing in the sector. This certification is needed before marketing, advertising, booking, selling, inviting investments or offering for sale any lot, building or apartment. RERA registration objectives in Maharashtra are clarity, liability and benefits to the promoter and customer and accordingly, RERA registration documents are needed for RERA registration in Maharashtra.
The procedure for RERA registration & enforcement occurs at the local and state levels under the Real Estate Act. The authorities administering the Act alone are responsible for the registration and associated approvals for RERA – registered properties.
RERA Registration Benefits
Before we learn about RERA registration documents in Maharashtra, several major benefits of RERA registration are given as following :
1. Transparent Dealing:
Builders are responsible to ensure that buyers are informed about anything involved with the project they’re creating. That includes sharing a brochure and ensuring all this info is available on their internet real estate platforms. Potential buyers need to know the project layout, the way it’ll be done and just how it’s moving ahead.
2. Timely Project Completion:
RERA has imposed strict regulations to curtail project delays by making builders complete their works within the stipulated timeframe. And a builder that fails the deadline will probably be charged a rate of 2% above the State Bank of India’s mortgage rate. And serious delays might end up builders in prison for three years.
3. System of Redressal:
The RERA Act permits individuals registered under it to file complaints concerning real estate matters. Government officials examine the registered complaints and the wrongdoers are penalised or punished as appropriate.
Usefulness of RERA in India
Let us know the applicability of the RERA Act before finding the documents required for RERA agent registration in Maharashtra. There is state registration under the RERA so differences exist between states. The largest differences concern the registration process, which is performed primarily online. Applications are made by way of the official site for the region where registration is needed.
Entities Requiring Mandatory Registration
Before proceeding to the documents required for RERA registration in Maharashtra, some entities have to register under RERA mandatorily. Some businesses are obligated under RERA to register their property projects with the proper regulatory authorities. Those entities include:
1. Individual Developers
Individuals building or planning to construct independent buildings, structures containing apartments, or perhaps those intending to turn existing facilities into apartments on the market to people.
2. Land Developers
People who transform land into property to sell or trade with other people.
3. Development Authorities/Public Entities
Public entities like development authorities or other government-associated entities have to register under RERA if they are allotting land.
4. Government-Related Buildings & Plots
Buildings or plots developed by public bodies or government authorities on their farmland or made available to them by the authorities also require RERA registration.
5. Development Authorities
Also included in RERA registration are plots owned by development authorities or made available to them by the government for selling apartments.
RERA Registration Documents List in Maharashtra
Each Real Estate project of Maharashtra over 500 square metres or greater than eight units must be registered with the Maharashtra real estate Regulatory Authority (Maha RERA) according to the RERA laws.
Real estate companies in cities like Pune and throughout Maharashtra have ninety days to register their ongoing projects with Maha RERA.
Real estate firms and real estate agents are granted registration for 5 years under Maha RERA. This periodical registration requirement is created to maintain accountability and ensure compliance with the specified laws and standards by all businesses operating in the real estate industry.
The necessary RERA agent registration documents in Maharashtra are the following :
Promoters or Builders
The documents necessary for RERA registration in Maharashtra for promoters or builders are the following:
- PAN Card: Tax identification with Permanent Account Number card.
- Particulars of Registration (including bye-laws): Details of the company’s registration such as bye-laws.
- Memorandum of Association: Copy of company Memorandum of Association.
- Articles of Association: Copy of company’s Articles of Association.
- Verified Copies of Company Letterheads: Copies of the company’s letterheads, Authenticated.
- Income Tax Returns History (Last three Years): Information concerning the firm’s income tax returns for the past three fiscal years.
- Verified Copy of Letterhead: Verified copy of company letterhead rubber stamp.
- Receipts Recognizing Real Estate Agents’ Participation: Receipts from real estate agents confirming their involvement and acknowledgment.
- Audited Balance Sheet of the Promoter for the Previous Fiscal Year: The promoter’s audited financial statement for the prior financial year.
- Profile of Key Individuals: Name, address etc. of the promoter, director, partners, chairman or some authorised individual, where appropriate.
- Architectural and Design Standards, Construction Technology and Safety Measures: Information on architectural and design standards, construction technology, earthquake resistant measures along with other details.
- Floor Plan of Real Estate Project: Floor plan of real estate project.
- Information regarding Encumbrances on the Planned Land: Information regarding any encumbrances on the area upon which the real estate project will be constructed.
- Specifics about Sub-judice Processes Regarding the Proposed Land: Information regarding any ongoing legal actions regarding the land proposed for the real estate project, if any.
- Available Covered Parking Spaces: Specifics of the number of parking spots covered.
- Project Plans & Approvals: Information on proposed plan, sanctioned plan, floor space index, layout plan along with other related approvals.
- Number of Buildings or Wings Proposed: Information on the planned wings or buildings for the project.
Real Estate Agents
The documents required for RERA agent registration in Maharashtra are:
- Aadhar Card: Aadhar card for identification.
- Photo: Passport-size photograph.
- PAN Card: Tax identification with Permanent Account Number card.
- Mobile Number & Email ID: Contact info like mobile number and email address.
- Letterhead of the Broker: Letterhead used by the broker.
- Brokerage Receipt: Receipt acknowledging brokerage transactions.
- Income Tax Return Acknowledgement (preceding three years): Income tax return acknowledgement for the past three fiscal years. If non-availability occurs, a self-certified declaration is granted.
Closing Thoughts
RERA registration is needed for builders and developers so that there’s transparency and homebuyers can file complaints against violations. The benefits reach all people ensuring open dealings, on time project completion along with a strong grievance redressal system. This creates a transparent property industry for investors, builders and agents also. The list of documents required for RERA registration in Maharashtra for promoters or builders and real estate agents has been mentioned in this blog for clear understanding of the requirements.
FAQs
1. What are the required documents for RERA registration in Maharashtra?
The documents required for RERA agent registration in Maharashtra are:
- Aadhar Card
- Pan Card
- Photo
- Mobile number and Email id
- Letter head of broker
- Brokerage receipt
- Income tax return acknowledgment of prior 3 years, if not a self certified declaration.
2. What are submission requirements for RERA registration in Maharashtra?
The whole RERA registration procedure which includes submission of documents is completed online via the site of the regulatory authority in the region of registration. Applications and documents could be submitted through the Maharashtra RERA website or portal.
3. What checklist is followed for RERA registration documents in Maharashtra?
Checklist of documents needed for RERA registration in Maharashtra, separately for promoters/builders and real estate agents-
For promoters or builders the major documents are PAN card, company registration details, Memorandum of Association, Articles of Association, audited financial statements, project blueprints and approvals, details of promoters or directors, details of recommended site, parking details etc.
For real estate agents Aadhaar card and PAN card, letterhead, contact information, photograph, brokerage bills & income tax returns are needed with the files because of the agent.
4. What are extra documents for specific real estate projects under RERA in Maharashtra?
Projects exceeding 500 square metres and eight units are subject to registration and additional documents from the Maharashtra RERA.
5. How to prepare RERA registration documents correctly & submit in Maharashtra?
Following the RERA Act along with periodic registration (every 5 years) is important to ensure accountability and standards compliance by real estate organisations operating in Maharashtra.
