The Maharashtra Regulatory Authority released an Order (No. 30 of 2022) regarding the submission of proforma of the allotment letter and agreement for sale for registering a real estate project in compliance of Section 4(2)(g) of the Real Estate (Regulation and Development) Act, 2016.
Section 4(2)(g) mandates that for the purpose of registration, the promoter shall enclose proforma of the allotment letter, agreement for sale and the conveyance deed to be signed with the allottees. For this purpose, the MahaRERA constituted a Commission to finalize the model allotment letter. The Authority approved the Model allotment letter on 27.05.2022.
Key Highlights:
1. The proforma of the allotment letter that has to be signed by the promoters with the allottees shall be in the format of the model allotment letter.
2. The minimum period within which the booking can be cancelled and if the allottee desires to cancel the booking, the upper limit of the percentage of the amount to be deducted is provided under the Table in Clause 9.
3. The promoter can choose to increase the number of days within which the booking can be cancelled as well as decrease the percentage of the amount to be deducted in the event of cancellation of the booking in the allotment letter.
4. If there are any modifications in the proforma of the agreement for sale as proposed by promoters, such modifications shall be highlighted in different colour and be uploaded while seeking registration in order to enable proper and speedy verification of the proforma.
Conclusion:
Failure of the promoter to comply with the above order shall lead to the rejection of the application for registration under clause (f) of the said Order. Thus, the promoters are required to adhere to the Model Allotment Letter.
This blog is written by Amisha Rashmi Handli, an intern of Smriti Legal LLP
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