In 2016, MahaRERA Act was enacted to provide much needed protection specifically to the buyers of real-estate properties. The law seeks to provide such protection through:
(1) Ensuring Transparency &
(2) Providing Redressal Mechanism
The first leg of protection, that is transparency, is achieved by mandatory registration of a real estate project. Registration makes important set of information available on the MahaRERA website for inspection by potential buyer.
Following is the list of documents and information required to register a project on MahaRERA website:
1. Self-attested copy of PAN Card of firm/company;
2. Address and contact information of firm/company along with proof of address;
3. Income Tax Returns and Financial Statements of firm/company for last 3 years;
4. Details of past projects launched/completed in last 5 years;
5. Name, Address, Photo, contact details of proprietor/partner/director and any other authorized person;
6. Name of project and proposed date of completion;
7. Copy of cheque of separate bank account opened for the project;
8. Copy of legal title report from lawyer;
9. In case of redevelopment of society, a copy of the development agreement, or any other form of agreement, entered into between the promoter and such owner, reflecting the consent of the owner of the land and authenticated copies of legal title report reflecting the title of such owner, on the land proposed to be developed;
10. Information relating to encumbrances in respect of the land on the letter head of the firm/company;
11. Sanctioned plan where the project is being developed along with information relating to the FSI/ TDR and other entitlements which are proposed to be utilized in accordance with the relevant Development Control Regulations;
12. Proposed and sanctioned, project layout, etc. prepared by the architect;
13. Proposed & Sanctioned Number of building(s) or wing(s) to be constructed and sanctioned number of the building(s) or wing(s);
14. Details of Architects, Contractors, Engineer, Real estate agent and any other professionals associated with project to be registered
15. Details of financial investors, if any
16. Details of estimated project cost
17. Details of any litigation and court cases against firm/company
18. Percentage of various activities completed w.r.t. project
19. Form B signed by proprietor/partner/director;
20. Form 1 signed by architect in case of on-going project;
21. Form 2 signed by engineer in case of on-going project;
22. Form 3 Certificate from CA;
23. Form 4 signed by architect;
24. Draft allotment letter and agreement for sale;
25. Copies of IOD and Commencement Certificate obtained from municipal corporation.
It is important to note that the registration of project is not compulsory at the commencement of the project. Instead, registration becomes mandatory before the firm/company offers flats/units for sale or makes sale of flats/units in such real estate project. In essence, the advertisement, marketing and sale of unregistered project is a punishable offence.
Apart from registration, RERA requires quarterly compliance on part of the builder/developer to maintain transparency and regular flow of information between seller and prospective buyer of a real estate property.
For any queries/comments and professional assistance with respect to compliance and litigation under MahaRERA, feel free to reach us at [email protected]
Disclaimer: This article is for the purpose of general awareness and does not represent professional opinion of the author.