How Maharashtra worked towards RERA implementation
The Government of Maharashtra had released a draft version of rules in December, after which state government had sought suggestions and objections from various stakeholders. After seeking out all the suggestions and objections which the state government received, the final rules were approved and will come into effect from May 1, 2017.
After getting piles of complaints from buyers about builders denying selling flats due to buyers’ religion, marital status and dietary preferences, Maharashtra Government also incorporated an anti-discriminatory clause under RERA. Also, the Maharashtra government added news rules under RERA such as parking spaces, which can now be sold by builders, to regulate these sales. State government has mandated that builders should disclose the sales of these parking spaces. Prevailing rules grant co-operative housing societies to distribute parking spaces among its members. Overall, the RERA Act adds many other rules which can regulate the real estate sector more comprehensively.
Registration process for developers of the real estate in RERA Maharastra
Fee for the Project Registration
If you are a developer of a real estate business, you need to register your project in the RERA. At the time of applying for the registration, the business developer needs to pay a certain amount registration fee. In this registration process, the developers can transfer the amount of the fee through the digital transactions like NEFT or RTGS. The amount of the registration fee at RERA Maharashtra authority is RS 10 for each sq meter. The minimum amount of the fee should be 50.000, and it can be extended up to the maximum level of RS. 10,00,000.
Charges for extending time in the Real Estate Project
The developers have a chance to apply for extending the time of their project completion by giving an application and the extension fees. The fees depend on the proposed area by the developers with the fee for per sq meter 10 RS and the minimum amount of fee 50,000 RS and the maximum amount of fee 10,00,000 RS. The developers can use the modern digital money transaction process like NEFT or RTGS.
Process of withdrawing the Project application
If the developers want to apply for withdrawing the registration application within 30 days, then the developers get back money from the authority. But a portion is deducted as the charge for the processing of the registration by authority. The charges which are applicable for the registration of the application is deducted as per the rule of the sub section 1 from section 5.
Fee of RERA Maharashtra for the agents of real estate
Registration fee for the Agent
The agents of the real estate need to pay the fee for registration while applying for the registration with the authority of the RERA by using the RTGS or NEFT or other kinds of the digital payment process. If the agent is an individual, then he or she needs to pay total 10,000 RS, and if the applicant is more than an individual, then the total amount of the fee becomes 1,00,000.
Registration Fee for real estate agent in case of renewal of application
If the application of the real estate agent is granted under the section 9, then he or she can apply for renewal by an application. He needs to apply minimum sixty days before the expiring the application. The applicant needs to fill up the Form J and pay the total amount 10,000 for the individual and 1,00,000 for more than the individual.