The Real Estate Regulatory Authority (RERA) or MahaRERA is the new real estate regulator of the state of Maharashtra, India. With effect from May 1, 2017, with an aim to protect the interest of consumers by promoting fair play and free competition in the real estate sector through effective regulation and disciplined behaviour of market participants. MahaRERA covers both residential and commercial property transactions within the state of Maharashtra, India.
What is MahaRERA?
Maharashtra is one of India’s most developed states and its real estate market has boomed in recent years. But it is also home to many developers who have abused consumer trust, and whose actions have led to an outcry for regulation. In response, Maharashtra announced it would establish a Real Estate Regulatory Authority (MahaRERA), which will be responsible for protecting customers from such abuse. However, consumers still face uncertainty as they try to understand how MahaRERA works and whether or not they need to register with it. To help answer those questions, we’ve put together a comprehensive guide that explains everything you need to know about registering your complaint at MahaRERA—and what happens after you do.
Is Registration Mandatory?
The real estate regulator in India, namely, The Real Estate Regulatory Authority (RERA) was introduced to ensure accountability of developers and protect home buyers by ensuring that rules are adhered to. Accordingly, there are certain regulations that are compulsory for every builder in India. They must register themselves under RERA within a stipulated time period or face stiff penalties. The general notion is that unless you’re exempt from registering with RERA, you should go ahead and do it immediately to avoid further trouble in future. Here’s what you need to know about when registration becomes mandatory for your construction project and what penalties await if your project does not comply with regulations.
Who needs to register under MahaRERA?
Just like any business in Mumbai, registration is mandatory if you want to start or run a real estate business here. Whether you are an individual or company that wants to operate in rented spaces, do property development or sell/buy/rent properties, it is important to register under MahaRERA for doing all of these activities. As per rules of ‘MahaRERA’, registration is compulsory for anyone who wants to undertake any activity related to purchase, sale, lease of properties in areas that fall under jurisdiction of ‘MahaRERA’. Individuals and companies working within radius of maximum 5 kilometers from jurisdiction areas are also required to register themselves before executing their projects.
Steps for registration
Like any other regulator, you need to register your real estate project with us. You can do so by first creating an account on our portal. Once registered, you will receive a Project Registration Number (PRN) and a Customer Identification Number (CIN). The next step is to update details of all proposed developers and individual project promoter(s) by using CIN assigned to them for registration through their e-mail ids provided during registration process. Now it’s time to submit proposal document.