MahaRERA Authority

TOPIC 3 : MAHARASHTRA REAL ESTATE
REGULATORY AUTHORITY (MAHARERA)
@ RAGC- for private circulation

RULES PROMULGATED BY GOVERNMENT OF
MAHARASHTRA DETAILING THE FUNCTIONING OF
AUTHORITY
- Maharashtra Real Estate (Registration of Real Estate Projects,
Registration of Real Estate Agents, Rates of Interest and
Disclosures on Website) Rules, 2017
- Maharashtra Real Estate Regulatory Authority, Chairperson,
Members, Officers and Other Employees (Appointment and
Service Conditions) Rules, 2017
- Maharashtra Real Estate (Recovery of Interest, Penalty,
Compensation, Fine payable, Forms of Complaints and
Appeal, etc.) Rules, 2017
- Maharashtra Real Estate Appellate Tribunal, (Members,
Officers and Employees) (Appointment and Service
Conditions) Rules, 2017
- Maharashtra Real Estate Regulatory Authority (Form of Annual
Statement of Accounts and Annual Report) Rules, 2017
REGULATIONS NOTIFIED BY MAHARERA
- Maharashtra Real Estate Regulatory Authority (General)

Regulations 2017
- Maharashtra Real Estate Regulatory Authority (Recruitment

and Conditions of Service of Employees) Regulations, 2017
- Maharashtra Real Estate Appellate Tribunal Regulations,

2019

KEY PILLARS OF MAHARERA
The 5 traits of MahaRERA functioning, now form the pillars for

completing MahaRERA registered projects and bridging the
trust gap between the home buyers and the developers that had
become the unfortunate legacy of the sector.
I. Transparency
II. Accountability
III. Financial Discipline
IV. Customer Centricity
V. Compliance

I. TRANSPARENCY
MahaRERA ensures that maximum information is available for

public view at its website including Information on Registered
Projects, Registered Agents, Judgements, Orders etc.
Details of all the Registered Projects are available online for

citizens including:
• sanctioned plans, layout plans, along with specifications,

approved by the competent authority
• Proposed Plan, Proposed Layout Plan of the whole project and
Floor Space Index proposed to be consumed in the whole
project, as proposed by the promoter
• Proposed Number of building(s) or wing(s) to be constructed and
sanctioned number of the building(s) or wing(s).

• the stage wise time schedule of completion of the project,
including the provisions for civic infrastructure like water,
sanitation and electricity.
• quarterly update of the list of number and types of apartments

or plots, as the case may be, booked
• quarterly update of the list of number of covered parking as well

as list of number of garages for sale;
• quarterly update of the list of approvals taken and the approvals

which are pending subsequent to commencement certificate,
quarterly update of the status of the project; and such other
information and documents as may be specified by the
regulations made by MahaRERA.

• The advertisement or prospectus issued or published by the
promoter shall mention prominently the website address of
MahaRERA, wherein all details of the registered project have
been entered and include the registration number obtained from
the Authority
• The developer has to obtain consent of at least 2/3rd allottees for

any major addition or alteration
• The developer cannot undertake cancellation of units in an

arbitrary manner
• The developer has to deliver the project as per pre-defined time

frame
• The developer cannot put out any advertisement of the project

before registration with MahaRERA
• The developer has to obtain consent of at least 2/3rd allottees
before transferring majority rights to any 3rd party
• The developer has to clearly define the number, type and carpet
area of the apartment

II. ACCOUNTABILITY
The act clearly details the roles of responsibilities of each of the

stakeholders including promoters, allottees and agents and holds
them accountable for contravention. In case of any unethical
business practices by the Developer:
• Every officer of the company, who was in charge or was

responsible will be liable for the conduct of the company and
deemed to be guilty.
• Offence by an officer committed with the consent or connivance

of any director, manager, secretary or other officer of the
company, will also be guilty.

III. FINANCIAL DISCIPLINE
The Act strives to ensure greater financial discipline in the real

estate sector. Some of its provisions are as follows:
• A promoter shall not accept more than ten per cent of the cost
of the apartment, plot, or building as the case may be, as an
advance payment or an application fee, from a person without
first entering into a written agreement for sale with such person
and register the said agreement for sale
• Seventy per cent of the amounts realized for the real estate
project from the allottees, from time to time, shall be deposited
in a separate account to be maintained in a scheduled bank to
cover the cost of construction and the land cost and shall be
used only for that purpose
• Withdrawal from such accounts shall be in proportion to the
percentage of completion of the project, which shall be certified
by an engineer, an architect and a chartered accountant in
practice.
• Promoter to compensate buyer for any false or incorrect

statement with full refund of property cost with interest
• Project Accounts to be audited within six months after the end

of every financial year. Copy to be submitted to MahaRERA
• Provision for MahaRERA to freeze project bank account upon

non-compliance
• Provision for stronger financial penalties for MahaRERA non-

compliances
IV. CUSTOMER CENTRICITY
One of the key pillars of the new regime is protecting the interests
of allottees. MahaRERA has brought focus to the treatment of the
allottees in a fair and timely manner.
• Citizens shall be able to view, on MahaRERA website, all

disclosures pertaining to registered projects. This shall enable
data driven informed decision making.
• Promoter cannot make any additions and alterations in the

sanctioned plans, layout plans and specifications and the nature
of fixtures, fittings and amenities etc. without the previous
consent of at least two-thirds of the allottees, other than the
promoter, who have agreed to take apartments in such building.

• If the promoter fails to complete or is unable to give possession
of an apartment, plot or building, in accordance with the terms
of the agreement for sale, he shall be liable to pay interest for
every month of delay. Further, in case the allottee wishes to
withdraw from the project, without prejudice to any other
remedy available, to return the amount received by him with
interest.
• Promoter to enable formation of Legal Entity like Cooperative
Society, Company, Association, Federation etc. within three
months from the date on which 51 per cent of the total number
of allottees in such a building or a wing, have booked their
apartment.
• Promoter shall execute a registered conveyance deed in favour

of the allottee within three months from date of issue of
occupancy certificate.
V. COMPLIANCE
• All Basic Approvals in place before RERA Registration and these
approvals in public forum
• Registration of agents/brokers with RERA portal
• Project registration with RERA on portal
• One (1) year extension in case of delay in Real Estate projects
• Speedy Dispute resolution at RERA and Appellate Tribunal

• Developers to share details of projects launched in the last 5
years with status and reason for the delay with RERA
• Annual audit of project accounts by a Chartered Accountant
• Conveyance deed for common areas in favour of Association of
allottees
• Separate registration of different phases of a single project
• Mandatory registration of new and existing projects with RERA
• Authenticated copy of all approvals, to be given when applying

for project registration with RERA commencement certificate,
sanctioned plan, layout plan, specification,
• Plan of development work, proposed facilities, proforma

allotment letter, agreement for sale and conveyance deed.

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TOPIC 3 : MAHARASHTRA REAL ESTATE

REGULATORY AUTHORITY (MAHARERA)

@ RAGC- for private circulation

- Maharashtra Real Estate Regulatory Authority (General)

- Maharashtra Real Estate Regulatory Authority (Recruitment

- Maharashtra Real Estate Appellate Tribunal Regulations,

@ RAGC- for private circulation

The 5 traits of MahaRERA functioning, now form the pillars for

@ RAGC- for private circulation

MahaRERA ensures that maximum information is available for

Details of all the Registered Projects are available online for

• sanctioned plans, layout plans, along with specifications,

@ RAGC- for private circulation

• quarterly update of the list of number and types of apartments

• quarterly update of the list of number of covered parking as well

• quarterly update of the list of approvals taken and the approvals

@ RAGC- for private circulation

• The developer has to obtain consent of at least 2/3rd allottees for

• The developer cannot undertake cancellation of units in an

• The developer has to deliver the project as per pre-defined time

• The developer cannot put out any advertisement of the project

@ RAGC- for private circulation

The act clearly details the roles of responsibilities of each of the

• Every officer of the company, who was in charge or was

• Offence by an officer committed with the consent or connivance

@ RAGC- for private circulation

The Act strives to ensure greater financial discipline in the real

• Promoter to compensate buyer for any false or incorrect

• Project Accounts to be audited within six months after the end

• Provision for MahaRERA to freeze project bank account upon

• Provision for stronger financial penalties for MahaRERA non-

• Citizens shall be able to view, on MahaRERA website, all

• Promoter cannot make any additions and alterations in the

@ RAGC- for private circulation

• Promoter shall execute a registered conveyance deed in favour

• Speedy Dispute resolution at RERA and Appellate Tribunal

• Mandatory registration of new and existing projects with RERA

• Authenticated copy of all approvals, to be given when applying

• Plan of development work, proposed facilities, proforma

@ RAGC- for private circulation

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