Registration of Ongoing Real Estate Project as on enactment of RERA – Maharashtra
(As per “Maharashtra Real Estate (Regulation and Development) Rules…., 2017)
As per section 3 & 4 of ‘Real Estate (Regulation & Development) Act, 2016 read with rule 4 of above Rules, for the real Estate projects that are ongoing and have not received completion certificate or occupancy certificate, on the date of commencement of the Act, i.e. 01/05/2017, the respective promoter shall be required to get registered with RERA of that State, within a period of 3 months from date of commencement, shall make application in triplicate for registration of the project.
The above mentioned Maharashtra RERA Rules does not prescribe specific & separate fees for existing ongoing projects. In absence of specific provision, we assume, the fees shall be same as of new projects. The promoter shall pay a registration fee at the time of application for registration by way of a demand draft or a bankers cheque drawn on any scheduled bank or through online payment mode, as the case may be, for a sum calculated at the rate of,-
- 10/- per square meter of the land proposed to be developed, subject to a minimum of Rs. 50,000/- and maximum Rs. 10 lakhs
Documents Required for RERA Registration –
- Authenticated copy of the PAN card of the promoter;
- Audited balance sheet of the promoter for preceding financial year.
- The number of open parking areas available in the real estate project;
- Authenticated copy of the legal title deed reflecting the title of the promoter to the land on which development of project is proposed along with legally valid documents for chain of title with authentication of such title;
- Details of encumbrances on the land on which development of the project is proposed including details of any rights, title, interest, dues, litigation and name of the party.
- Where the promoter is not the owner of the land on which development of project is proposed details of the consent of the owner of the land along with a copy of the collaboration agreement, development agreement, joint development agreement or any other agreement, as the case may be, entered into between the promoter and such owner and copies of title and other documents reflecting the title of such owner on the land on which project is proposed to be developed;
- Name, photograph, contact details and address of the promoter if it is an individual and the name, photograph, contact details and address of the chairman, partners, directors, as the case may be, and the authorised person in case of other entities
- The original sanctioned plan, layout plan and specifications and the subsequent modifications carried out, if any, including the existing sanctioned plan, layout plan and specifications;
- the total amount of money collected from the allottees and the total amount of money used for development of the project including the total amount of balance money lying with the promoter;
- Status of the project (extent of development carried out till date and the extent of development pending) including the original time period disclosed to the allottee for completion of the project at the time of sale including the delay and the time period within which he undertakes to complete the pending project, which shall be commensurate with the extent of development already completed, and this information shall be certified by an engineer, an architect and a chartered accountant in practice.
- The promoter shall disclose the size of the apartment based on carpet area even if earlier sold on any other basis such as super area, super built up area, built up area etc. which shall not affect the validity of the agreement entered into between the promoter and the allottee to that extent.
- In the case of plotted development, the promoter shall disclose the area of the plot being sold to the allottees as per the layout plan.
- Other information as may be required
Validation of Registration
The validation of registration shall be valid until completion of the project as given by the promoter. The registration can be extended as per the prescribed rules.
Author – Amarpal, RERA Consulting – firstname.lastname@example.org
For, Centrik Business Solutions Pvt Ltd.
Note – Please note that the above article is for education purpose only. This is based on our interpretation of laws which may differ person to person. Readers are expected to verify the facts and laws.