If you stay in a metropolis like Mumbai, you must have seen massive advertisements of residential projects plastered across billboards. The advertisements highlight the beauty of staying at the property – design, features, amenities, connectivity, price, and so on – along with the RERA Registration number. Generally placed at the bottom of the ad, is a series of numbers with a code unique to the state/region where the property is located.
For instance, MahaRERA registered projects in Maharashtra carry the MahaRERA registration number.
So, what is RERA registration? What is the RERA registration process? Let us find out.
What is RERA Registration?
To streamline the home buying process, facilitate transparency, and eradicate any prevailing problems, the Government of India passed the RERA Act or the Real Estate Regulatory Authority Act in 2016.
All builders and project developers must get the necessary approvals from the state RERA committees before the project launch and display all the relevant and critical information on the portal created by the state RERA authority.
If the proposed project satisfies all the guidelines under RERA, a RERA registration number is provided, which has to be mentioned in all project communications, including advertisements and agreements. Buyers are advised to visit MahaRERA website to check the project details with the RERA registration number.
RERA Registration Process
The RERA registration process for builders/developers/promoters, real estate agents, and individuals of residential or commercial property will depend on the process on the RERA website of the respective state or Union territory.
Here, we will look at the MahaRERA registration process for Maharashtra:
- Go to the official website of MahaRERA
- Select New User if you wish to register for the first time.
- In the new window, choose the User Type (real estate agent/promoter/citizen).
- Provide the necessary information on the screen and click ‘Create User.’
RERA Registration Fees
While applying for registration, the registration fee for a promoter is calculated at the rate of ₹10 per sq.m., subject to a minimum of ₹50,000 and a maximum of ₹10 lakhs.
The RERA Act is a landmark registration. The notifying states and Union Territories set up authorized bodies to govern and regulate commercial and residential real estate transactions.
RERA protects the interests of the buyers by registering developers/builders and agents, the complete disclosure of project details, completion of projects on time, enabling one to check RERA registration of builder, and property handover to the buyer on the pre-decided time.
Which projects need to apply for a RERA Registration number?
In the states and Union Territories that have notified the Act, all commercial and residential projects have to be RERA-approved prior to the project launch. The exceptions are:
- The project completion certificate was issued before the RERA Act was passed.
- The area of land under development is below 500 square meters or
- The project will have less than 8 apartments.
How can I check the MahaRERA project details?
You can simply log into the MahaRERA website and input the project’s MahaRERA registration number to check the details of all MahaRERA registered projects.
What are the MahaRERA fees and charges levied on promoters, complainants and agents for maintaining the website?
|Transaction Type||MahaRERA Registration Charges per Transaction (excluding bank charges and taxes)|
|New Project Registration||Individual – ₹10,590 Other than individual – ₹1,00,590|
|Project Extension or Withdrawal||₹500|
|Annual Fees for Status Updates to Projects||₹500|
|New Real Estate Agent Registration/Renewal||₹10,000 for individual and 1 lakh other than individual|
|Filing of Complaint||₹5000|
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