Untitled Quiz

MahaRERA Real Estate Agent Handbook 2022

• This handbook provides a comprehensive understanding of the Real Estate (Regulation and Development) Act 2016 (RERA) for real estate agents.
• It details legal requirements to comply with and effectively serve clients.
• The handbook is a result of contributions from multiple individuals and organizations.
• The All India Institute of Local Self-Government (AIILSG) played a key role in the development.
• It acknowledges the contributions of many experts and sources for their valuable insights.
• The handbook aims to be a valuable resource for real estate agents.

Acknowledgement

• Real estate agents are crucial stakeholders in the real estate industry.
• The Act regulates the real estate sector and promotes industry development.
• Agents need to understand RERA to effectively serve clients.

Table of Contents

• The handbook covers a wide range of topics including course orientation, RERA introduction, MahaRERA, registration and responsibilities of real estate agents, project registration, promoter responsibilities, allottee responsibilities, due diligence procedures, sales processes, forms and agreements.
• Allottee rights and obligations are included.
• Dispute resolution processes including complaints, adjudication, conciliation, and appeals are covered.
• Penal provisions for promoters, agents and allottees are outlined.
• The handbook also contains a variety of supporting documents.

Course Orientation

• Real Estate agents are essential elements of the real estate sector, connecting allottees and promoters.
• RERA recognizes agents as key stakeholders.
• Agents need comprehensive understanding of the real estate transaction.
• MahaRERA has introduced a Capacity Building and Certification Program for real estate agents to increase knowledge and awareness of RERA.

Introduction to Real Estate (Regulation and Development) Act 2016 (RERA)

• The Act addresses issues in the real estate sector including information asymmetry, lack of grievance redressal, huge delays in project completion and other related issues.
• RERA promotes uniformity, standardization of business practices and transactions.
• The Act is applicable across India and each state has its own Real Estate Regulatory Authority.

Maharashtra Real Estate Regulatory Authority (MahaRERA)

• Government of Maharashtra established MahaRERA for regulation and promotion of real estate sector.
• Also a regulatory authority for Daman & Diu and Dadra Nagar Haveli.
• Includes rules relating to real estate projects registration, agents registration, rates of interest and disclosures on website, employees' appointment, recovery of interest, penalties, compensation, fine, complaint and appeal forms.
• The authority also established an Appellate Tribunal.
• It works on principles of transparency, accountability, financial discipline, customer centricity and compliance.
• These principles are the pillars for the authority's functioning.

Understanding of MahaRERA Portal

• MahaRERA has a web-based online system.
• Offers services for real estate agents, allottees and promoters.
• Real Estate agents can register, renew registration, and make a complaint on the portal.
• Allottees can view details of registered projects, make complaints, view lists of orders and judgements.
• Promoters can register projects, update project details and make complaints.
• Includes a virtual tour of the portal.

Real Estate Agent Registration and Responsibilities

• Agents must be registered under RERA to facilitate property sales/purchases.
• Agents are liable for penalties if they fail to register.
• Types of real estate agents are individually or organizationally registered (proprietorship, partnership, company etc.).

Real Estate Project Registration and Promoter Responsibilities

• A promoter must register their projects with RERA.
• Certain projects are exempt from registration, such as those under 500 square meters or 8 apartments.
• Registration applications must include various details.

Allottees and their Responsibilities

• Allottees have rights and duties.
• They are entitled to information on the registered real estate project.
• Allottees must pay charges as specified in the agreement.
• The allottee should take possession of the apartment, plot or building within two months of receiving the occupancy certificate.

Due Diligence before Facilitating Sale of Property

• Real estate agents need to verify promoter identity and project details on the MahaRERA website.
• Verify MahaRERA registration number.
• Understanding title of property (ownership rights and evidence).
• Review building approvals and commencement certificates.

Sales Process, Forms and Agreements

• Allotment letters are crucial documents during property purchase.
• A model allotment letter should include details of the proposed apartment/plot, parking details and other relevant information.

Additional Information

• Various forms and templates are available on MahaRERA's website.
• The handbook contains details on online application and payment procedures, along with FAQs.
• Information about the appellate tribunal and conciliation forum is provided.

(Further pages 5.3 to end contain highly specific and detailed information regarding procedures, forms and requirements).