MahaRERA Real Estate Agent Handbook 2022

A law that creates a regulatory authority for the real estate industry.

Lack of equal information between buyers and sellers in real estate transactions.

Developers had an unfair advantage in real estate transactions before RERA.

A mechanism within RERA to handle complaints and disputes quickly.

One of the main objectives of RERA is to protect homebuyers from unfair practices.

RERA aims to ensure that property transactions happen in a transparent and efficient manner.

A legal entity set up by RERA to regulate and oversee the real estate sector.

RERA aims to establish a system for resolving conflicts between buyers and sellers quickly and efficiently.

The preamble outlines the purpose and goals of RERA.

Sections of the Act divide RERA into specific parts, each addressing different aspects.

Key components are the fundamental elements that make up the RERA Act. These include regulations, responsibilities, and rights.

MahaRERA is the Maharashtra Real Estate Regulatory Authority, responsible for implementing RERA in Maharashtra.

MahaRERA's key pillars are the fundamental principles or objectives that guide its operations. These include consumer protection, transparency, and accountability.

The MahaRERA portal is an online platform that provides information and services related to real estate in Maharashtra.

The menu bar and sub menus within the MahaRERA portal allow users to navigate through different sections and access specific information.

Ensuring all information and transactions related to real estate are open and easily accessible for public viewing.

MahaRERA's website provides detailed information about registered projects, agents, and official rulings.

The approved plans, layout, and specifications for a project are openly displayed online.

Information on the proposed plan, layout, and overall floor space allocation for the project.

Details of the proposed number of buildings or wings in the project, along with approved plans.

A clear and detailed schedule outlining the completion timeline for the project, including essential infrastructure like water, sanitation, and electricity.

Regular updates provide information on the number and types of booked apartments or plots, keeping buyers informed about project progress.

Regular updates on the availability and status of parking spaces, garages, and approvals for the project.

A single real estate agent working independently without employees, responsible for all aspects of a transaction from lead generation to closing.

A real estate agent operating under a business entity, like a company or partnership, with multiple employees handling various roles.

A legal requirement for real estate agents to register with the Real Estate Regulatory Authority (RERA) in Maharashtra.

The legal framework detailing the application and approval process for real estate agent registration under MahaRERA.

An application outlining the details and required documents for real estate agent registration with MahaRERA.

A requirement for real estate agents to submit specific documentation along with their application for registration with MahaRERA.

The responsibility of a non-individual real estate agent to ensure all employees act in compliance with ethical standards and regulations.

A mandatory requirement for real estate agents to include their MahaRERA registration number in all communications with clients.

The registration of a real estate agent in Maharashtra is valid for five years and must be renewed before expiration.

Public authorities selling real estate through lottery are exempt from needing a real estate agent registration.

The process to renew a real estate agent's registration in Maharashtra starts at least 60 days before the registration expires.

To renew a real estate agent's registration, an application must be submitted in Form 'J' along with the required fees.

Updated documents, specified in Rule 11, must be submitted along with the renewal application.

After reviewing a renewal application, the Maharashtra Real Estate Regulatory Authority (MahaRERA) will notify the real estate agent via Form 'K' if the renewal is approved, or via Form 'I' if it's rejected.

A real estate agent must have the opportunity to be heard before their renewal application can be rejected.

Rule 13 of the Maharashtra Real Estate (Regulation and Development) Rules, 2017 details the process for renewing real estate agent registration in Maharashtra.

An individual responsible for the business operations of a company can be held liable for any unethical practices by the developer, even if they didn't directly participate. This includes situations where they were in charge or responsible for overseeing the company.

If an officer commits an unethical act with the knowledge and approval of a director, manager, secretary, or another officer, all involved parties can be considered guilty.

A promoter of a real estate project can only accept a maximum of 10% of the property cost as an advance payment or application fee before a written agreement for sale is signed. This agreement must be officially registered.

At least 70% of the funds collected from buyers for a real estate project must be deposited in a dedicated account. This money is strictly reserved for construction and land costs.

Withdrawals from the dedicated account for construction and land costs must be proportional to the percentage of the project's completion. Audits are required to verify the project's progress.

If a promoter provides false or incorrect information, they must compensate the buyer with a full refund of the property cost, including interest, for any losses incurred.

Project accounts must be audited within six months after the end of each financial year to ensure transparency and financial accountability in real estate projects.

The Real Estate (Regulation and Development) Act aims to promote greater financial discipline in the real estate sector by preventing funds diversion and by ensuring proper audits. These practices aim to protect buyers and instill greater trust in the industry.