MahaRERA Real Estate Agent Handbook 2022

MahaRERA Agent Handbook

• The Maharashtra Real Estate Regulatory Authority (MahaRERA) is the authority responsible for regulating and promoting the real estate sector in Maharashtra.
• The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act of the Parliament of India that seeks to protect the interests of consumers in the real estate sector.

Course Orientation

• The course is designed to impart knowledge and guidance to real estate agents on the RERA Law and its application from a real estate agent's perspective.
• The course objectives and outcomes include:
  • Comprehensive understanding of RERA Law and its application
  • Understanding of MahaRERA and its functions
  • Understanding of real estate fundamentals
  • Knowledge of quantitative concepts associated with the real estate industry
  • Ability to perform as a real estate professional

Introduction to RERA

• The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act of the Parliament of India that seeks to protect the interests of consumers in the real estate sector.
• The Act was introduced to overcome the challenges faced by the real estate sector, including:
  • Information asymmetry
  • Lack of transparency
  • Delays in project completion
  • Consumer grievances

Key Components of the Act

• Real Estate Regulatory Authority and Appellate Tribunal
  • Established to regulate and promote the real estate sector
  • Ensures transparency and accountability in real estate projects
• Real Estate Projects Registration
  • Mandatory registration of real estate projects with the Authority
  • Exemptions for certain projects
• Real Estate Agents Registration
  • Mandatory registration of real estate agents with the Authority
  • Penalty for non-registration
• Filing of Complaints
  • Any aggrieved person can file a complaint with the Authority or adjudicating officer
  • Speedy redressal of complaints through an adjudicating mechanism### MahaRERA Overview
• MahaRERA is the Maharashtra Real Estate Regulatory Authority established by the Government of Maharashtra in 2017.
• It aims to regulate and promote the real estate sector in the state.

Key Pillars of MahaRERA

• Transparency: MahaRERA ensures maximum information is available for public view on its website, including project details, registered agents, judgments, and orders.
• Accountability: The Act holds stakeholders accountable for contravention, and officers of a company can be deemed guilty of offences.
• Financial Discipline: The Act strives to ensure financial discipline in the real estate sector, with provisions for preventing fund diversion and ensuring audit of each project.
• Customer Centricity: MahaRERA protects the interests of allottees and establishes trust and confidence between stakeholders.
• Compliance: MahaRERA ensures compliance with regulations, with provisions for registration of projects and agents, and speedy dispute resolution.

MahaRERA Portal

• The portal is a web-based online system for MahaRERA operations.
• Features include project registration, agent registration, corrections, and complaint filing.
• The portal provides key services for stakeholders, including project details, complaint filing, and order/judgment searches.

Key Services on MahaRERA Portal

• For Real Estate Agents: registration, renewal, corrections, project details, and complaint filing.
• For Allottees: project details, complaint filing, order/judgment searches, and search projects/agents/complaints.
• For Promoters: project registration, updates, corrections, extensions, major modifications, and complaint filing.

Virtual Tour of the Portal

• The portal homepage provides an overview of MahaRERA and its services.
• The dashboard displays key performance indicators, such as project registrations, agent registrations, complaints, and orders.
• The portal provides search options for orders/judgments, warrants, project-wise complaints, and promoter-wise complaints.### MahaRERA Portal
• The MahaRERA portal provides various services to promoters, agents, and citizens
• The portal has several submenus, including Facilities, Our Leadership, Media Gallery, Right to Information, and Downloads

Facilities

• This submenu details various services provided by MahaRERA to promoters, agents, and citizens

Our Leadership

• Lists the people governing MahaRERA, including government leadership and MahaRERA leadership

Media Gallery

• Provides photos and images of various important milestones of MahaRERA

Right to Information

• Details of Public Information Officers (PIOs) and Appellate Authorities (AAs) at MahaRERA are mentioned
• RTI published from time to time are also listed

Downloads

• Lists documents available for download, including Acts, Rules, GRs, Circulars, Regulations, Rulings, FAQs, Suo Motu Orders, Annual Reports, and Compendium of Best Practices

Registration

• Registered Projects: details of projects registered with MahaRERA
• Registered Agents: details of agents registered with MahaRERA
• Revoked Projects: projects whose registration has been withdrawn
• Change of Promoter: lists projects where there is a change of promoters
• Lapsed Projects: projects where the validity of MahaRERA registration has expired
• Complaints: allows users to file complaints against projects not registered with MahaRERA

Online Application

• Allows new users to create an account on the MahaRERA portal
• Users can register as promoters, real estate agents, or complainants

Appellate Tribunal

• Established under section 43 of the Act
• Any person aggrieved by a decision or order of the Authority can file an appeal to the Appellate Tribunal

Conciliation Forum

• Facilitates amicable conciliation of disputes between promoters and allottees through dispute settlement forums
• Acts as a mediator between two parties and as an alternative dispute resolution mechanism

Statistics

• Provides analytical figures on the MahaRERA Portal, including the number of projects registered, agents registered, and other details of MahaRERA

Real Estate Agent Registration and Responsibilities

• Real estate agents must register with MahaRERA
• Registration is valid for five years and can be renewed
• Agents must follow the code of conduct and are liable for any breaches
• Agents must quote their registration number in every transaction