MahaRERA Real Estate Agent Handbook 2022

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Questions and Answers

What is the main purpose of the Real Estate Regulatory Authority as mentioned in the long title of the RERA Act?

Regulation and promotion of the real estate sector, ensuring efficient and transparent sale of properties, protecting consumers' interests, and establishing adjudicating and appellate mechanisms.

What are the key components of the Real Estate (Regulation and Development) Act, 2016?

  • Real Estate Projects Registration
  • Real Estate Agents Registration
  • Filing of complaints
  • All of the above (correct)

Real estate agents are required to register under the Real Estate (Regulation and Development) Act, 2016.

True (A)

What are the key pillars for completing MahaRERA registered projects?

<p>Transparency, Accountability, Financial Discipline, Customer Centricity (D)</p> Signup and view all the answers

Promoters can undertake cancellation of units in an arbitrary manner according to MahaRERA guidelines.

<p>False (B)</p> Signup and view all the answers

What is the maximum percentage of the cost of the apartment, plot, or building that a promoter can accept as an advance payment without a written agreement?

<p>ten percent</p> Signup and view all the answers

Promoters are required to compensate buyers for any false or incorrect _____ with a full refund of property cost with interest.

<p>statement</p> Signup and view all the answers

Define a real estate agent according to RERA (Real Estate (Regulation and Development) Act 2016).

<p>A real estate agent is any person who negotiates or acts on behalf of one person in a transaction of transfer of plot, apartment, or building, receives remuneration for their services, and introduces prospective buyers and sellers.</p> Signup and view all the answers

What are the registration requirements for real estate agents under Section 9 of the RERA Act?

<p>All of the above (D)</p> Signup and view all the answers

Real estate agent registrations are valid for an indefinite period and do not require renewal.

<p>False (B)</p> Signup and view all the answers

What is the primary purpose of the Real Estate Agents according to MahaRERA?

<p>To facilitate real estate transactions between Allottees and Promoters (D)</p> Signup and view all the answers

According to RERA, what is one of the requirements for Real Estate Agents?

<p>Registration with MahaRERA</p> Signup and view all the answers

The Real Estate (Regulation and Development) Act, 2016 (RERA) came fully into effect on May 1, 2017.

<p>True (A)</p> Signup and view all the answers

According to the content, Real Estate Agents are recognized as one of the key stakeholders along with Allottees and Promoters in the Real Estate sector due to their role in _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _.

<p>connecting and facilitating real estate transactions</p> Signup and view all the answers

What rule in the Maharashtra Real Estate Rules 2017 details the process for application and registration of real estate agents?

<p>Rules 11 and 12</p> Signup and view all the answers

What documents need to be submitted along with the real estate agent registration application in Form 'G'? Choose all that apply.

<p>Brief details of the enterprise (A), Income-tax returns for last three financial years (C), Recent color photographs of the real estate agent (D)</p> Signup and view all the answers

Real estate agents are required to renew their registration on completion of a five-year period.

<p>True (A)</p> Signup and view all the answers

Real estate agents must not facilitate the sale or purchase of any property in a real estate project that is not __________ with the Authority.

<p>registered</p> Signup and view all the answers

What is the purpose of a landing page?

<p>To serve a single and focused purpose (D)</p> Signup and view all the answers

What is a dashboard in the context of a landing page?

<p>A type of graphical user interface that provides at-a-glance views of key performance indicators (KPIs) or a progress report.</p> Signup and view all the answers

Monthly Cause List shows complaints with the ____, Project Registration No., Complainant Name, Respondent Name, Next Hearing Date, and Stage of the cases.

<p>Complaint No</p> Signup and view all the answers

The Search Rulings/Judgements option provides various search options like Complaint Number and Division for filtering.

<p>True (A)</p> Signup and view all the answers

Match the following sections with their content:

<p>Introduction Submenu = Provides background on MahaRERA and its responsibilities Right to Information = Contains details of Public Information Officers and RTI published New Forms = Lists the latest Forms 1 to 5 and 2A for promoters</p> Signup and view all the answers

What is the first step to start the registration process on the MahaRERA Web portal?

<p>Click on New Registration Button (C)</p> Signup and view all the answers

To create a new account, the user needs to provide User Name, password, Confirm password, Mobile Number, Email ID, and fill up the ______ asked on the Login Page.

<p>Captcha</p> Signup and view all the answers

Selecting 'Past Experience' as 'YES' on the 'My Profile' page takes the user to the 'Past Experience Details' section.

<p>True (A)</p> Signup and view all the answers

Where can the organization details be filled in, along with the PAN number, for a Real Estate Agent on the MahaRERA Web portal?

<p>Account and My Profile</p> Signup and view all the answers

Match the following steps with their descriptions:

<p>Step 17: Document Upload Menu = Upload Mandatory documents marked as (*) Step 20: Confirm and Proceed to Payment = Select Checkbox for Terms and Condition agreement and click on 'Confirm and Proceed to Payment' Button Step 21: Payment of Registration Fees = Click on Make payment or Generate Challan button as per convenience</p> Signup and view all the answers

According to Section 2 (zk) of the Act, who is considered a promoter?

<p>A person who constructs or converts buildings to sell to others (C)</p> Signup and view all the answers

What is the definition of a real estate project according to Section 2 (zn) of the Act?

<p>The development of a building or converting an existing building into apartments, or the development of land into plots or apartments for selling purposes, including common areas, development works, and structures.</p> Signup and view all the answers

Why is registration of real estate projects important according to the Act?

<p>To ensure transparency and consumer protection (A)</p> Signup and view all the answers

What is one of the obligations of a registered real estate agent as per Rule 14?

<p>Display the registration number at principal place of business and branch offices (B)</p> Signup and view all the answers

What should a registered real estate agent do with documents related to advertising and selling?

<p>Quote their registration number</p> Signup and view all the answers

Rule 16 requires a registered real estate agent to maintain and preserve books of accounts, records, and documents as required by the provisions of the ____, _____, or any other applicable law.

<p>Income Tax Act, 1961, Companies Act, 2013</p> Signup and view all the answers

Real estate agents are permitted to engage in unfair trade practices according to Rule 17.

<p>False (B)</p> Signup and view all the answers

What can lead to the revocation of a real estate agent's registration as per Rule 15?

<p>Acting in contravention to laws or providing false information (C)</p> Signup and view all the answers

Flashcards

MahaRERA

Maharashtra Real Estate Regulatory Authority, regulates and promotes real estate in Maharashtra.

RERA Act

Real Estate (Regulation and Development) Act, 2016, protects real estate consumers in India.

RERA objectives

Promote transparency, protect consumers, and prevent delays in real estate projects in India

Real Estate Agent Registration

Mandatory registration with MahaRERA for real estate agents.

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MahaRERA Portal

Online platform for MahaRERA operations, offering services to various stakeholders.

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Registered Projects

Real estate projects registered with MahaRERA.

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Registered Agents

Real estate agents registered with MahaRERA.

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Agent Responsibilities

Follow code of conduct, quote registration number, and comply with RERA rules.

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Appellate Tribunal

Reviews decisions of the MahaRERA, providing a higher level of appeal.

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Conciliation Forum

Mediates disputes between promoters and allottees.

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Information Asymmetry

Imbalance of information between buyer and seller in real estate transactions.

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Transparency

Open communication and availability of information about projects.

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Accountability

Responsibility for actions and adherence to rules.

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Financial Discipline

Maintaining sound financial practices in real estate dealings

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Customer Centricity

Focusing on customer satisfaction and building trust.

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Compliance

Adherence to regulations and rules.

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Project Registration

Must register real estate projects with MahaRERA

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Real Estate Agent

An individual authorized to conduct real estate transactions.

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Complaint Filing

Lodging a formal complaint about issues with a real estate project.

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Online Application

Online process for creating an account on MahaRERA portal.

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Real estate fundamentals

Core concepts in real estate, e.g., market trends, property valuation.

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Quantitative Concepts

Mathematical concepts in real estate, e.g., ROI calculations, cost projections.

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Study Notes

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
  • 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

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