The Maharashtra Real Estate Regulatory Authority (MAHARERA) was established in 2017 to regulate the real estate sector and protect homebuyers' interests in the state. Under MAHARERA, real estate developers and agents are required to register their projects and themselves to ensure legal compliance. In this article, we will discuss who needs to register under MAHARERA and why.
Who Needs to Register Under MAHARERA?
- Real Estate Developers
Real estate developers who plan to construct a project with more than 8 apartments or an area of 500 square meters must register under MAHARERA before advertising or selling any apartments. Developers who fail to register may face penalties, including fines and imprisonment.
- Real Estate Agents
Real estate agents who facilitate the sale or purchase of apartments in registered projects must also register under MAHARERA. Agents who do not register may be unable to legally sell properties or face penalties.
- Ongoing Projects
Developers who have ongoing projects that were not completed by May 1, 2017, must register their projects under MAHARERA. Projects that are not registered may face legal consequences, including penalties and the inability to sell apartments.
- Renewal of Registration
Developers and agents who are registered under MAHARERA must renew their registration every year before the expiry of their registration. Failure to do so may result in fines and legal action.
- Joint Ventures
If a developer has entered into a joint venture for a project with a landowner, the developer is responsible for registering the project under MAHARERA. The developer should include the landowner's details in the registration process.
Why Should You Register Under MAHARERA?
- Legal Compliance
MAHARERA registration is mandatory for developers and agents to comply with the law. Non-compliance can result in penalties and imprisonment.
MAHARERA registration ensures transparency in the real estate sector. Buyers can access information on registered projects, such as the status of approvals, project timelines, and the builder's track record.
- Protection for Buyers
MAHARERA provides protection for homebuyers against fraudulent practices and delays in project delivery. Buyers can seek redressal through MAHARERA's dispute resolution mechanism.
MAHARERA registration is mandatory for developers and agents operating in the real estate sector in Maharashtra. Failure to register can result in significant penalties, including fines and imprisonment. However, registration offers several benefits, including legal compliance, transparency, and protection for homebuyers. It is essential to understand the registration requirements and comply with them to avoid legal consequences and build a trustworthy reputation in the real estate market.
Note: The information provided in this article about Real Estate Regulatory Authority is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances.
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