MAHARERA Amendment Rules, 2019

MAHARERA Amendment Rules, 2019
  • General
  • Monday 24th June 2019
  • Author: Shreya Uppal

Highlights

  • Earlier there were minimum fees of Rs.50,000 for Real Estate Project Registration which has now been amended to Rs.10,000 which shall be effective from the date of notification of itself.

  • Earlier there was no particular mention of Plotted development in case of MAHARERA, now it has been limited and specified that in case of plotted development the maximum fees for project registration shall be calculated on the area of the land proposed to be developed, at the rate of rupees five per square meter

With reference to notification dated 6th June, 2019 the Housing Department of Maharashtra has issued an amendment to the Maharashtra Real Estate (Regulation and Development) (Registration of real estate projects, Registration of real estate agents, rates of interests and disclosures on website) Rules, 2017 which are called as Maharashtra Real Estate (Regulation and Development) (Registration of real estate projects, Registration of real estate agents, rates of interests and disclosures on website) (Amendment) Rules, 2019.

Summary of Significant changes made in the Principal Rules:
1. Earlier there were minimum fees of Rs.50,000 for Real Estate Project Registration which has now been amended to Rs.10,000 which shall be effective from the date of notification of itself.
2. Earlier there was no particular mention of Plotted development in case of MAHARERA, now it has been limited and specified that in case of plotted development the maximum fees for project registration shall be calculated on the area of the land proposed to be developed, at the rate of rupees five per square meter.
3. Earlier were in the case of Ongoing Projects while ascertaining the cost of completion of the percentage of the project the land cost was calculated with the pre-defined things given in it. Now the method has been changed and therefore the land cost with respect to that matter shall be reckoned on the basis of the value of the land as ascertained from the Annual Statement of Rates (ASR) prepared under the provisions of the Maharashtra Stamp Act, relevant on the date of registration of the real estate project.
4. Some important explanations have become part of the Rules which were not there before are as follows:
(a) All cost items should be mutually exclusive. There should not be any double counting of costs.
(b) The development cost or cost of construction of the project shall not include marketing and brokerage expenses towards the sale of apartments. Such expenses though part of the project cost, should not be borne from the amount that is required to be deposited in the designated separate account.
5. In order to withdraw money from time to time from the separate account in respect of each ongoing real estate project to cover the cost of the project, the Promoter shall submit three certificates (Architect, Engineer, and Practicing Chartered Accountant) to the scheduled bank operating the separate account.
6. Earlier where while calculating the period for which the registration shall be valid shall exclude “due to such mitigating circumstances” which were at the discretion of the authority to exclude after giving a reasonable opportunity to every interested party thereon has been omitted and this power of decision has been taken.
7. Earlier the application for the extension of Real Estate project shall be accompanied with minimum fees of Rs. 50,000 has now been amended to Rs.10,000.

8. Earlier there was no particular mention of Plotted development in case of MAHARERA, now it has been limited and specified that in case of plotted development the maximum fees for application of extension of the project shall be calculated on the area of the land proposed to be developed, at the rate of rupees five per square meter.
9. The Period for the conveyance of title, by the promoter, to the legal entity of allottees in case of a single building project- The Promoter shall (subject to his right to dispose of the remaining apartments, if any) execute the conveyance of title within three months from the date of issue of occupancy certificate.
10. Period for the conveyance of title, by Promoter, to the organization of allottees in case of Layout
 (a) In the case of a building or a wing of a building in a Layout, the Promoter shall (subject to his right to dispose of the remaining apartments, if any) execute the conveyance of the structure of that building or wing of that building (excluding basements and podiums) within three months from the date of issue of occupancy certificate.
(b) In the case of a layout, the Promoter shall execute the conveyance of the entire undivided or inseparable land underneath all buildings jointly or otherwise, within three months from the date of issue of occupancy certificate to the last of the building or wing in the layout.
11. The transaction being executed by the way as prescribed in Annexure A of the old rules between the promoter and the allottee which is facilitated by a Registered Real estate agent regarding which all the dues payable to him by whatever name called shall be borne by the promoter/allottee/ both, as the case maybe, in accordance with the agreed terms of the payment.
For Project Registration, Click here.

Have Questions on RERA ? Have free discussion on email .