Maharashtra is the home to India’s largest real estate market, which also contributes significantly to the state’s overall GDP. Nevertheless, this sector encountered several issues such as ambiguity regarding property prices, no clear information regarding completion date, delay in property hand over, false paperwork and so on. As a result, new home buyers were often hesitant about investing in this sector.
To address all these issues and improve buyers’ confidence in this sector, the state government established Maharashtra Real Estate Regulatory body or MahaRera.
Accordingly, to prevent malpractice, it mandated that all developers and builders register themselves with a Real Estate self-regulatory organisation, or SRO. This filter will hugely benefit homebuyers as it will protect the interest of the buyers and ensure accountability.
How SRO will benefit homebuyers
Since the SROs will also be registered under Maharashtra Real Estate Regulatory body, they will make sure that developers and builders who enrol with them comply with all the regulations and guidelines, follow a proper code of conduct, and maintain a standard of professionalism.
The self-regulatory bodies will also be responsible for the validity of any information provided on the website regarding a project. Through self-regulation, developers and promoters will also be responsible for updating the information regularly, which will lead to increased transparency between buyers and developers.
Eligibility parameters for SRO
SROs that are already working in collaboration with MahaReRA include NAREDCO, CREDAI, MCHI etc. An SRO also needs to meet certain eligibility parameters to register themselves with MahaRERA. These are as follows –
- The organisation must have a minimum of 500 projects of their members which are registered under RERA act.
- It must be a legal entity.
- The SRO must be a group or organisation or association of promoters.
Thus, every new developer who is registering their projects under MahaRERA will have to provide their SRO membership details at the time as well as go through all they need to know about MahaRERA in Maharashtra.
MahaRERA registration procedure
Developers or builders who are already associated with an SRO can follow the steps below to complete registration under MahaRERA –
Step 1: Visit the official website.
Step 2: Click on the new registration tab and create a user ID by providing personal information like name, email ID, etc. One should also enter the user type at this stage – which includes promoter, real estate agent or the complainant.
Step 3: Enter your user ID to login to your profile on MahaRERA website.
Step 4: In your profile, enter all the essential information like name, contact address, projects details, SRO enrolment details and the like
Step 5: Upload all essential documents along with recent passport size photograph.
Step 6: Verify all the information and then click on ‘Confirm Submission’.
Step 7: Pay the fees through any online payment mode to complete RERA registration.
Applicants need to upload the following documents during registration –
- Documents stating name, address, contact information of the developer in charge.
- If it’s a company, then its registration certificate, partnership agreement, identity and the address proof of management body members.
- Building plan and layout which has already been approved.
- Bank account details.
- Form Number 2 from engineers who are in charge.
- Form Number 1 and 4 from architects.
- Form 3 and 5 from a chartered accountant.
- Agreement documents for lease, ownership, or development.
After the introduction and implementation of RERA in Maharashtra, individuals can purchase a property easily without worrying about any fraudulent practices. Other benefits first time home buyers can experience with RERA is that they can quickly check the status of their project online. In case the project is not completed within the stipulated date; then the developer is required to pay interest on the amount paid by the buyer for every month of delay.
With MahaRERA, borrowers can easily access all information in one place which will come in handy while applying for a home loan.
However, some lending institutions also extend pre-approved offers to applicants, which makes the loan application process quicker and simpler. Such offers can be availed on a variety of financial products like loan against property. One can quickly check their pre-approved offers while applying for a home loan by entering only some essential information like their name and contact information.
However, aside from property prices and completion, applicants who are considering opting for a home loan should also go through the eligibility criteria and documentation to ensure fast approval on their loan application. Apart from that, they need to know the factors that can affect their home loan eligibility. Borrowers should also use a home loan EMI calculator to compare lenders and select a suitable EMI option.