The Maharashtra Real Estate (Regulation and Development) Act, 2016 (Maha RERA) was notified on 1st May 2017. Since then, the real estate market has seen a downward trend. One of the reasons for this decline has been the increased compliance burden that the developers have to deal with. While the ARERA and RERA have been a blessing in disguise, there seems to be confusion on how developers shall comply with the various regulations that the various regulators want them to comply with. The latest of these regulations is issued by the Maharashtra Real Estate Regulatory Authority (MahaRERA). Let’s cover the new changes in the MahaRERA rule in 2022.
MahaRERA will put the certificates of the engineers and architects on their website. This will allow home buyers to know the exact status of the property.
The content is simplified in this case to make it easy for the audience to understand.
The promoters of the company have to get their own accounts audited. This is a special kind of audit that checks the accuracy of the accounts of the company. The auditor checks the accounts to make sure that the company’s money is being used in the way that it should be.
The promoters have to get their accounts audited every year. The auditor checks the accounts to make sure that the company’s money is being used in the way that it should be.
Promoters Requirement
The promoters of the real estate project are required to deposit 70% of the money collected from the people who bought the apartments in the bank. This money is for the construction of the building, the land, and other things. This money cannot be used for any other purpose. Majheghar provides the MahaRERA registered projects in Pune, Mumbai, & Nagpur.
To make sure the promoter only takes out money from the project according to how much work has been done. The promoter needs to give certificates from the engineer, architect, and chartered accountant to MahaRERA. This is needed when the promoter takes out money from the project at every stage until the occupancy certificate is received for the project.
MahaRERA
The MahaRERA (Maharashtra Real Estate Regulatory Authority) is a government body in Maharashtra state that regulates real estate. In 2017, the MahaRERA issued a circular (a document that gives instructions) that said that the promoter (the person who owns the company that is building the project) can just give a self-declaration. (A document that says that things are okay) every quarter (every three months) instead of giving the certificates (a document that says that things are okay) every time there is a withdrawal (a taking of money from the bank account) from the bank account.
Anil D Souza is an advocate. He is the secretary of the MahaRERA Bar Association. He says that MahaRERA has improved the transparency of the financial aspects of the projects. It has also made the promoters of the projects more accountable. He says that the Engineer, Architect, and Chartered Accountants have to certify every stage of the project.
Conclusion
It is important for buyers to know their rights in a home and to understand all the documents involved in the sale. If you have any questions or concerns about your rights as a home buyer, please contact our team. With great information, we are confident that we can help you to make the right decisions with your home sale. Thank you for reading!
If you want to buy a RERA registered property all over Maharashtra, you can visit majheghar.com & choose your best real estate property in Pune, Mumbai, & Nagpur. New MahaRERA rule 2022 will put the certificates of the engineers and architects on the website. This will allow home buyers to know the exact status of the property.
