GF’s Gharda Institute of Technology , Lavel
Dept. of Civil Engineering
Resource Person: Prof.V.R.Kasar,
ME Civil, Member of Institute of
Key Points of Expert Lecture:
1) Overview Of Real Estate
2) Basic Laws in Real Estate Sector
3) Terminologies in Laws
4) Application Conditions of Law
5) Registration Process of Project
Under M-RERA 2016
Expert Lecture on : M-RERA 2016 on
Engineers Day Celebration 16 Sept. 2019
Co-ordinated by HOD Principal
Prof.V.S.Jadhav & CASTLE Team Dr.S.K.Patil Dr.P.S.Joshi
Audience: Civil Engineering
Venue: TE Civil Classroom
Date: 16 Sept. 2019 at 4.00 pm.
Why this Act is Required?
Highly unregulated sectors in
spite of many laws.
Lack of transparency in
No proper information about
Lack of Easy and Quick
Possession not given in time.
Do not provide OC and
Demand Additional amount
Do not Form the Societies or
Do not provide with all the
NO accounts are provided for
Parking and open spaces are
Fraud, cheating by
Approved Plans, title deed
Flat areas are sold at Super
Built up etc.
Intro: The Real Estate (Regulation and Development)
RERDA-2016 is an Act of the Parliament of India Applicable to
whole of India except Jammu and Kashmir
The bill was passed by the Rajya Sabha on 10th March, 2016, by
the Lok Sabha on 15-03-2016 & Notified on 26-03-2016
Came into force :1 May 2016 with 69 of 92 sections notified.
The Central and state Govt to notify the Rules in six months and
Establish the Real Estate Authority &Appellate Tribunal in 1 yr.
Regulator: RERA- To register RE projects, RE Agents, Monitor,
supervise, redress disputes, Control & protect all stakeholders.
The law is not Retrospective but applicable to all on going
projects and new projects- Commercial, residential, plotting etc..
What is the Nature of RERA?
RERA is a Central Act with some authority delegated to State
THE SALIENT FEATURES OF THE
To Establish a Regulator :
by Appropriate Govt:
‐ For each State by
respective State Govt
‐ For Union Territories by
Accreditation : By
Mandatory registration of :
‐Real Estate Projects by
‐ Real Estate Agents
disclosure norms :
‐ Details of developer,
‐ Details of the project,
‐ land status ,
‐ statutory approvals and
‐ contractual obligations;
THE SALIENT FEATURES OF THE
Register the project with
the authority before sale.
Adhere to approved plans
& project specifications,
Publish complete details
of projects on website.
Deposit 70% of funds in a
separate bank account, to
be used for that real
estate project only after
certifying by CA,Engr
- to refund moneys in cases
- Update website with
quarterly information on
sale and progress
- Get the accounts Audited
by CA within 6 months.
Register the Agreement
on receipt of 10% of
Submit all the inform
about project from time
to time to RERA.
Chapter I : Preliminary
Chapter II : Registration Of Real
Estate Project And Registration Of
Real Estate Agents
Chapter III : Functions And Duties
Chapter IV : Rights And Duties Of
Chapter V: The Real Estate
Chapter VI : Central Advisory
Chapter VII : The Real Estate
Chapter VIII : Offences, Penalties
Chapter IX : Finance, Accounts,
Audits And Reports
Chapter X : Miscellaneous
I SEC. 2 DEFINITIONS
"real estate project" means :
‐ the development of a building or a building
consisting of apartments, or
‐ converting an existing building or a part thereof into
‐ the development of land into plots or apartment, as
the case may be,
‐ for the purpose of selling all or some of the said
apartments or plots or building, as the case may be,
‐ and includes the common areas, the development
works, all improvements and structures thereon,
‐ And all easement, rights and appurtenance belonging
in relation to a real estate project, means :
‐ the person to whom a plot, apartment or buildings, as
the case may be, ‐ has been allotted,
‐ sold (whether as freehold or leasehold) or
‐ otherwise transferred by the promoter, and
‐ includes the person who subsequently acquires the said
allotment through sale, transfer or otherwise
‐ but does not include a person to whom such plot,
apartment or buildings, as the case may be, is given
As per MAH.RULE 10(2)
AGREEMENT FOR SALE
Any application letter,
‐ allotment letter or
‐ any other document signed by the allottee,
‐ in respect of the apartment, plot or building,
‐ prior to the execution and registration of the
agreement for sale
‐ for such apartment, plot or building, as the case may
‐ shall not be construed to limit the rights and interests
of the allottee
‐ under the agreement for sale under the Act
‐ or the rules or the regulations made thereunder
"real estate agent" means any
who negotiates or acts on behalf of one person in a
transaction of transfer of his plot, apartment or
as the case may be, in a real estate project, by way of
sale, with another person or transfer of plot, apartment
as the case may be, of any other person to him and
receives remuneration or fees or any other charges for
his services whether as commission or otherwise and
includes a person who introduces, through any medium,
prospective buyers and sellers to each other for
negotiation for sale or purchase of plot, apartment or
building, as the case may be, and includes property
dealers, brokers, middlemen by whatever name called;
REGISTRATION OF REAL ESTATE PROJECT AND
REGISTRATION OF REAL ESTATE AGENTS
Prior registration of real estate project with Real Estate
Application for registration of real estate project.
Grant of registration.‐Within 30 days
Extension of registration.
Revocation of registration. – On default
Obligation of Authority consequent upon lapse of or on
revocation of registration.
Registration of real estate agents.
Functions of real estate agents.
Functions and duties of promoter.
Obligations of promoter regarding veracity of
advertisement or prospectus.
No deposit or advance to be taken by promoter without
first entering into agreement for sale.
Adherence to sanctioned plans and project
specifications by the promoter.
Obligations of promoter in case of transfer of a real
estate project to a third party.
Obligations of promoter regarding insurance of real
Transfer of title.
Return of amount and compensation.
Definition: Carpet Area
Carpet Area means “Net Usable Area of the Apartment”
Carpet Area : INCLUDES-Area covered by the internal partition walls
of the apartment
Carpet Area: EXCLUDES Area covered by the external walls Areas
under services shafts
Exclusive balcony or verandah area(See Note 1 below)
Exclusive open terrace area(See Note 2 below)
Note 1:“Exclusive balcony or verandah area”:Means the area of the
balcony or verandah, as the case may be, which is appurtenant to the net
usable floor area of an apartment, meant for the exclusive use of the
Note 2: “Exclusive open terrace area”:
Means the area of open terrace which is appurtenant to the net usable floor
area of an apartment, meant for the exclusive use of the allotee
Cost of the Real Estate Project
What will be included in the Cost for purpose of withdrawal from Separate
Why is understanding Cost of the Real Estate Project critical?
Promoter can withdraw amounts from the Separate Account
in which 70% from collection from allotees is deposited only to
MahaRERA has notified the following regulations
1.Maharashtra Real Estate Regulatory Authority (General) Regulations 2017
2.Maharashtra Real Estate Regulatory Authority (Recruitment and Conditions of
Service of Employees) Regulations, 2017
MahaRERA has also promulgated the following order
1.Charges to be paid to Mahaonline for MahaRERA website(* Taxes and Bank
Charges shall be charged extra on actual basis)
Real Estate Projects Registration
Registration Mode : Online through MahaRERA portal
which shall go-live on 1stMay 2017.
Fees:Rs. 10 per sq. m of Land Area, subject to minimum Rs
50,000 and maximum Rs. 10 lakhsonly. The mode of
payment is NEFT or RTGS System or any other digital