Maharashtra: New Clause 15A Added to MahaRERA’s Allotment Letters and Sale Agreements
MahaRERA introduces Clause 15A to ensure clear disclosure of fees and commissions for registered agents, enhancing transparency in real estate transactions.
MahareraReal EstateClause 15aTransparencyMaharashtraReal Estate MaharashtraOct 30, 2024
Under Clause 15A, the proforma now mandates the clear disclosure of all fees, charges, or commissions due to registered real estate agents. This ensures that payment responsibilities are clearly defined between the property promoter and the allottee based on agreed terms. The primary objective is to prevent disputes over agent fees, thereby creating smoother transactions for both property buyers and developers.
This amendment is part of MahaRERA’s ongoing efforts to align registration documents with the Real Estate (Regulation and Development) Act, 2016. Previous orders had focused on updating the proforma to include essential details across various clauses and schedules. MahaRERA Order No. 60/2024, in particular, mandated comprehensive disclosures. However, it was noted that Clause 15A, introduced in 2019, had been overlooked in prior documentation updates.
With these recent directives, the real estate market in Maharashtra is moving toward a more regulated and transparent environment. This move prioritizes accountability and ease for all stakeholders involved, ensuring that transactions are clear and fair.
About MahaRERA
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is a government regulatory body established under the Real Estate (Regulation and Development) Act, 2016. Its primary role is to regulate the real estate sector in Maharashtra, ensuring transparency, accountability, and protection of the interests of homebuyers and developers alike. MahaRERA aims to provide a fair and efficient market by implementing and enforcing regulations that govern real estate transactions.
Streamlined Order for Exempt Projects
In addition to the new Clause 15A, MahaRERA has issued a streamlined order to reduce complexities in the registration process for certain real estate projects. The order specifies that projects covering a land area of 500 square meters or less, or involving no more than eight units, are exempt from mandatory registration with MahaRERA. This clarification removes previous ambiguities and ensures that developers meeting these criteria can proceed without additional regulatory requirements.
Furthermore, the order provides clarity on what constitutes “completion” for plotted projects. For projects with a finalized land sub-division layout, necessary approvals from relevant authorities, and, where applicable, non-agricultural use permissions, MahaRERA considers these elements sufficient to denote a project’s completion. This new rule eliminates the need for further registration of the Agreement for Sale or Sale Deed, provided the project complies with the exemption criteria outlined in the Real Estate (Regulation and Development) Act, 2016.
These measures are expected to streamline the real estate registration process, making it easier for developers and buyers alike. MahaRERA’s continued efforts to enhance transparency and reduce regulatory burdens are crucial for the growth and development of the real estate sector in Maharashtra.
Frequently Asked Questions
What is Clause 15A in MahaRERA’s proforma?
Clause 15A mandates the clear disclosure of all fees, charges, or commissions due to registered real estate agents, ensuring payment responsibilities are defined between the promoter and allottee.
When did Clause 15A become effective?
Clause 15A became effective on September 3, 2024.
What other recent orders has MahaRERA issued?
MahaRERA has issued a streamlined order to reduce complexities in the registration process for certain real estate projects, clarifying exemption criteria and what constitutes project completion.
Which projects are exempt from MahaRERA registration?
Projects covering a land area of 500 square meters or less, or involving no more than eight units, are exempt from mandatory registration with MahaRERA.
What are the benefits of Clause 15A for property buyers and developers?
Clause 15A prevents disputes over agent fees, creating smoother transactions for both property buyers and developers by ensuring clear disclosure and defined payment responsibilities.
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