No MahaRera Registration Required for Projects Less Than 500 Sqm
The Maharashtra Real Estate Regulatory Authority (RERA) has issued a new circular clarifying the conditions for real estate projects to be eligible for RERA registration. This order provides clear guidelines on which projects need to register and which do
MahareraRera RegistrationReal Estate ProjectsMaharashtraUdcprReal EstateOct 27, 2024
According to the MahaRERA circular, which quotes the RERA law, section 3(2) (a), a real estate project is eligible for RERA registration if it meets both the following conditions
1. The area of land proposed to be developed is more than 500 square meters.2. The number of apartments proposed to be developed is nine or more, inclusive of all phases.
This means that real estate projects will not require MahaRERA project registration if they do not meet either of these conditions. Specifically
- Projects where the area of land is less than or equal to 500 square meters do not need to register with MahaRERA, regardless of the number of apartments or units proposed, even if it exceeds eight.- Projects where the number of apartments or units is less than or equal to eight, inclusive of all phases, do not need to register with MahaRERA, regardless of the land area, whether it is more or less than 500 square meters.
These clarifications are expected to bring more transparency and clarity to the real estate market in Maharashtra, particularly for smaller projects. The impact of this order on consumers and developers is significant. For consumers, it means that smaller projects will have fewer regulatory requirements, potentially making them more accessible and less expensive. For developers, it provides clear guidelines on when they need to register their projects.
Experts have analyzed the impact of these clarifications. They suggest that this move will help streamline the registration process and reduce the administrative burden on smaller developers. However, it also means that consumers need to be more cautious when purchasing from smaller projects, as they will not have the same level of regulatory oversight.
The MahaRERA circular is a step towards making the real estate market more transparent and consumer-friendly. It ensures that larger projects, which have a more significant impact on the market, are properly regulated, while smaller projects are given the flexibility to operate without the same level of regulatory scrutiny.
Real estate experts are optimistic about the changes, noting that they will help to balance regulation and flexibility in the market. They advise both consumers and developers to carefully review the new guidelines to ensure compliance and make informed decisions.
MahaRERA, established under the Real Estate (Regulation and Development) Act, 2016, is responsible for regulating the real estate sector in Maharashtra. The authority ensures that all real estate projects in the state comply with the RERA Act, promoting transparency, accountability, and consumer protection in the real estate market.
Frequently Asked Questions
What is the minimum land area required for a project to be eligible for RERA registration in Maharashtra?
A project must have a land area of more than 500 square meters to be eligible for RERA registration in Maharashtra.
How many apartments must a project have to be eligible for RERA registration?
A project must have nine or more apartments, inclusive of all phases, to be eligible for RERA registration.
What happens if a project has a land area of 500 square meters or less?
If a project has a land area of 500 square meters or less, it does not require MahaRERA project registration, regardless of the number of apartments or units proposed.
Can a project with fewer than eight apartments register with MahaRERA?
No, a project with fewer than or equal to eight apartments, inclusive of all phases, does not require MahaRERA project registration, regardless of the land area.
What is the impact of these clarifications on consumers and developers?
The clarifications help streamline the registration process, reducing the administrative burden on smaller developers. For consumers, it means that smaller projects will have fewer regulatory requirements, potentially making them more accessible and less expensive. However, consumers need to be more cautious when purchasing from smaller projects, as they will not have the same level of regulatory oversight.
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