Understanding MahaRERA’s Exemption from Project Registration and Commencement Rules
Recently, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued an Order bearing No.62/2024 on October 22, 2024, providing clarity on the exemption from project registration and the interpretation of commencement under the Real Estate (Re
MahareraReal EstateProject RegistrationCommencementReraReal Estate MaharashtraNov 08, 2024
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is a statutory authority established under the Real Estate (Regulation and Development) Act, 2016 (RERA). Its primary role is to regulate the real estate sector in Maharashtra, ensuring transparency, accountability, and consumer protection. MahaRERA aims to promote a fair and efficient real estate market by enforcing the rules and regulations set forth by RERA.
Exemption from Project Registration
MahaRERA's Order No.62/2024 has provided significant clarity on the exemption criteria for project registration. According to the Order, projects with a total built-up area of less than 500 square meters or fewer than 8 residential units are exempt from the requirement of registration under RERA. This exemption is intended to reduce regulatory burdens on small developers and individual homebuilders.
Interpretation of Commencement
The Order also clarifies the interpretation of 'commencement' for real estate projects. Commencement is defined as the date when the developer obtains the necessary approvals and permissions from the local authorities to start the construction work. This clarification is crucial for ensuring that developers do not commence construction without the required approvals, which can lead to legal complications and delays.
Implications for Developers
For developers, this Order provides a clear framework to determine whether their projects fall under the exemption category. Small-scale developers and individual homebuilders can now avoid the cumbersome and time-consuming process of project registration if their projects meet the specified criteria. However, it is essential for developers to ensure that they comply with all local building regulations and obtain the necessary approvals before commencing construction.
Benefits for Home Buyers
The Order also brings benefits for home buyers. By providing clear guidelines on project registration and commencement, MahaRERA ensures that buyers can make informed decisions. Buyers can verify the regulatory status of a project before making a purchase, reducing the risk of investing in unregistered or non-compliant projects.
Compliance and Enforcement
MahaRERA will continue to monitor compliance with the Order and take necessary action against developers who violate the rules. Developers are advised to stay updated with the latest regulations and seek legal advice if needed to avoid penalties and legal issues.
Conclusion
The issuance of Order No.62/2024 by MahaRERA is a significant step towards clarifying the regulatory framework for real estate projects in Maharashtra. It provides much-needed clarity on exemption criteria and commencement rules, benefitting both developers and home buyers. By ensuring compliance with RERA, MahaRERA aims to promote a transparent and fair real estate market in the state.
Frequently Asked Questions
What is MahaRERA?
MahaRERA, or the Maharashtra Real Estate Regulatory Authority, is a statutory body established under the Real Estate (Regulation and Development) Act, 2016. It regulates the real estate sector in Maharashtra to ensure transparency, accountability, and consumer protection.
What does the recent Order No.62/2024 pertain to?
Order No.62/2024, issued by MahaRERA on October 22, 2024, provides clarity on the exemption from project registration and the interpretation of commencement under the Real Estate (Regulation and Development) Act, 2016.
Which projects are exempt from registration under the new Order?
Projects with a total built-up area of less than 500 square meters or fewer than 8 residential units are exempt from the requirement of registration under RERA, as per the new Order.
How is 'commencement' defined in the Order?
Commencement is defined as the date when the developer obtains the necessary approvals and permissions from the local authorities to start the construction work.
What are the benefits for home buyers from this Order?
The Order provides clear guidelines on project registration and commencement, allowing home buyers to make informed decisions and reduce the risk of investing in unregistered or non-compliant projects.
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