Clarification on MahaRERA Project Registration

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Clarification on MahaRERA Project Registration

whom maharera registration not required

Introduction:
In a bid to address the challenges faced by home buyers, promoters, and developers during the registration of Agreement for Sale/Sale Deed for real estate projects, MahaRERA (Maharashtra Real Estate Regulatory Authority) has issued a crucial clarification through Circular No. 25/2019. This circular aims to provide guidance on real estate projects that are exempted from MahaRERA Project Registration, as per the provisions of the Real Estate (Regulation and Development) Act, 2016. However, despite the issuance of this circular, some promoters have encountered difficulties while registering the Agreement for Sale/Sale Deed and obtaining bank finance for certain projects. To address these concerns, MahaRERA has issued a further clarification on June 09,2023, which we will explore in this blog post.

Background:
Circular No. 25/2019, dated 11.10.2019, was issued by MahaRERA in response to complaints and inquiries from both home buyers/allottees and promoters/developers. This circular listed real estate projects that do not require MahaRERA Project Registration for the registration of Agreement for Sale/Sale Deed. It was issued based on the provisions of Sub-Section 2 of Section 3 of the Real Estate (Regulation and Development) Act, 2016, and the majority judgment of the Maharashtra Real Estate Appellate Tribunal (MaIaREAT) in the case of M/s. Geetanjali Aman Construction & Anr V/s Hrishikesh Ramesh Paranjpe & Ors.

Challenges Faced:
Despite the clarity provided in Circular No. 25/2019, MahaRERA has received information about issues and hardships faced by promoters during the registration of Agreement for Sale/Sale Deed and by intending unit purchasers/home buyers/allottees while seeking bank finance. These challenges have been observed specifically in relation to Serial Nos. 1 and 2 of the circular.

Further Clarification:
To address the ongoing challenges and pending legal proceedings related to the interpretation of Clause (a) of Sub Section (2) of Section 3 of the Act, MahaRERA has issued a further clarification. The clarification supplements the original Circular No. 25/2019 and provides additional clarity on the exemption from MahaRERA Project Registration for real estate projects falling under Serial No. 1 & 2.

Clarification Points:

Real Estate Projects with land areas equal to or less than five hundred square meters:

  • Irrespective of the number of apartments/units proposed are less than or more than eight as the case may be inclusive of all phases, MahaRERA Project Registration is not required.

Real Estate Projects with eight apartments/units or fewer (inclusive of all phases)

  • MahaRERA Project Registration is not required, regardless of whether the land area proposed exceeds five hundred square meters.

Important Considerations:
It is essential to note that this clarification does not prohibit promoters from voluntarily applying for MahaRERA Project Registration, even if their projects are exempted under the above criteria. Promoters are free to choose registration if they desire to do so.

Conclusion:
The latest clarification issued by MahaRERA aims to simplify real estate transactions by providing clear guidelines on the projects exempted from MahaRERA Project Registration. This step intends to alleviate the challenges faced by both promoters and home buyers/allottees while registering Agreement for Sale/Sale Deed and seeking bank finance. By streamlining the registration process, MahaRERA aims to enhance transparency and trust in the real estate sector while protecting the

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