MahaRERA Project Search: How to find real estate project details online in Maharashtra?
January 2023
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has the highest number of registered real estate projects in the country. With a fully functional website, a prospective homebuyer can easily access the project details and background information of the developer. 99acres explains the detailed process to do so!
Of all the states and Union Territories (UTs) that have notified the Real Estate (Regulation and Development) Act, 2016 (RERA), the Maharashtra Real Estate Regulatory Authority (MahaRERA) has been the most active in terms of executing the legislation across the State. The State government established MahaRERA on March 8, 2017, much before other states and UTs had established their regulatory authorities. MahaRERA also takes care of project registrations in Daman and Diu, and Dadra and Nagar Haveli.
MahaRERA: Latest updates and announcements
In a recent development, MahaRERA has announced that it will penalise projects that have been advertised without being registered with the authority. It has come to the authority's attention that advertisements in newspapers display projects without MahaRERA registration numbers. MahaRERA has also warned citizens against investing in projects without a valid registration number. Also, real estate developers can deregister projects with zero allotments after Maharashtra RERA has made a significant order.
Developers may deregister a project if they are unable to commence or complete the construction of the project, a phase or a portion of it due to reasons such as lack of funds, non-viability, disputes or litigation. There must, however, be no allottees and zero bookings in such cases for the developer to comply.
Over 705 promoters of stalled real estate projects have sought renewal of registration from MaharRERA after the authority issued notices to over 17,000 project promoters. Also, over 700 completed projects have been updated on the authority's website.
As per Section 11 of the RERA Act, promoters must update MahaRERA about the status of each project they register every three months. Many developers disregarded this regulation; however, promoters must update the status of their projects within 30 days after receiving notice; otherwise, they run the risk of being penalised.
Source: 99acres.com
Also read: How to Save Capital Gains Tax on Sale of Residential Property?
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