NEWS

MahaRERA registration fee for realtors may come down

November 07, 2018

Credits : realty.economictimes.indiatimes.com

With the minimum registration fee pegged at Rs 50,000, developers and MahaRERA felt that it was unfair for those working on smaller projects.

PUNE: The state government plans to reduce the minimum registration to be paid by a developer to the Maharashtra Real Estate Regulatory Authority (MahaRERA) from Rs 50,000 to Rs 10,000, depending on the area of the project.

With the minimum registration fee pegged at Rs 50,000, developers and MahaRERA felt that it was unfair for those working on smaller projects. “The state government is considering a revision of registration fee depending on the number of flats and the area. Currently, the rate is Rs 10 per square meter and by that standard we have proposed that the minimum charges should be calculated from minimum Rs 10,000 onwards,” said a senior official.

Under the Maharashtra Real Estate (Regulation and Development) (Registration of Real Estate Projects, Registration of Real Estate Agents, Rates of Interest and Disclosures on Website) Rules, 2017, it is mandatory for promoters of ongoing real estate projects, where the occupation or completion certificate is yet to be obtained, to register their projects with MahaRERA. With over 18,000 projects registered with MahaRERA, developers felt that it would be an injustice on builders in Chandrapur or other interior areas to be asked to pay Rs50,000.

“Why should be developers in interior areas be asked to cough up such a huge amount. One cannot compare a project in Pune with one in some interior areas. They should be treated differently,” said Credai Maharashtra president Shantilal Kataria. He hoped that the state government would take the suggestion positively.

MahaRERA secretary Vasant Prabhu said that the suggestions have been made for decreasing the minimum charges to Rs10,000 and reducing the cost of registration for plotted areas that are huge. “The government should hopefully take a stand on it soon,” he said.

Recently, MahaRERA also stated that with the changes in registration fee, all disclosures regarding land title and sanctioned building plans should not only be uploaded on the website but also at the construction site.

In case of multi-phase construction projects, promoters are required to submit an application for registration of each phase.

According to norms, promoters are required to pay the registration fee along with the application for registration. While the fee is calculated on the basis of the area proposed to be developed at a rate of Rs10 per square metre, existing rules state that a minimum of Rs 50,000 must be paid regardless of the plot size, while the maximum registration fee is Rs10 lakh.

Officials stated that the state housing department has now proposed a modification in the rules, proposing a reduction in the minimum fee to Rs 10,000 and MahaRERA too has recommended the same.

MahaRERA secretary Prabhu added that the reduction in registration fee will benefit construction projects being planned on small and medium-sized area. “While the proposal is aimed at increasing the pace of registrations in rural and interior areas as was the aim set for this year by MahaRERA, the officials stated that redevelopment of projects too will benefit,” he added.

More than 18,000 projects have been registered with MahaRERA. Besides the changes in registration fee, the housing department has also proposed some other minor modifications to the rules for registration fee for plotted areas.

To Know About Thane Real Estate Development Contact Us at 022 2580 6868

Source:realty.economictimes.indiatimes.com