For promoters, one of the
critical steps in ensuring compliance with the Real Estate (Regulation and
Development) Act (RERA) is registering the project with the relevant regulatory
authority, such as MahaRERA. The process of registration involves several
steps, and it’s essential to get it right to avoid penalties or delays in your
project’s progress. This blog provides a detailed guide on how promoters can
apply for registration under RERA.
1. When Should a Promoter Apply for Project Registration?
A promoter must apply for
registration of the project before starting any form of advertising,
marketing, booking, selling, or offering to sell any plot, apartment, or
building in the project. This means that no promotional activities or sale
agreements should take place unless the project is officially registered with
the regulatory authority.
For ongoing projects, it’s
imperative to ensure that registration occurs within 90 days from the date of
the notification of Section 3 of the Act. Any promoter who wishes to market or
sell the property without registration will be penalized.
2. How to Make an Application for Registration?
MahaRERA has an online
registration process that simplifies the application. The steps for
applying for registration include:
- Step
1: Visit the MahaRERA website and access the registration portal.
- Step
2: Fill in the details of the project in the required online forms.
- Step
3: Upload all necessary documents, such as approved building plans,
title deeds, and a list of financial details.
- Step
4: Pay the registration fees online, which will vary depending on the
size and scale of the project.
The online process is designed to
be user-friendly and allows for tracking the progress of the application.
3. Documents Required for Registration
The promoter must submit various
documents as part of the registration application. These include:
- Project
approvals and permits (e.g., Commencement Certificate, building
plans).
- Title
documents confirming legal ownership of the land.
- Details
of the project cost and financing arrangements.
- Project
plans, including the layout, schedule of development, and estimated
completion date.
- Affidavit
of the promoter, stating compliance with the provisions of RERA.
It’s important to ensure that all
documents are accurate and up to date before submitting the application to
avoid delays or rejections.
4. Is It Compulsory for a Promoter to Register
Immediately After Getting Approvals?
No, it is not mandatory to
register immediately after obtaining approvals, but the project must be
registered before any promotional activities. This includes advertising,
marketing, or offering the property for sale. The promoter must also ensure
that the project is registered before collecting any payments from potential
buyers.
Once the project is registered,
the promoter can legally begin marketing and selling units to buyers, subject
to the conditions outlined by RERA.
5. What Happens If the Promoter Fails to Register the
Project?
If the promoter fails to register
the project within the prescribed timelines, they can face significant
penalties, including fines and even imprisonment in cases of serious
non-compliance. RERA ensures that only registered projects can be marketed,
protecting homebuyers from fraudulent developers. The regulatory authority also
reserves the right to suspend the project’s operations if the registration
process is not completed.
6. Can the Registration Process Be Delayed?
While the registration process is
relatively quick, taking approximately a few days to weeks, delays can happen
if the required documents are not submitted correctly or if the promoter fails
to meet RERA’s guidelines. It’s essential for promoters to ensure that all
documents are in order and that the registration application is complete and
accurate to avoid unnecessary delays.
In conclusion, registering a
project under RERA is a crucial step for any promoter. By following the correct
procedures and ensuring timely registration, promoters can avoid legal issues
and ensure their projects are compliant with all regulatory requirements.
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