In a move aimed at enhancing transparency in real estate transactions, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued an amendment to the proforma of allotment letters and agreements for sale, introducing a new clause—Clause 15A—specifically for transactions facilitated by registered real estate agents. This addition, effective September 3, 2024, follows a series of recent MahaRERA orders addressing gaps in project registration documentation.
About The Amendment
Under Clause 15A, the proforma now requires clear disclosure of all fees, charges, or commissions due to registered agents, ensuring that payment responsibilities are defined between the promoter and allottee based on agreed terms. This measure is designed to prevent disputes over agent fees, creating smoother transactions for both property buyers and developers.
This amendment is part of MahaRERA’s ongoing effort to align registration documents with the Real Estate (Regulation and Development) Act, 2016. Previous orders had focused on updating the proforma to include essential details across various clauses and schedules, with MahaRERA Order No. 60/2024 mandating comprehensive disclosures. However, it was noted that Clause 15A, introduced in 2019, had been overlooked in prior documentation updates.
With MahaRERA’s recent directives, the real estate market in Maharashtra continues to move toward a more regulated and transparent environment, prioritizing accountability and ease for all stakeholders involved.
About The Streamlined Order Issued By The Authority
Recently, the Authority issued a streamlined order aimed at reducing complexities in the registration process for real estate projects that are exempt from mandatory registration. As per the order, the real estate projects are exempt from registration with MahaRERA if they either cover a land area of 500 square meters or less, or involve no more than eight units, regardless of the project’s total area or the number of phases. This clarification removes previous ambiguities and ensures that developers meeting these criteria can proceed without additional regulatory requirements.
Additionally, the order sheds light on what constitutes “completion” for plotted projects. For projects with a finalized land sub-division layout, approvals from relevant authorities, and, where applicable, non-agricultural use permissions, MahaRERA now considers these elements sufficient to denote a project’s completion. This new rule eliminates the need for further registration of the Agreement for Sale or Sale Deed, so long as the project complies with the exemption criteria outlined in the Real Estate (Regulation and Development) Act, 2016.
