Dated 1st Aug 2023 Jai Mata Di

By Kunal Bhagtani Broker These Points Are For Preparation Of RERA Exam. Material Is Based On My
Of Bandra West Mumbai Knowledge. Kindly Verify On Your End .Thank You.

Sections Details Of Sections

Section 2 (b) Advertisement, Any Medium Adopted In Soliciting For Sale Would Be Covered
Under The Said Definition, Including Sms & Emails. Prospectus Which Is Intended
For Sale Of Apartment In Real Estate Project, Will Also Be Covered.

Section 2 (d) Allottee Includes A Person Who Acquires The Said Apartment / Plot Through
Transfer Of Sale, But Does Not Include A Person To Whom Such Plot, Apartment Is
Given On Rent. The Act Doesn’t Include Rental Projects, Lease / Leave & License
Deals.
Section 2 (k) Carpet Area Means Net Useable Floor Area Of An Apartment, Excluding The Area
Covered By The External Walls, Area Under Services Shaft, Exclusive Balcony Or
Verandah Area & Exclusive Open Terrace Area, But Including The Area Covered By
Internal Partition Walls Of The Apartment.
Section 2 (zk) Promoter Explanation To Section 3 (1) -- Person Who Constructs Building Etc For
Sale. (Constructs New or Convert Existing Building Into Apartment.) -- Person Who
Converts Land Into Plots For Sale With Or Without Structure Or Sale All or Any Part
Thereof. -- Development Authority or Public Body For Sale Of Plot Or Building Or
Apartment -- Apex State Level Or Primary Co-Op Housing Society Constructs
Apartments Or Buildings For Sale. -- POA Holder From Owner Of Land Acting As
Builder, Contractor, Developer For Sale Of Plot Or Building Or Apartments. -- Joint
Liability - Person Who Constructs Or Converts Building Into Apartments & Sole
Selling Person (Getting Revenue Share Or Area Share.)

Section 2 (zn) Project Section 10 (1) -- Development Of New Building or Converting Existing
Building Into Apartment For Sale Etc. -- Development Of Land Into Plots or
Apartment For Sale. -- Includes Common Areas The Development Works, All
Improvement & Structure Thereon & All Easement, Rights & Appurtenances
Belonging Thereto.
Section 2 (zm) Defines Real Estate Agent.
Section 3 Prior Registration Of Real Estate Project With Real Estate Regulatory Authority OR
Registration Of Project.
Section 3 (1) Prior Project Registration With Rera - No Advertisemnet Or Booking Or Sale In
Project To Be Done By Promoter. Ongoing Projects Without Completion Certificate
As On 1st May 2017 Must Be Register Within 3 Months From 1st May 2017.

Section 3 (2) Projects Which Do Not Require Registration - The Area Of The Land Proposed To Be
Developed Does Not Surpass 500 Square Meters OR The Number Of Apartments
Proposed To Be Developed Does Not Surpass Eight, Inclusive Of All Phases. --
Completion Certificate Received Prior To 1st May 2017. -- Renovation Or Repair
Which Doesnt Involve Marketing Advertising Selling Or New Allotment Of Any
Apartment, Plot Or Building.
 Section 4 Application For Registration Of Real Estate Projects OR Application To RERA -
Penalty For Contravention 5% Of Estimated Project Cost. Brief Details, Details Of
Past Projects During Last 5 Years (Completed & Ongoing), Copy Of Commencement
Certificate, Copy Of Sanction Plan & Layout Plan, Plan Of Development Work,
Water,Electricity, Fire Fitting Etc , Location Details Of Project With Boundaries,
Profoma Of Allotment Letter Agreement To Sale And Conveyance Deed, Number
Type & Carpet Area Details, Garage Details, Architects Engineers Agents. 6
Declaration To Be Given By The Promoter - 1 - Legal Title To The Land For The
Development With Authentication Of Title. 2 - Land Free From Encumbrances OR
Details Of Encumbrances. 3 - Project Completion Date - Time Period For Completion
Of The Project Or Phase. 4 - Deposition of 70% Of The Amounts Realised For The
Project In Separate Bank Account For Construction & Land Cost. 5 - Pending
Approvals From Competent Authorities. 6 - Furnishing Of Other Documents
Prescribed By The Rules.

Section 5 Grant Of Registration OR Registration / Reject Application. - Accept Application -

Informed Within 30Days - Provide Registration Number Including Login Id &
Password For His Web Page -- Certificate Valid For A Period Declared For
Completion Of Project Or Phase Thereof -- Not Informed In 30 Days - Deemed To
Be Registered - Issue Unique Identification Number Within 7 Days Of Expiry Of 30
Days -- Certificate Valid For Completion Of Project Or Phase Thereof -- Reject
Application - Provide Opportunity To Promoter Of Being Heard -- Record Reasons
For Rejections After Hearing.

Section 6 Extension Of Registration OR Extension Of Completion Date (Force Majeure) -

Maximum 1 Year In Aggregate -- Apply For Extension, Pays Fees & Get Approval Of
Rera (Not Automatic.)
Section 7 Revocation Of Registration - Action Based On Complaint Received OR Suo - Moto -
(1 ) Promoter Found In Violation Of Act, Rules & Regulations. (2)Promoter Violates
Any Of The Terms Or Conditions Of The Approval. (3)Promoter Found Involved In
Unfair Trade Practices Like -- Making Any Statement Whether In Writing Or By
Visible Representation Which -- Falsely Represents That The Services Are Of A
Particular Standard Or Grade -- Represents That The Promoter Has Approval Or
Affiliation Which Such Promoter Does Not Have -- Makes A False Or Misleading
Representation Concerning The Services -- Publication Of Any Advertisement or
Prospectus Whether In Any Newspaper Or Otherwise Of Services That Are Not
Intended To Be Offered. (4) If Revoved Consequences - Promoter Is Debarred From
Access To RERA Website & Listed As Defaulter, Bank Is Instructed To Freeze
Account, Promoter Is Restrained From Advertisement, Marketing, Book, Sale
Project.

Section 8 Obligation Of Authority Consequent Upon Lapse Of Or On Revocation Of

Registration - (1)The Authority, May Consult The Appropriate Government To Take
Such Action As It May Deem Fit ( To Protect Interest Of Allottees). (2) Remaining
Development Works To Be Completed By Competent Authority Or By The
Association Of Allottees Or In Other Manner. (3) The Association Of Allottees Has
The First Right Of Refusal For Carrying Out Of The Remaining Development Work.
(4) Such Order Of The Authority Shall Take Effect After 60 Days Which Is The Time
Period WIthin Which An Appeal Can Be Filed By The Promoter.

Section 9 Registration Of Real Estate Agents. - Mandates The Registration.

Section 9 (1) Get Himself Registered Under RERA Before Engaging In Sale Or Purchase Of Any
Registered Real Estate Project.
Section 9 (2) Apply For Registration In Prescribed Form Along With Necessary Documents & Pay
Fees.
Section 9 (3) Application Will Be Either Accepted & Given Registration Number Or Rejected By
RERA.
Section 9 (4) Deemed Registration By RERA If No Deficiencies Reported Or Rejected The
Application.
Section 9 (5) Registration Valid For 5 Years. Renewal Apply 60 Days Prior To Expiry Date .
Revocation If Wrong Doing.
 Section 9 (6) Validity Of Registration & Its Renewal - The Agent Registrations Shall Be Valid For
Such Period As May Prescribed (5 Years ) Rule 12(4). & Shall Be Renewable With The
Prescribed Application,Fees & Documents.
Section 9 (7) Revocation Of Registration - If Commits Breach Of Any Condition On Which Such
Registration Was Granted. If Commits Breach Of Rules & Regulations Of RERA. If
Authority Satisfied That The Agent Had Given False Information Like False
Documents Etc. At The Time Of Registration.
Section 10 (a) To (e) Functions Of Real Estate Agents. - The Qualifications & Eligibility Criteria Are
Specified By The Respective State Regulatory Authority. (A) - Not To Facilitate Sale
Or Purchase Of Plot / Apartment / Building In Real Estate Project Or Part Of It,
Which Is Not Registered With Authority. (B) - Maintain & Preserve Project Wise
Books Of Accounts, Records & Documents, Order No 43 Of 2023 Half Yearly
Reports. (C) - Not To Involve In Unfair Trade Practise. Making Statements Orally / In
Writing / Visible Representation, Falsely Represents Of Services Of Particular
Standard, Represents He Or Promoter Has Approval Or Affiliations Which They Dont
Have, Makes A False Misleading Representation Concerning The Services, Permitting
The Publication Of Any Advertisement Of Services That Are Not Intended To Be
Offered By Advertisement In Any Newspaper Or Otherwise. (D) - Facilitate The
Possession Of The Information & Documents As The Allottee, Is Entitle To At The
Time Of Booking Of Plot / Apartment / Building As The Cases May Be. (E) - Discharge
Such Other Function As May Be Prescribed.

Rule 4 & Rule 5 The Application Should Include Details Such As Name, Address, Contact Information
Qualifications, & Experience Of The Real Estate Agent.
Rule 9 The Format For Registration Of Real Estate Agents - Rule 9 Of The Maharashtra Real
Estate (Regulation & Development) (Registration Of Real Estate Projects,
Registration Of Real Estate Agents, Rates Of Interest, & Disclosures
On Websites) Rules, 2017. The Responsibilities Include Facilitating Possession Of The
Unit, Adhering To The Terms & Conditions Of The Agreement & Providing Necessary
Documents & Information.

Rule 9 (2) Conveyance Deed By Promoter In 3 Months.

Rule 10 The Obligations Include Facilitating Possession Of The Unit, Adhering To The Terms
& Conditions Of The Agreement & Providing Necessary Documents & Information.

Rule 11 & 13 The Obligations Include Maintaining & Preserving Books Of Accounts, Records &
Documents Related To Real Estate Transactions, & Providing Them For Inspection
By The Regulatory Authority.

Obligation Of Real Estate Agent

Rule 14 (1) Prominently Display Quote Registration At Principal Office & All The Branches
Office. (2) Quote Registration Number In All Documents Issued By Real Estate Agent
Related To Real Estate Advertisement, Marketing, Selling Or Purchase.

Rule 16 Maintain & Preserve & Produce Books Of Accounts, Records, Documents - As
Required Under Income Tax Act / Companies Act / Any Other Law & Will Be Re
Required To Be Produced Them For Inspection If Required At The Time Of
Registration To Renewal.
Rule 17 (1) & (2) - Agents Must Not Involve Themselves In Any Unfair Trade Practices, Such
As Making False Or Misleading Statements, Permitting False Advertisements Or
Failing to. (3) - Facilitate The Possession Of All The Information & Documents, As
The Allottee, Is Entitle To At The Time Of Booking Of Plot/ Apartment / Building As
The Case May Be. (4) - Discharge Such Other Function As May Be Prescribed.

Revocation Of Registration Of Real Estate Agent

 Rule 15 (1) - Revoke Registration On Complaint Received From Promoter Or Allottee Or
Suo Moto - Commits Breach Of Terms & Conditions Under These Rules &
Regulations OR If Authority Is Satisfied That Registration Has Been Obtained
Through Misrepresentation Or Fraud. Provide Opportunity To Agent Of Being Heard
Before Passing Order Of Revocation. 15 (2) - Authority Shall Inform Revocation Of
Registration In Form I . Effect Of Revocation Prohibited From Making Fresh
Application Again Within 6 Months From The Date Of Rejection. 15(3) - To Maintain
Books Of Accounts In The Format Prescribed By The Institue Of Chartered
Accountants Of India (ICAI).

Functions Of Promoter

Section 11 Functions & Duties Of Promoter.

Section 11 (1) Create Web Page & Quarterly Update Data On Web Page. - Details Of The
Registration Granted By The Authority - The List Of Numbers And Types Of
Apartments Or Plots, As The Case May Be Booked - The List Of Number Of Garages
Booked - The List Of Approvals Taken & The Approvals Which Are Pending
Subsequent To Commencement Certificate. - Status Of The Project - Such Other
Information & Documents As May Be Specified.
Section 11 (2) Prominently Mention Both RERA Website Address & Project Registration Number
In Advertisements. - So That Allottee Can Easily Verify The Details Of The Project
Online.
Section 11 (3) Provide Information To Allottee At The Time Of Booking Of Property & Issue Of
Allotment Letter. - By Display At The Site Or Such Other Place As May Be Specified
By Authority. Santioned Plans, Layout Plans, Along With Specifications, Approved By
The Competent Authority. Also, The Stagewise Time Schedule Of Completion Of The
Project. And Also, The Provisons For Civic Infrastucture Like Water,Sanitation &
Electricity.
Section 11 (4) Various Functions From 11 (4) (a) To 11 (4) (h).
Section 11 (4) (a) Promoter Is Responsible For All Obligations, Responsibilities & Functions Under The
Act Till The Conveyance Of All The Apartments, Plots ( Defect Liability Upto 5 Years.
)
Section 11 (4) (b) Also Responsible To Obtain The Completion Certificate or The Occupancy Certificate
or BOTH & Make It Available To Allottee.
Section 11 (4) (c) Promoter Is Responsible To Obtain The Lease Certificate, Where The Real Estate
Project Is Developed On A Leasehold Land & Make It Available To Allottee.

Section 11 (4) (d) Providing & Maintaining The Essential Services On A Reasonable Charges, Till The
Taking Over Of The Maintenance Of The Project By The Association Of The Allottee.

Section 11 (4) (e) Enable The Formation Of An Association, Society or Co-Operative Society, As The
Case May Be, Of The Allottees or a Federation Within A Period Of 3 Months Of The
Majority Of Allottees Having Booked Their Plot or Apartment.

Section 11 (4) (f) Execute A Registered Conveyance Deed Of The Apartment, Plot, In Favour Of The
Allottee Along With The Undivided Proportinate Title In The Common Areas As
Provided Under Section 17
Section 11 (4) (g) Pay All Outgoings Until He Transfers The Physical Possession Of The Real Estate
Project To The Allottee or The Associations Of Allottees & Any Dues Are Paid Off.

Section 11 (4) (h) After He Executes An Agreement For Sale, If Any Such Mortgage or Charge Is Made
Or Created It Shall Not Affect The Right & Interest Of The Allottee.

Section 11 (5) Cancellation Of Allotment Only In Terms Of Agreement For Sale.

Obligation Of Promoter
 Section 12 Obligation Of Promoter Regarding Veracity Of The Advetisement or Prospectus. -
If Promoter Makes False Statement In The Notice, Advertisement Or Prospectus.
And Where Any Person Makes An Advance Or A Deposit On The Basis Of Such False
Information & Sustains Any Loss Or Damage And Wish To Withdraw From The
Project - Promoter Shall Returned His Entire Investment Along With Interest As
Prescribed By Law. Interest Prescribed At The Rate Of SBI Maximum MCLR + 2%.

Section 13 No Deposit Or Advance To Be Taken By Promoter Without First Entering Into

Agreement Of Sale OR Maximum Amount Of Advance That Can Be Taken By The
Promoter Before Registration - Accept Advance From Allottee Towards Booking -
Upto 10% Of Cost Of Apartment, Plot Or Building - More Than 10% Of Cost Of
Apartment, Plot Or Building - Can Accept Advance Without Registration Of
Agreement Of Sale But, Issue Of Allotment Letter In Prescribed Form Of MAHARERA
Is Must.- Registration Of Agreement To Sale Is Must In Such Form As Prescribed By
MAHARERA.
Section 14 (1) & (2) Adherence To Santioned Plans & Project Specifications By The Promoter OR
Alteration In Sanction Plan, Layout Plan - Promoter Shall Not Make Any Alteration
In Sanction Plan, Layout Plan, Specification Or Common Area Within Project - Minor
Alterations (Minor Changes Excludes - Addition Or Alteration To Area Or Change In
Height, Removal Of Part Of Building, Construction Or Removal Or Removal Or
Cutting Into Of Any Wall Or Partition, Column, Beam,Floor,Change To Or Closing Of
Any Required Means Of Access, Change To The Fixtures Or Amenities ) - Major
Alterations - Due To Architectural Or Structural Reasons (Declaration & Intimation
To Allottee) - Written Consent Of 2/3rd Allottees (Other Than Promoter).

Section 14 (3) Defect Liability - Structural Defects,Defect In Workmanship,Quality,Services -

Brought To Notice By Allottee Within 5 Years From Date Of Possession - Promoter
To Rectify Defects Within 30 Days From Notice Without Any Changes - Incase
Promoter Fails Compensate Aggrieved Allottee.

Section 15 Obligation Of Promoter In Case Of Transfer Of A Real Estate Project To A Third

Party - 2/3rd Allottee & Permission Of RERA It Does Not Result As Extension In
Project Completion Date. Incoming Promoter To Comply All Pending Obligations.
Booked In The Name Of Family Members, Firm / Company Shall Be Counted As 1
Allottee.
Section 16 Obligation Of Promoter Regarding Insurance Of Real Estate Project - Promoter Has
To Obtain All Such Insurance As Notified By State Government.

Section 17 Transfer Of Title OR Execute Registered Conveyance Deed - Promoter To Register

Conveyance Deed In Favour Of Association Of Allottee - Within 30 Days Of Issuance
Of Occupancy Certificate - Rule 9 (2) (ii) Of The MAHARERA, If No Period For
Conveing The Title Of The Promoter To The Legal Entity Of The Allottees Is Agreed
Upon - Then Earlier Of Two - Within 3 Months From The Date Of Issue Of OC
Certificate or 50% Of The Total Number Of Allottees In Such A Building Or A Wing,
Have Paid The Full Consideration To The Promoter. (The Indian Registration Act,
1908).
Section 18 Return Of Amount & Compensation OR In Case Of Delayed Possession - Allottees
Choose To Withdraws From Project - Continues With Project - Refund Amount
Received Along With Interest - Compensation As May Be Prescribed In The Act -
Interest For Every Month Of Delayed Possession.

Allottees & Their Responsibilities

Section 19 Rights & Duties Of Allottees.

Section 19 (1) Right To Access Information About The Project Such As Sanction Plan, Layout Plan
With Specifications.
Section 19 (2) Right To Know The Stage-Wise Time Schedule Of Completion Of The Project.
Provision For Water, Sanitation, Electricity & Other Amenities & Services.
 Section 19 (3) Entiltled To Claim His Possession Of Apartment, Plot or Building & Also The
Association Of Allottees Can Claim The Possession Of The Common Areas As Given
Under The Declaration By The Promoter.
Section 19 (4) Claim The Refund Amount With Interest OR Entitled To A Refund Of Their
Investments Amount Along With The Interest If The Promoter Fails To Comply With
The Terms Of The Agreement For Sale or Is Unable To Give Possession.

Section 19 (5) Rights To Have The Necessary Documents & Plans, Including That Of Common Areas
After Handling Over The Physical Possession Of The Apartment or Plot or Building By
The Promoter.
Section 19 (6) Make Necessary Payments As Per The Schedule Mentioned In Agreement To Sale &
Also Make Payment Of Their Share Of The Registration Charges & Municipal Taxes,
Water Charges, Electricty Charges, Maintainance Charges.

Section 19 (7) Pay Interest For Delay In Payments.

Section 19 (8) Interest May Be Reduced With Mutual Consent Between Promoter & Allottee.

Section 19 (9) Participate Towards Formation Of Association Of Allottees. ( Association,

Cooperative Society, Federation Etc. )
Section 19 (10) Take Physical Possession Of The Property - Within 2 months From Occupancy
Certificate.
Section 19 (11) Participate Towards Registration Of The Conveyance Deed.
Section 20 Establishment Of The Maharashtra Real Estate Regulatory Authority.

Penalties Acts

Section 59,60,61,63 & 64 Penal Provisons For Promoters.

Section 62,65 & 66 Penal Provisons For Real Estate Agents.

Section 67 & 68 Penal Provisons For Allottees.
Section 69 Offence By Companies.

Penalties Acts In Details Section Number Wise.

Section 59 Marketing / Advertisement or Sale Of Project Without Project Registration u/s SEC 3
- Liable To A Penalty Which May Cumulatively Extend Upto 10% Of The Cost Of The
Project. If It Continues To Violate The Provisions & Doesn’t Comply With The Orders
Of - Punishable With Imprisonment For A Term Which May Extend Upto 3 Years or
With Fine Which May Extend Upto A Further 10% Of The Cost Of The Real Estate
Project or With BOTH.

Section 60 For False Information In Registration Under Section 4 - A Penalty For The Period
During Which Such Default Continues, Which May Cumulatively Extend Upto 5% Of
The Cost Of The Project.
Section 61 Contravention Of Provision Of The Act - Liable To A Penalty Which May
Cumulatively Extend Upto 5% Of The Cost Of The Project.
Section 62 Non Registration & Contravention Of Provosions Of The Act Section 9 & 10 - Liable
To A Penalty Of 10K Per Day Of Default Which May Cumulatively Extend Upto 5% Of
The Cost Of The Property Facillitated.
Section 63 Failure To Comply With Orders Of Authority - A Penality For The Period During
Which Such Default Continues, Which May Cumulatively Extend Upto 5% Of The
Cost Of The Project.
Section 64 Failure To Comply With Orders Of Appellate Tribunal - Punishable With
Imprisonment For A Term Which May Extend Upto 3 Years or A Penalty For The
Period During Which Such Default Continues, Which May Cumulatively Extend Upto
10% or With Both Of The Cost Of The Project.
Section 65 Failure To Comply With Orders To Authority - A Penalty For The Period During
Which such Default Continues, Which May Cumulatively Extend Upto 5% Of The
Plot, Apartment or Building Cost Facilitated.
 Section 66 Failure To Comply With Orders To Appellate Tribunal - Punishable With
Imprisonment For A Term Which May Extend Upto 1 Year or A Penalty For The
Period During Which Such Default Continues, Which May Cumulatively Extend Upto
10% Of The Plot, Apartment or Building Cost Facilitated. or With BOTH.

Section 67 Failure To Comply With Orders To Authority - A Penalty For The Period During
Which such Default Continues, Which May Cumulatively Extend Upto 5% Of The
Plot, Apartment or Building Cost.
Section 68 Failure To Comply With Orders To Appellate Tribunal - Punishable With
Imprisonment For A Term Which May Extend Upto 1 Year or A Penalty For The
Period During Which Such Default Continues, Which May Cumulatively Extend Upto
10% Of The Plot, Apartment or Building Cost or With BOTH.

Section 69 If An Offence Has Been Committed By A Company, The Person In Charge Or

Responsible For The Conduct Of The Business, As Well As The Company, Will Be
Deemed Guilty & Liable To Be Punished Accordingly. If It Is Proved That The Offence
Was Committed With The Consent Or Connivance of, Or Is Attributable To, Any
Neglect On The Part Of A Director, Manager, Secretary, Or The Other Officer Of
The Company, That Person Will Also Be Deemed Guilty & Liable To Be Punished
Accordingly.

Dispute Resolution

Section 31 (1) Filing Complain To MAHARERA - Who Can File Complaint ? - Any Interested Party
Including Allottee, Promoter & Real Estate Agents Can File The Complaint. -- Against
Which Projects? - Complaints Against MahaRera Registered Projects Only. -- How
To File ? - Complaint Can Be Filed Online In Prescribed Form & With A Fee Of Rs 5k.
Details Required In The Application ?- Project Registration Number, Particulars Of
Complainant & Respondent, Facts Of The Case,Relief Sought & List Of Enclosure.
Who Can Appear Before Authority ? - Complainant Can Appear Personaly Or
Through Authorized Representatives.

Section 31 (2) Adjudication - Aggrieved Person Can File Complaint To MAHARERA For Violation Of
Act, Rules & Regulations & Claim For Compensations. -- Adjudicating are Appointed
For Holding Inquiry & Adjusging Compensation Under Sections 12,14,18 & 19. Sec
12 - Misleading Advertisement By Promoter - Sec 14 - Non Adherance To Santioned
Plans & Project Specification By Promoter. -- Returns Of Amount & Payment Of
Interest For Delay In Possession -- Sec 19 (1) To Sec 19 (5) Rights To Allottees.
 Section 31 (3) Conciliation Forum - CDRF - Conciliation & Dispute Resolution Forum - Consists of
3 Teams - Representatives Of Promoters Association, Representatives Of Consumer
Bodies & MAHARERA Team. Objectives Of Establishment Of Cociliation Forum -
Establish Panel Of Eminent Conciliators Representing Consumer Association &
Promoters Association -- Promote & Popularise The Amicable & Effective
Settlement Of Disputes. -- Facilitate Dispute Resolution Mechanism With Moderate
Cost (Cost Effective) & Speedy Settlement Of Commercial Disputes. -- Providing The
Best Platform For Alternative Dispute Resolution As This Process Is Confidential,
Less Formal & Less Stressful Than Traditional Proceedings. -- Online Conciliation
Process - Online Conciliation Request Application By Grieving Party -- Online
Consent By Other Party -- Online Payment Of 1K By First Party -- Conciliation Party --
Mutually Win - Win Solution -- Role Of Conciliators -- Asist The Parties In Their
Attempt To Reach An Amicable Settlement Of Their Dispute In An Independent &
Impartial Manner -- Work On Principles Of Objectivity, Fairness & Justice, By
Considering The Rights & Obligations Of The Parties, The Usages Of The Trade
Concerned & The Circumstance -- Make Proposals For A Settlement Of The Dispute,
Such Proposals Need To Be Writing & Need Not Be Writing & Need Not Be
Accompanied By A Statement Of The Reasons Thereof. -- Settlement Of Dispute - If
the Parties Reach Agreement On A Settlement Of The Dispute, They May Draw Up &
Sign Terms Of Settlement. -- When The Parties Sign The Settlement Agreement, It
Shall Be Final & Binding On The Parties & Persons Claiming Under The Respectively. -
- The Conciliators, Shall Authenticate The Settlement Agreement & Furnish A Copy
Thereof To Each Of The Parties. Non Compliance Of Settlement Terms -- Non
Compliance Of The Terms By Either Party Shall Give The Other Party Right To
Approach The MAHARERA -- MAHARERA Authority Shall Take Cognizance Of Any
Such Agreed Terms Of Conciliation.

Section 31 (4) Applellate Tribunal - By Person Aggrieved - Against Order Person Passed By
Adjudicating Authority, File Within 60 Days - From Receiving Order From
Adjudicating Authority, Tribunal May Entertain Application After Expiry Of 60 Days -
If Satisfied Of Sufficient Cause For Delay, Person Aggrieved By Order Of Appellate
Tribunal - File Appeal In High Court.
Section 32 (g) Amicable Conciliation.
Section 33 (3) Empowers Authority To Take Suitable Measures For The Promotion Of Advocacy
Creating Awarness & Imparting Training On Registered Laws & Policies.

Section 34 Authority Will Register & Regulate Registered Projects & Registered Agents Under
The Act.
Section 84 (1) (2) Amendment In Employment.

Names Of The Forms & Details

Form 1 Architect’s Certificate For Withdrawal From Designated Bank Account.

Form 2 Structural Engineer’s Certificate For Withdrawal From Designated Bank Account.

Form 2 A Engineer’s Certificate On Quality Assurance Submitted Annually ( Order No 5/2018

Dated November 26,2018 Introduced ). Certification Requires Supervisor To Certify
Basic Input Materials Conform To A Prescribed Standard Of Quality. It Has To Be
Uploaded Quarterly. It Is Made Mandatory Vide Order No 5, December 2018

Form 3 CA Certificate For Withdrawal From Designated Bank Account.

Form 4 Architect's Certificate On Completion Of Registered Project.
Form 5 Annual Report Of Withdrawal From Designated Bank Account.
Form 6 Real Estate Agent Need To Upload Form 6 On Web Site Of Maha Rera . From April
To September (Last Day 20th October ) OR From October To March (Last Day 20th
April )
Form A Complaints To MAHARERA Authority.
Form B Affidavit cum Declaration By Promoter.
Form D Project Revocation.
Form G Rule 12 (4) 13 (4) New Registration - Form To Register ( Valid For 5 Years)
 Form H Rule 12 (1)(3) Issue Registration Certificate Or Deemed To Be Registered
Form I Rule 12 (2) Revocation / Rejection Form - For New Application & Renewal, Issue Rejection,
Provide Opportunity To Agent Of Being Heard, Record Reasons For Rejections After
Hearing.
Form J Rule 13 (1) (2) (4) Renewal - Form For Renewal (Can Apply 60 Days Prior To Expiry, Accopanied By
Documents & Fees,
Form K Issue Renewal Certificate
CERSAI To Prevent Frauds In Loan Cases Involving Multiple Lending From Different Banks On
Same Immovable Asset. CERSAI Report Generated Within 10 Days To Be Submission
Of Case.
SARFAESI Securitisation & Reconstruction Of Financial Assets & Enforcement Of Security
Interest Act, 2002 Was formulated With An Intent to Empower Banks To Recover
Non-Performing Assets (NPAs) Without The Intervention Of A Court. SARFAESI Act
2002 Is A Milestone In The Recovery Of NPAs.

HUDCO Housing & Urban Development Corporation Ltd. (HUDCO) Was Incorporated As A
Fully Owned Government Company Under The Companies Act, 1956 With The Main
Objective Of Financing Housing and Urban Development Projects In The Country.

SROs Self Regulatory Organisation - Transparecy, Trust & Timely Project Completion --
Impact Of SROs Is For - Minimum Government, Maximum Governance, Greater
Acceptance, Faster Implementation & Reduced Costs.

Notes

RERA Full Form & Establishment - The Real Estate (Regulation and Development) Act,
2016 (RERA Act). Rera Came Into Force 1st May 2017 As A Nodal Agency.
Notification 23, Dated 8th March 2017
RERA Offices Headquarters in BKC, Division Office - Churchgate, Appellate Tribunal - Kala Ghoda
Fort, Division Office -Pune, Division Office - Nagpur. Office Timings : Monday to
Friday 10:00 am to 6:00 pm
Conciliation Centers 28, (7BOM, 6PNQ)
RERA Law To Bring PAC - Professionalism, Accountability & Competency In Real Estate
Business.
TOET Honourable Chief Minister Of Maharashtra Has Inaugurated & Launched This
Programme Of Training Of Expert Trainers (TOET) On 19th February 2019 At Pune In
a Programme Organized By Maharashtra Building and Other Construction Workers
Welfare Board (MBOCWWB). This would create a pool of 500 Expert Trainers In A
Year Or Two. The First Batch Of Expert Trainers Has Already Been Trained By These
Institutes & These Trainers Have Been Examined By National Skill Development
Corporation, New Delhi & Have Certified Them As Trainers (As per The List).

TOET Partners MahaRERA Has, Through Its Own Funding Engaged Three Training Partners, viz.
Rustomjee Academy of Global Career (RAGC), KUSHAL, Pune & SBSS, Nagpur.

New Website Of www.maharera.maharashtra.gov.in

Maharera
Receipt Of Consideration If Cancellation Within 15 Days - Nil, Within 16 to 30 days - 1%, Within 31 to 60 Days -
Is Part Of Allotment Letter 1.5%, After 61 Days - 2% Will Be Deducted By The Promoter. Refund Of the Balance
Amount Will Be Made Within 45 Days From The Receipt Of The Cancellation
Request & If Late Payment MCLR + 2%.
Limit Per Flat For 60 Square Meters & Cost No More Than 45 Lakhs.
Qualifying Affordable
Housing
Limit Per Flat For Metro Cities - 60 Sq Meters & Non Metro Cities - 90 Sq Meters.
Qualifying In Metro Cities

5 Types Of Registration Project,Agent,Change Of Promoter,Revocation,Lapsed Projects & Complaints.

 Property Valuation

1 The Sales Comparison Approach - Comparing The Property Being Valued With
Other Similar Properties That Have Been Recently Been Sold.
2 The Income Approach - Income Generating Properties. (NOI) Net Operating Income
- How Is It Calculated ? Annual Income Generated By The Property Minus Annual
Expenses Associated With The Property. Divided By (Cap Rate) Capitilization Rate
(For Commercial 6 To 8%) (For Residential 2 To 3%).

3 The Cost Approach - Cost Of Building It From Scratch. - How Is It Calculated ? Value -
Land Value Minus Cost Of Construction Minus Depreciation Of Old Structure.

Payment Schedule

1 10% Of The Total Consideration Before Execution Of Agreement For Sale.

2 30% Of The Total Consideration After Execution Of Agreement For Sale.
3 45% Of The Total Consideration On Completion Of The Plinth Of The Building Or
Wing.
4 70% Of The Total Consideration On Completion Of The Walls, Internal Plaster,
Floorings, Doors & Windows.
5 80% Of The Total Consideration On Completion Of Sanitary Fittings, Staircases, Lift,
Wells, Lobbies Upto Floors.
6 85% Of The Total Consideration On Completion Of The External Plumbing &
External Plaster, Elevation, Terraces With Water Proofing, Of The Building Or
Wing.
7 95% Of The Total Consideration On Completion Of The Lifts, Water Pumps,
Electrical Fittings, Electro, Mechanical & Environment Requirements, Entrance
Lobby/s, Plinth Protection, Paving Of Areas.
8 5% On Possession Of The Apartment.

TDS

TDS TDS Should Be Paid Within 30 Days From The End Of The Month.
TDS Form 26QB SECTION TDS Payment (Tax Deducted At Source) - Property Value Above 50 Lakhs, 1% Will
194IA Residential TDS Be Deducted At The Time Of Property Purchase.

Residential Rental TDS Rental Property - 0% Unless The Rent Exceeds Rs 50K Per Month.
Commercial Rental TDS Rental Property - 10%
NRI TDS 20% or 30% Depending On The Duration Of Property Ownership And Long Term
Capital Gains Are Taxed At 20% (0 To 50 Lakhs - 20.8%) (50Lakhs To 1Cr - 22.88%)
(1Cr & Above - 23.92%)
TDS Penalty & Interest If Buyers Not Pays Interest Per Month 1% For The Period Of Delay.
TDS Rural Agricultural Land Deals - 0%
TDS Section 194 Q Of IT - 0.1% By Person Having Turnover 10Cr + 50 Lakhs + Purchase.

GST

GST GST Is Paid For Any (Commercial + Residential) For Under Constructions Projects.

GST GST For Affordable Housing - 1% Below Flat Area 60 Sq Mt Or Less 45 Lakhs.

GST GST For NON Affordable (Premium) Housing - 5% ( For Every Schedule Payment
Purchaser Need to Deduct 5% )
GST GST For Commercial - 12% ( For Every Schedule Payment Purchaser Need to Deduct
12% )
GST Government Led Mega Housing Projects - 1%, Schemes Include As The Jawaharlal
Nehru National Urban Renewal Mission, Rajiv Awas Yojana, Pradhan Mantri Awas
Yojana 7 Housing Schemes Of State Governments.
 GST GST Applicable On Ready To Move In Projects Which Does Not Have Occupation
Certificate. (Both Residential + Commercial) GST Paid Every Month Or Depends On
Agreement. (Monthly Quarterly, Yearly.)
GST GST Is Applicable On Commercial Rental Property 18%, No Matter What Ever Is The
Rent. Applicable For Residence Cum Commercial Property.
GST Sale on Land - 0%
GST Registration Turnover More Than 20 Lakhs In Real Estate Specifically.
GST For Sevices In Real Estate - 18% For Example - Maintanance Charges.
GST Input Tax Promoter Cant Claim For Residential Projects But Can Claim For Commercial
Projects Lauched After 1st April 2019.

Stamp Duty

Stamp Duty Stamp Duty Is Collected By State Government . Stamp Act Was Passed In 1958 & It
Is Also Known As Bombay Stamp Act 1958. Stamp Duty Rate Range In Maharashtra
Is 4% To 7% Depending On Location. Women Buyers Are Provided A Concession Of
1%. (In Mumbai - 5% + 1% Metro Cess ) (In Pune 5% + 1% LBT + 1% Transport Cess)
Stamp Duty Is Calculated The Property Agreement Value.

Gift Deed 3% Property Value, Blood Relation (Family Members)- 200 Rs + Cess. (Residential
Or Agricultural ).
Stamp Duty Lease Deed - 5%, Lease Deed Gram Panchayat - 3%
Stamp Duty Power Of Attorney - 5%

Ready Reckoner

1 Minimum Valuation Rate Fixed By The Government.

Property Tax

Property Tax Prior To Selling The Property All Old Property Taxes Have To Be Paid By The
Promoter.
Property Tax In Mumbai Is Paid To Brihanmumbai Municipal Corporation (BMC) for
Maintainance Of Street Lights, Garbage,Roads Maintainance Etc. Property Tax In
Mumbai Is Calculated Based On The Area Of The Property & The Type Of
Construction, As Per The Capital Value System (CVS). CVS Is Determined By The
Market Value Of The Property & The Ready Reckoner Rates Published By The
Government.
External Development Charges (EDC) Are Fees Charged By The Government From
Developers For The Development Of The Area Surrounding The Project. The EDC Is
Calculated On A Per Square Foot Basis.

Commission

Broker Defination (1) - Broker Is A Point Of Contact Between One Or More People Negotiating
Sale,Purchase Or Property. (2) - He Negotiates Or Acts On Behalf Of Buyer Or Seller
To Facilitate Real Estate Transactions & Remuneration For The Services.

Channel Partner 5% TDS Currently.

Commission TDS
Deduction
3 Types of Commission Percentage Commission - Percentage Of The Sale Price Of The Property.
Flat Fee Commission - Set Amount Paid To Real Estate Agent For Their Services
Regardless Of The Sale Price Of The Property.
Tiered Commission - Commission Rate Changes Based On The Sale Price Of The
Property. (Ladder Structure From Developers During Launch).
PMLA Act 2002 Prevention Of Money Laundering Act 2002 - MAHARERA Has Issued An Order No 43
/ 13th February 2023 Directing Real Estate Agents With Annual Turnover Of More
Than 20 Lakhs To Share Details Of Principal Officer & Designated Director. (Should
Be TWO Separate Entities).
 PMLR Act 2005 The Order Is Citing The Prevention Of Money Laundering Act (2002) & Prevention Of
Money Laundering (Maintenance & Records) Rules PMLR 2005.

Register On FINGATE 2.0 As A Reporting Entity (Procedure To Register Is Provided In

Order No 962 Dated 27th June 2023)
Maintain KYC Records Of All Your Customers (Maintain Pan Card + Aadhar Card +
Address )
Report To The Director Of FIU - IND For Any Suspicious Transactions Under Rule 7
(3) Of PMLR
Penalties For Non Compliance With An Obligation Under Chapter 4 Of PMLA Upto 1
Lakh Per Non Compliance
Real Estate Agent Need To Upload Form 6 On Web Site Of Maha Rera . From April
To September (Last Day 20th October ) OR From October To March (Last Day 20th
April )

Types Of Loans

Home Loan Maximum Tenure - 30 Years - Loan Amount Usually Upto 80 To 90% Of The
Property Value.
Land Loan Maximum Tenure - 15 Years - Loan Amount Usually Upto 70 To 80% Of The Land
Value (Only For NA Plot Not For Agriculture Land )
Construction Loan Maximum Tenure - 20 Years - Amount Is Disbursed In Instalments Based On The
Progress Of Construction (House For Your Own Plot)
Bridge Loan Maximum Tenure - 2 Years - Loan Amount Usually Upto 70 To 80% Of The Existing
Property - Bridge Loans Are The Short Term Loan Taken By Individuals For The
Purpose Of Bridging The Gap Between The Purchase Of A New Property & The Sale
Of An Existing Property.
Loan Against Property Maximum Tenure - 15 Years - Loan Amount Usually Upto 60 To 70% Of The
Property Value. Secured Loan Taken By Individuals By Pledging Their Existing
Property As Collateral.
Commercial Loan Maximum Tenure - 20 Years - Loan Amount Usually Upto 70% Of The Property
Value. To Purchase A Commercial Property.
Top Up Loan Maximum - 20 Years Upto 50 Lakhs - A Loan Taken On An Existing Home Loan To
Finance Additonal Expenses Such As Renovation, Repair Or Furnishing.

Reverse Mortgage Loan Reverse Mortgage Loans Are Taken By Senior Citizens Who Own A Property For The
Purpose Of Generating Income. The Loan Amount Is Disbursed As Lum Sum Or In
Installments & Is Repaid By The Borrowers Heirs After Their Demise Or By Selling
The Property. The Loan Amount Is Usually Upto 60% Of The Property Value.

Pradhan Mantri Awas Maximum Tenure - 20 Years - Loan Amount Is Usually Upto 18 Lakhs - A Loan For
Yojana Econnomically Weaker Sections (EWS), Low Income Group (LIG), & Middle Income
Group (MIG) To Purchase A House Under The PMAY Scheme.

Fixed Interest Rate - Long Term Its Expensive - 30 Years , Short Term Is Better - 10
Years.
Floating Interest Rate - For Long Term Is Good As Pricinpal Rate Reducing The
Interest Rate (Gives Mix Of Payment Opportunities)

Tax Savings

Section 80C Stamp Duty Deduction Upto 1.50 Lakhs. Husband & Wife Both Can Claim.

RERA Charges

1 Agent Can Register Rera Registration In Other State At The Time Of Registration As
Agent In Maharera Minimum Agent / Promoter - Rs 10K + Service Charge - Rs 500 +
18% GST = Total - 10,590/-.
2 Complaint Registration - Rs 5K + GST .
3 Conciliation - 1K + GST.
4 Maximum Registration Fee For Agent (Company) - 1Lakh + GST.
5 Maximum Registration Fee For Promoter (Company) - 10Lakh + GST.

MAHARERA Portal

1 GR - Government Resolution - Official Statement Of Policy, Not Binding.

2 Circular - Written Document, Internal Commn, No Legal Implications.
3 Regulation - Formal Rules / Laws, Legal Binding, Enforceable.
4 Rulings - List Of Judgements, Orders.

All The Best For Your RERA Exams