Understanding MahaRERA Order No. 63/2024: An In-Depth Analysis
The real estate sector in India is continuously evolving with the introduction of new regulations and guidelines aimed at promoting transparency and protecting the interests of all stakeholders. One such regulation is the MahaRERA Order No. 63/2024, which was issued on 22nd October 2024. In this blog, we’ll take a closer look at the key aspects of this order and its implications for promoters, allottees, and real estate agents.
Background
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is responsible for regulating and promoting the real estate sector in the state of Maharashtra. The authority aims to protect the interests of homebuyers and ensure transparency in real estate transactions. Over the years, MahaRERA has issued several orders to streamline the processes and enhance accountability among promoters and agents.
Key Details of MahaRERA Order No. 63/2024
- Order No.: 63/2024
- Date: 22nd October 2024
- Subject: Submission of proforma of allotment letter and agreement for sale at the time of registration of a real estate project in compliance with Section 4 (2) (g) of the Real Estate (Regulation and Development) Act, 2016.
- References: Previous orders – 54/2024, 56/2024, 57/2024, and 60/2024.
Objective of the Order
The primary objective of MahaRERA Order No. 63/2024 is to ensure that promoters provide a standard proforma of the allotment letter and agreement for sale at the time of registration of a real estate project. This requirement is in compliance with Section 4 (2) (g) of the Real Estate (Regulation and Development) Act, 2016. The order aims to enhance transparency and protect the interests of homebuyers by standardizing the documentation process.
Key Provisions of the Order
- Incorporation of Clause 15A:
- The order introduces a new clause, 15A, to be added to the model form of agreement between promoters and allottees.
- Clause 15A: If a Registered Real Estate Agent facilitates the transaction, all agreed remuneration/fees/charges (including taxes) must be paid by the promoter, the allottee, or both, as per the agreed terms of payment.
- Effective Date:
- The order, along with Order No. 60/2024, is effective from 3rd September 2024.
- The details incorporated based on the previous orders will come into force from the respective dates of those orders.
Implications of the Order
1. For Promoters:
Promoters are required to provide a standard proforma of the allotment letter and agreement for sale at the time of registration. The inclusion of Clause 15A ensures clarity and transparency in the payment structure for services rendered by registered real estate agents.
2. For Allottees:
Homebuyers can expect a standardized and transparent documentation process. The order protects the interests of allottees by ensuring that all payment terms related to real estate agents are clearly outlined in the agreement.
3. For Real Estate Agents:
The order formalizes the payment structure for services rendered by registered real estate agents. Agents can expect clear terms of payment, enhancing their confidence and accountability in real estate transactions.
Conclusion:
MahaRERA Order No. 63/2024 is a significant step towards promoting transparency and accountability in the real estate sector. By standardizing the documentation process and formalizing the payment structure for real estate agents, the order aims to protect the interests of all stakeholders involved in real estate transactions. Promoters, allottees, and real estate agents must comply with these regulations to ensure a smooth and transparent real estate experience.
As the real estate sector continues to evolve, it is crucial for all stakeholders to stay informed about the latest regulations and guidelines. MahaRERA’s continuous efforts to enhance transparency and protect homebuyers’ interests are commendable and pave the way for a more accountable and efficient real estate market in Maharashtra.
For More information, please refer original order @ MahaRERA Website:
Blog by CA Lalit Pawar
Disclaimer: The information provided in this blog post is for general informational purposes only. While every effort has been made to ensure the accuracy of the information contained herein, it is not intended as legal, financial, or professional advice. Readers are encouraged to consult with their legal and financial advisors for specific advice tailored to their individual circumstances.
The author and publisher of this blog are not responsible for any errors or omissions or for any losses or damages that may arise from the use of this information. The content is based on the MahaRERA Order No. 63/2024, and readers should refer to the official documents for the most accurate and up-to-date information.
Note: As per ICAI guidelines, please remember that this content is for informational purposes only and does not constitute professional advice. Consult a qualified professional for specific guidance related to your situation.