MahaRERA Agent flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Carpet area

Under Section 2(k), the net usable floor area of an apartment excluding external walls, service shafts, exclusive balcony or verandah area and exclusive open terrace area, but including internal partition walls.

Deemed project registration

Under Section 5, if the Authority fails to grant or reject a project registration application within thirty days of receipt, the project is deemed to stand registered.

Seventy per cent escrow rule

Section 11(5) requires a promoter to deposit 70% of amounts realised from allottees in a separate scheduled bank account for the project, usable only for land and construction cost.

Ten per cent advance cap

Section 13 bars a promoter from accepting more than 10% of the cost of a plot, apartment or building as advance before a written agreement for sale is registered.

Two-thirds allottee consent

Section 14 requires the written consent of two-thirds of the allottees of a project before a promoter makes structural additions or alterations to the sanctioned plans.

Five-year defect liability

Section 14(3): defects in structure, workmanship, quality or services notified within five years of possession must be rectified by the promoter free of charge within thirty days.

Real estate agent

A person who negotiates or acts on behalf of another in a transfer of a plot, apartment or building for remuneration or commission, and who is registered with the Authority under the Act.

Maharashtra RERA Rules 2017

State rules notified in April 2017 prescribing project and agent application forms, fees, the rate of interest and the disclosures to be published on the MahaRERA website.

Prescribed interest rate

In Maharashtra the rate for delayed possession, refunds and defaulting allottees is the highest marginal cost of funds based lending rate of the State Bank of India plus two per cent.

Quarterly progress report

A project status update that the promoter must file on the MahaRERA portal every quarter, covering construction progress, approvals, units booked and utilisation of escrow funds.

MahaRERA Regulations 2017

Regulations framed by the Authority setting out the procedure for filing and hearing complaints, issue of notices, formats of orders and the internal working of MahaRERA.

Phase-wise registration

Where a project is developed in phases, each phase is registered separately with its own declared completion date, its own escrow account and separate progress reporting.

Registration number display

MahaRERA requires the project registration number to appear in advertisements, prospectus, banners, website and agreement, and agents to quote their own number in publicity.

Agent registration validity

Registration granted to a real estate agent remains valid for five years from the date of grant and must be renewed for the agent to continue acting as an agent.

Agent record retention

A registered real estate agent must maintain books of account, records and documents of each transaction handled and preserve them for a period of at least five years.

Unregistered project bar

An agent must not facilitate the sale, purchase, booking or offer of a plot or apartment in a real estate project that is not registered with MahaRERA.

Agent penalty Section 60

Contravention by a real estate agent attracts a fine of up to rupees ten thousand for every day of default, capped at five per cent of the cost of the unit.

Agent correction application

A request made on the MahaRERA portal to correct the agent's name, address, constitution or other recorded particulars, supported by documents, after which a revised certificate issues.

Agent renewal application

An application filed with the prescribed fee to continue registration beyond the five-year term; acting after expiry without renewal amounts to acting without registration.

Agent duty of disclosure

An agent must disclose to the client all material facts about the project and must not make false statements or unfair representations about title, approvals or completion timelines.

Promoter transfer of project

Section 15 permits transfer of a project to a third party only with prior written consent of two-thirds of allottees and the Authority, and the transferee inherits all liabilities.

Conveyance within three months

Section 17 requires the promoter to execute the conveyance deed and transfer title to the allottees' association or society within three months of the occupancy certificate.

Allottee right to information

Section 19 entitles an allottee to obtain sanctioned plans, specifications and project documents, and to claim possession, refund with interest and compensation for defects or delay.

Allottee possession duty

Section 19 requires the allottee to take physical possession of the apartment within two months of the occupancy certificate being issued for the project.

Project registration declaration

The Section 4 application must carry a declaration that seventy per cent of realisations will be deposited in escrow and that the information and documents furnished are true.

Interest for delayed possession

Where possession is delayed, an allottee who does not withdraw is entitled under Section 18 to interest on the amounts paid for every month of delay until possession.

Section 31 complaint

Any aggrieved person may file a complaint before MahaRERA or the adjudicating officer alleging breach of the Act, Rules or Regulations, or claiming compensation and interest.

Adjudicating officer

An officer appointed by the Authority to adjudicate claims for compensation and interest, exercising powers of a civil court for summoning witnesses and taking evidence.

Appeal to Tribunal

An order of MahaRERA or of the adjudicating officer may be challenged before the Maharashtra Real Estate Appellate Tribunal within sixty days of receipt of the order.

Section 59 penalty

Contravention of the prior registration requirement for a project attracts a penalty of up to ten per cent of the estimated cost of that real estate project.

Section 61 penalty

Breach by a promoter of obligations other than those relating to prior registration attracts a penalty of up to five per cent of the estimated cost of the project.

Recovery as land revenue

Penalties, interest and compensation ordered by the Authority or the Tribunal that remain unpaid may be recovered by the State as arrears of land revenue.