MahaRERA Agent key terms

A person who negotiates or acts on behalf of another in a sale, purchase or transfer of a plot, apartment or building in a real estate project, and includes a property dealer or broker.

Development of a building or buildings with common areas and amenities, or conversion of land into plots for sale, for the purpose of selling all or part of it to buyers.

A person who develops land or constructs a building for sale, and includes a builder, developer, or any person who sells plots or apartments and acts as a promoter for the project.

A person to whom a plot, apartment or building has been allotted, sold or otherwise transferred by a promoter, including a person who later acquires it by transfer.

The net usable floor area of an apartment, excluding the area covered by external walls, service shafts, exclusive balcony or verandah and open terrace, but including internal partition walls.

Parts of a real estate project meant for common use by all owners and residents, such as lobbies, staircases, lifts, corridors, parks, playgrounds and community halls.

A certificate issued by the local planning authority permitting occupation of a building after it is completed in accordance with the sanctioned plans and building specifications.

A certificate issued by the competent local authority stating that the real estate project has been developed in accordance with the sanctioned plans, specifications and other requirements.

The site plan, building plan, service plan, layout plan and specifications approved by the competent authority for a real estate project.

An officer appointed by the Authority under Section 71 to conduct inquiries and impose penalties for contravention of the Act, rules or regulations.

The Central Government for Union territories and the State Government for a State, in relation to the Authority and the Appellate Tribunal.

The Real Estate Regulatory Authority established under Section 20 to regulate and promote the real estate sector in a State or Union territory.

The Real Estate Appellate Tribunal established under Section 43 to hear appeals against orders of the Authority or the Adjudicating Officer.

A deceptive or unfair method used to promote the sale or development of a real estate project, including false representations, misleading advertisements or withholding of material information.

The Real Estate Regulatory Authority for Maharashtra, established under Section 20, with its headquarters at Mumbai and jurisdiction over projects and agents in the State.

State rules framed by the Government of Maharashtra under the Act, prescribing forms, fees, procedures and other matters for implementing RERA in the State.

Subordinate regulations framed by MahaRERA to carry out the purposes of the Act, covering registration procedures, forms, disclosures and complaint handling.

A periodic report filed by the promoter on the MahaRERA portal disclosing the physical and financial progress of a registered real estate project.

Mandatory registration of a project with the Authority before advertising, marketing, booking, selling or offering any plot, apartment or building for sale.

The unique number allotted by MahaRERA when a project is registered, which the promoter must mention in advertisements and promotional material.

The Authority may extend a project's registration on the promoter's application for reasons such as force majeure, for a period it considers fit and on conditions.

The Authority may cancel a project's registration after giving an opportunity of hearing if the promoter violates the Act, rules or regulations, or engages in unfair practices.

A bank account in a scheduled bank where the promoter must deposit seventy per cent of amounts realised from allottees, to be used only for land and construction costs of that project.

A written contract between the promoter and allottee specifying the apartment, price, payment schedule, possession date and other terms, executed when a booking is accepted.

A promoter cannot accept more than ten per cent of the cost of an apartment as advance or booking amount before a written agreement for sale is executed.

The promoter must rectify structural defects or deficiencies in workmanship reported within five years of handing over possession, free of charge, within a reasonable time.

Duties such as completing the project on time, maintaining the project webpage, obtaining approvals and not transferring or mortgaging the project without the allottees' consent.

Allottees may seek information about the project and possession as per the agreement, and must pay dues on time and accept possession when offered.

A page on the Authority's website where the promoter uploads project details, approvals, timelines and quarterly updates for public view.

A promoter is responsible for the accuracy of statements in advertisements and prospectuses, and must compensate allottees who relied on false or misleading claims.

Mandatory registration with the Authority before acting as a real estate agent, requiring an application in the prescribed form, documents and payment of fees.

A certificate issued by the Authority to a registered real estate agent, showing a unique registration number and remaining valid for the period stated in it.

A registered agent must apply to MahaRERA to renew the registration before it expires; registration is valid for five years unless renewed.

A process to rectify clerical or typographical errors or update details in an agent's registration certificate by applying to MahaRERA with supporting documents.

An agent must not facilitate dealings in unregistered projects, must maintain books of account, avoid unfair trade practices and give all project documents to the allottee.

An aggrieved person may file a complaint with the Authority or the Adjudicating Officer alleging violation of the Act, rules or regulations by a promoter or agent.

A written decision passed by MahaRERA on a complaint, application or suo motu proceeding, binding on the parties and subject to appeal.

An aggrieved person may appeal to the Appellate Tribunal against an order of MahaRERA or the Adjudicating Officer, generally within sixty days of the order.

A promoter who fails to register a project as required is liable, on adjudication, to a penalty of up to ten per cent of the estimated cost of the project.

Certain offences under the Act may be compounded by the Authority or the Appellate Tribunal on payment of a specified sum, ending further proceedings.