Maharashtra Real Estate (Regulation and Development) Rules and MahaRERA Regulations
MahaRERA is the State Authority constituted under Section 20, headquartered in Mumbai, with jurisdiction across Maharashtra. The State framework has two operational layers plus a recovery layer.
Rules - the Maharashtra Real Estate (Regulation and Development) Rules, 2017, notified on 20 April 2017, cover what the Act leaves to the State: forms and fees for project and agent registration, documents to be filed, quarterly disclosures on the Authority's website, rates of interest and annual statements of accounts. Maharashtra was among the first States ready; MahaRERA went live on 1 May 2017, and projects already ongoing had to register by 31 July 2017.
Regulations - the MahaRERA Regulations, 2017, notified in October 2017, supply operating procedure: transaction of business, code of conduct for promoters and agents, complaint and hearing procedure, and record-keeping. Separate recovery rules permit interest, penalties and fines to be recovered as arrears of land revenue, which makes MahaRERA orders enforceable rather than declaratory.
State-specific numbers to memorise: interest in Maharashtra is the State Bank of India's highest marginal cost of lending rate plus 2% (payable by promoter or allottee as the case may be); 70% of realisations must be held in a separate scheduled-bank account, withdrawn stage-wise against Form 3 (architect), Form 4 (engineer) and Form 5 (chartered accountant) certificates proportionate to completed work; and promoters must file quarterly progress reports online.
Traps: a State Rule conflicting with the Act is void to that extent - the Act prevails, and questions often dress up an ultra vires Rule as the correct answer. "Planning area" in Maharashtra derives from the MRTP Act, 1966, and fee and interest figures change by notification, so apply the current schedule. Appeals go to the Maharashtra Real Estate Appellate Tribunal (MREAT), not back to MahaRERA.