Clarification on MahaRERA Project Registration

-

Clarification on MahaRERA Project Registration

whom maharera registration not required

Introduction:
In a bid to address the challenges faced by home buyers, promoters, and developers during the registration of Agreement for Sale/Sale Deed for real estate projects, MahaRERA (Maharashtra Real Estate Regulatory Authority) has issued a crucial clarification through Circular No. 25/2019. This circular aims to provide guidance on real estate projects that are exempted from MahaRERA Project Registration, as per the provisions of the Real Estate (Regulation and Development) Act, 2016. However, despite the issuance of this circular, some promoters have encountered difficulties while registering the Agreement for Sale/Sale Deed and obtaining bank finance for certain projects. To address these concerns, MahaRERA has issued a further clarification on June 09,2023, which we will explore in this blog post.

Background:
Circular No. 25/2019, dated 11.10.2019, was issued by MahaRERA in response to complaints and inquiries from both home buyers/allottees and promoters/developers. This circular listed real estate projects that do not require MahaRERA Project Registration for the registration of Agreement for Sale/Sale Deed. It was issued based on the provisions of Sub-Section 2 of Section 3 of the Real Estate (Regulation and Development) Act, 2016, and the majority judgment of the Maharashtra Real Estate Appellate Tribunal (MaIaREAT) in the case of M/s. Geetanjali Aman Construction & Anr V/s Hrishikesh Ramesh Paranjpe & Ors.

Challenges Faced:
Despite the clarity provided in Circular No. 25/2019, MahaRERA has received information about issues and hardships faced by promoters during the registration of Agreement for Sale/Sale Deed and by intending unit purchasers/home buyers/allottees while seeking bank finance. These challenges have been observed specifically in relation to Serial Nos. 1 and 2 of the circular.

Further Clarification:
To address the ongoing challenges and pending legal proceedings related to the interpretation of Clause (a) of Sub Section (2) of Section 3 of the Act, MahaRERA has issued a further clarification. The clarification supplements the original Circular No. 25/2019 and provides additional clarity on the exemption from MahaRERA Project Registration for real estate projects falling under Serial No. 1 & 2.

Clarification Points:

Real Estate Projects with land areas equal to or less than five hundred square meters:

  • Irrespective of the number of apartments/units proposed are less than or more than eight as the case may be inclusive of all phases, MahaRERA Project Registration is not required.

Real Estate Projects with eight apartments/units or fewer (inclusive of all phases)

  • MahaRERA Project Registration is not required, regardless of whether the land area proposed exceeds five hundred square meters.

Important Considerations:
It is essential to note that this clarification does not prohibit promoters from voluntarily applying for MahaRERA Project Registration, even if their projects are exempted under the above criteria. Promoters are free to choose registration if they desire to do so.

Conclusion:
The latest clarification issued by MahaRERA aims to simplify real estate transactions by providing clear guidelines on the projects exempted from MahaRERA Project Registration. This step intends to alleviate the challenges faced by both promoters and home buyers/allottees while registering Agreement for Sale/Sale Deed and seeking bank finance. By streamlining the registration process, MahaRERA aims to enhance transparency and trust in the real estate sector while protecting the

Comments

Post a Comment

Popular posts from this blog

PF payment due dates for the FY 2020-21 for tax audit reporting

-
Image
PF payment due dates for the FY 2020-21 for the purpose of tax audit reporting While preparing Tax Audit Report in Form 3CD it is important to fill due date of payment to various Employees contribution fund and actual payment of the contribution. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va)" Most commonly reported funds under the clause are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI may result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2020-21 for quick reference  PF payment due dates for the FY 2020-21 Period Due date Day Extended date Reference Apr-20 15/05/2020 Friday                                -                           -   May-20 15/06/2020 Monday                  
Continue Reading

PF payment due dates for the FY 2021-22 for reporting u/s 36(1)(va)

-
Image
PF payment due dates for the FY 2021-22 for the purpose of tax audit reporting Reporting under clause 20 (b) of Form 3CD requires due dates of payment to various Employees contribution fund. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va) " Here " due date " means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise. Most commonly reported funds under the clause 20(b) are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2021-22 for quick reference. PF payment due dates for the FY 2021-22 Period Due date Day
Continue Reading

Format of shorter notice consent for AGM (Annual General Meeting)

-
Image
Format of shorter notice consent for AGM (Annual General Meeting) Background The Companies Act mandates companies to issue a notice to members calling a general meeting at least 21 clear days before the date of the meeting. Sometimes, the matters in urgency require quick decision making and in such circumstances, the companies may go for calling general meetings at shorter notice. However, in case of the private limited companies the period can be less than 21 days as provided in the Articles of Association (AOA). Provision and Rule As per the provisions of Section 101 (1) of the Companies Act, 2013, every general meeting of a company may be called by giving not less than twenty-one days clear notice in writing or through electronic mode in such manner as provided under Rule 18 of Companies (Management and Administration) Rules 2014. What is Consent for shorter notice? It is permission obtained by the company from its shareholders, in advance, to call a general meeting at an earlier da
Continue Reading

PF payment due dates for the FY 2022-23 for reporting u/s 36(1)(va)

-
Image
PF payment due dates for the FY 2022-23 for the purpose of tax audit reporting Reporting under clause 20 (b) of Form 3CD requires due dates of payment to various Employees contribution fund. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va) " Here " due date " means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise. Most commonly reported funds under the clause 20(b) are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2022-23 for quick reference. PF payment due dates for the FY 2022-23 Period Due Date Day Extended D
Continue Reading

Letter of Authority for Tax Practitioners (Income tax)

-
Image
LETTER OF AUTHORITY I/We ________________ Proprietor/Partner/Director of _______________________ hereby authorize Mr/Mrs/ CA __________________________ [   to appear, represent and settle on my/our behalf the Income tax assessment proceeding/s before the Income tax officer / Assistant/Dy. / Commissioner of Income tax or in appeal before the Appellate Assistant Commissioner of Income   Tax, Commissioner of Income tax (Appeal) or the Appellate tribunal or the Board of Direct taxes for the assessment year 20XX-XX and   [ to produce accounts and documents / statements and to receive on my/our behalf any notice or documents / statements issued in connection with the said proceedings ] or/and [ to apply for, obtain and receive refund order in respect of the said assessment (if any) and ] or/and [ to apply for copies of the Income tax assessment order, the Appellate order or the order of the Commissioner of Income tax, the Central Board of Direct-taxes ] . I/
Continue Reading