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Maha Rera FAQ series Video 1 @Real Estate Tech Watch following points about MahaRera 1) Applicability of Rera 2) Is it applicable to Resale 3) Planning areas under Rera 4) Objectives of Rera #mahaRera #homebuyer #parking #pandemic Covid 19 impact of project completion dates Maha Rera तक्रारी नंतर पुढे काय होते FAQ series Video 2 @Real Estate Tech 1) Covered parking 2) Complaint with both MahaRera and consumer forum 3) MahaRera conciliation forum 4) MahaRera complaint 5) Impact of Covid19 pandemic on Project duration FAQs for MahaRERA Website I. General FAQs 1. What are the objects and reasons for which the Real Estate (Regulation and Development) Act 2016 has been framed? Ans: The Real Estate Act is intended to achieve the following objectives: • ensure accountability towards allottees and protect their interest; • infuse transparency, ensure fair-play and reduce frauds & delays; • introduce professionalism and pan India standardization; • establish symmetry of information between the promoter and allottee; • imposing certain responsibilities on both promoter and allottees; • establish regulatory oversight mechanism to enforce contracts; • establish fast- track dispute resolution mechanism; • promote good governance in the sector which in turn would create investor confidence. 2. Which areas of Maharashtra are included in the Planning Area as defined in the Act? Ans: In accordance with notifications issued by Urban Development Department of Government of Maharashtra, MR & TP Act is applicable to all the districts of Maharashtra. Hence, all areas of Maharashtra are included in Planning Area as defined in Section 2(zh) of the Act. 3. Does the definition of ‘promoter’ include public bodies such as Development Authorities and Housing Boards? Ans: The Act covers all bodies (private and public) which develop real estate projects for sale to the general public. Section 2(zk) defines the term ‘promoter’ which includes both private and public real estate promoters. Thus, both Development Authorities and the Housing Boards, when involved in sale are covered under the Act. 4. If a real estate project has land area more than 500 sqmts but containing less than 8 apartments. Does it still need to be registered? Ans. Yes. Every real estate project which has land area more than 500 sqmts or has more than 8 apartments needs to be registered 5. If a real estate project has land area less than 500 sqmts but contains more than 8 apartments. Does it still need to be registered? Ans. Yes. Every real estate project which has land area more than 500 sqmts or has more than 8 apartments needs to be registered 6. Does advertisement include solicitation by emails and sms? Is issuance of prospectus considered to be a case of ‘advertisement’? Ans: As per section 2(b), which defines ‘advertisement’, any medium adopted in soliciting for sale would be covered under the said definition, including sms and emails. Prospectus, which is intended for sale of apartment in real estate project, will also be covered. 7. Can advertisement be issued for a new project after 1st May, 2017 without registering the said project? Ans: No. The advertisement issued after1st May 2017 must carry the MahaRERA Registration Number of the project. 8. Does the term ‘allottee’ include secondary sales? Ans: As per section 2(d) an allottee includes a person who acquires the said ‘apartment / plot’ through transfer or sale, but does not include a person to whom such plot, apartment is given on rent. The Act doesn’t include rental projects, lease / leave and License deals. 9. Is it permissible to sell parking to allottees? Ans: The position of parking is as follows; a) Open Parking Area: This has been clearly included in the definition of "Common Areas" which need to be conveyed to the Association of Allottees after Occupancy Certificate is received. Hence, sale or allotment of Open Parking Areas by the Promoter is not permissible b) Covered Parking as defined in the Maharashtra Real Estate (Regulation and Development)(Registration of Real Estate Projects, Registration of Real Estate Agents, Rates of Interest and Disclosures on Website) Rules, 2017 is permitted to be sold. c) Garage as defined in the Act is permitted to be sold. 10. What is the obligation of the promoter towards return of amount and compensation to the allottee? Ans: Section 18 of the Act provides for provisions as regards various situations in which the allottee would be compensated by the promoter due to delay in completion of the project etc.