The Maharashtra Real Estate Regulatory Authority (MahaRERA) issued an important order on 22 October 2024, which consolidates guidelines on the registration of Agreement for Sale (AFS) and Sale Deeds for specific real estate projects exempt from RERA registration. This order also clarifies the registration process, superseding prior orders and circulars issued between 2019 and 2023, to ensure uniformity and clarity in the implementation of RERA guidelines.
Overview of MahaRERA’s Exemptions for Project Registration
According to the RERA Act, real estate projects with a land area of less than or equal to 500 square meters or projects with eight or fewer units are not required to register under MahaRERA, regardless of the total area or phases involved. The order states that the promoters of such projects are not mandated to provide the MahaRERA project registration certificate when registering AFS or Sale Deeds. This exemption allows projects with smaller developments to bypass the registration requirement while maintaining essential transparency and accountability standards.
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Clarifications on Project Commencement and Completion
The recent order defines commencement and completion certificates for real estate projects to streamline the registration process. For projects exempt from MahaRERA registration, the order aligns with UDCPR (Unified Development Control and Promotion Regulations) standards, clarifying that “commencement” aligns with the UDCPR’s Form 3 regulations, including specified conditions.
Kerala RERA’s Stand on Exemptions
The Kerala RERA issued a similar clarification on 18 May 2023, ensuring projects above the threshold limits adhere to the RERA registration requirements. Any development exceeding 500 square meters or containing more than eight units is mandated to register under Kerala RERA, aligning with MahaRERA’s approach. Non-compliance will result in penal action.
Effective Dates and Implications of the New Order
The MahaRERA order comes into immediate effect, superseding the previous circulars from 2019, 2022, and 2023. Promoters of exempted projects are advised to follow these regulations, which allow for voluntary MahaRERA registration if desired. This approach aims to balance regulatory requirements with the practicalities of real estate development.
