MAHARERA: Key Updates and Developments
Since its inception in May 2017, MAHARERA has played a pivotal role in shaping the real estate sector in Maharashtra. Over the past 7.5 years, over 48,000 projects have been registered, with 15,647 completed. Additionally, approximately 48,000 real estate agents have been registered under the Act. Here are the latest developments:
- Launch and Rollback of the New Web Portal
In August 2024, MAHARERA initiated a shift to a new integrated portal, MAHACRITI, aimed at modernising processes. Despite organising online training sessions, users—comprising developers, agents, and promoters—found the portal cumbersome and non-user-friendly. In response to representations from industry bodies like CREDAI and NARDECO, MAHARERA reverted to its original portal in September 2024.
While the intent behind MAHACRITI was commendable, it highlighted the need for MAHARERA to collaborate with end-users to ensure future initiatives are more accessible and practical.
- Leadership Transition
Long-serving MAHARERA leaders, Mr Ajoy Mehta and Mr Vasant Prabhu, retired recently after impactful tenures. Stepping into their roles are IAS officer and former Chief Secretary of Maharashtra, Mr Manoj Saunik, as Chairman, and Mr Prakash Sabale as Secretary. Their leadership marks a new chapter for the organisation.
- New Model Agreement and Allotment Letter
MAHARERA introduced a new Agreement to Sell and Allotment Letter format on 4th September 2024 via Order No. 60/2024. Key updates include the inclusion of parking spaces, a list of amenities with delivery timelines, and the requirement of three RERA-approved bank accounts.
These changes ensure greater transparency and accountability, much to the satisfaction of property buyers.
- Recognition of Real Estate Agents in Agreements
Order No. 63/2024, issued on 22nd October 2024, mandates the inclusion of real estate agents’ details in the Agreement to Sell. This not only formalises their role but also ensures due recognition of their efforts and secures their remuneration. Minor revisions were made after agent representatives provided feedback.
- Compulsion for Co-Promoters to Maintain Three RERA Bank Accounts
Order No. 56/2024 made it mandatory for co-promoters in joint ventures to maintain three RERA-approved bank accounts in the same bank as the primary promoter. Initially, this created confusion and additional costs, particularly for projects involving multiple landowners.
Addressing these concerns, MAHARERA granted concessions to co-promoters under area-share agreements, allowing them to retain their area share for personal use without maintaining additional bank accounts. However, co-promoters in revenue-share agreements must still comply with the original directive.
These measures underscore MAHARERA’s efforts to bring greater transparency, accountability, and efficiency to Maharashtra’s real estate sector. Future updates are expected to address user-friendly digital solutions and refined co-promoter regulations.
Swanand Dhondse
Senior Management Consultant,
Swanand International
RERA Consultants
