MAHARERA (Maharashtra Real Estate Regulatory Authority) is an important body for the regulation and promotion of the real estate sector in Maharashtra. It was established in 2017, and since then, it has played a crucial role in protecting the interests of buyers and sellers in the state's real estate market.
One question that frequently arises among those registered with MAHARERA is how long their registration is valid for. In this article, we'll explore the answer to this question in-depth and provide you with all the information you need to know.
What is MAHARERA registration?
Before we dive into the validity of MAHARERA registration, let's first understand what it is and why it's necessary.
MAHARERA registration is mandatory for all real estate projects with more than eight units or more than 500 square meters of area. The registration is intended to ensure that real estate developers comply with all relevant laws and regulations, and that buyers are protected against fraud and other malpractices.
How long is MAHARERA registration valid for?
Now, let's get to the heart of the matter. How long is MAHARERA registration valid for?
According to the latest rules, MAHARERA registration is valid for a period of five years from the date of issue. After this period, the registration needs to be renewed. The renewal process is similar to the initial registration process, and developers need to provide all relevant information and documents.
It's important to note that developers must renew their registration before the expiry of the current registration. Failure to do so can result in penalties and legal action.
How can you renew your MAHARERA registration?
Renewing your MAHARERA registration is a straightforward process. You need to follow these steps:
Step 1: Log in to the MAHARERA portal using your credentials.
Step 2: Click on the "Renewal" option on the dashboard.
Step 3: Fill in all the required details, including project details, developer details, and financial details.
Step 4: Upload all the necessary documents, including the renewal fee receipt, and click on "Submit."
Once you've submitted your renewal application, it will be reviewed by the MAHARERA authorities. If everything is in order, your registration will be renewed for another five years.
What happens if you don't renew your MAHARERA registration?
As we mentioned earlier, failure to renew your MAHARERA registration can result in penalties and legal action. The penalties can be substantial and can include fines, cancellation of registration, and even imprisonment.
Therefore, it's crucial to renew your MAHARERA registration before it expires to avoid any legal complications.
Note: The information provided in this article about Maharashtra Real Estate Regulatory Authority (MahaRERA) is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances.
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