If you're a real estate developer or promoter, you must be familiar with the Maharashtra Real Estate Regulatory Authority (MAHARERA). MAHARERA was established to regulate the real estate sector and protect the interests of homebuyers. One of the primary requirements for real estate developers and promoters in Maharashtra is to register their projects with MAHARERA. But, what is the registration fee for MAHARERA? In this article, we'll cover all the details related to MAHARERA registration fees.
What is MAHARERA?
MAHARERA is an autonomous body that was established in 2017 to regulate the real estate sector in Maharashtra. Its primary objective is to protect the interests of homebuyers and ensure transparency and accountability in the real estate sector. MAHARERA has the power to register and regulate real estate projects, promote fair practices, and resolve disputes between developers and buyers.
What is the Registration Fee for MAHARERA?
The registration fee for MAHARERA varies depending on the type and size of the real estate project. The fees are charged based on the carpet area of the project. Carpet area refers to the net usable area of an apartment, excluding the area covered by the walls. The registration fee for MAHARERA is as follows:
- For projects with a carpet area of up to 500 square meters, the registration fee is Rs. 50,000.
- For projects with a carpet area of more than 500 square meters and up to 1,000 square meters, the registration fee is Rs. 1 lakh.
- For projects with a carpet area of more than 1,000 square meters, the registration fee is Rs. 5 per square meter, subject to a maximum of Rs. 10 lakh.
How to Pay MAHARERA Registration Fee?
Real estate developers and promoters can pay the MAHARERA registration fee online through the MAHARERA portal.
The payment can be made using a debit card, credit card, or net banking. Once the payment is made, the developer or promoter can submit the registration application.
Are There any Exemptions from MAHARERA Registration Fee?
Yes, there are certain exemptions from MAHARERA registration fees. The following projects are exempted from paying the registration fees:
- Projects where the land area is less than 500 square meters or the number of apartments is less than 8.
- Projects where the completion certificate has been obtained before the implementation of the RERA Act.
- Projects that have received occupation certificate before the implementation of the RERA Act.
What are the Consequences of Non-Payment of MAHARERA Registration Fee?
Non-payment of MAHARERA registration fees can result in penalties and legal consequences. The developer or promoter may be fined up to 10% of the project cost or imprisonment for up to 3 years, or both. In addition, the developer may be barred from selling or marketing the units in the project.
In conclusion, MAHARERA registration fees are an important aspect of the real estate sector in Maharashtra. Developers and promoters must ensure that they pay the fees on time to avoid penalties and legal consequences.
The fees are charged based on the carpet area of the project and can be paid online through the MAHARERA portal. However, certain projects are exempted from paying the fees. It is crucial for developers and promoters to have a clear understanding of MAHARERA registration fees to comply with the rules and regulations of the real estate sector in Maharashtra.
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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