Maharashtra RERA Law & Practice

This book provides an exhaustive analysis of the Real Estate (Regulation and Development) Act (RERA), 2016, discussing its multifaceted impact on the real estate sector. It thoroughly examines RERA’s legal, professional, and practical dimensions and associated regulations, catering to various stakeholders. Organised into multiple sections, each part of the book focuses on distinct elements and viewpoints relevant to real estate regulation, ensuring a comprehensive understanding.

This book incorporates the perspectives of the following stakeholders:

General Section (Applicable to All Stakeholders)
Promoters
Real Estate Agents
Allottees and Association of Allottees
Professional Perspective including CAs, Advocates, Engineers, Architects
The Present Publication is the 2nd Edition, authored by the study group of industry experts & representatives from all stakeholders. It is edited by CA. Ramesh S. Prabhu & co-edited by CA. Vinay Thyagaraj, with the following noteworthy features:

[Content and Structure of the Manual] The manual covers various practice areas like registration, certification, and litigation, catering to different stakeholders. It includes legal provisions, SOPs, FAQs, and judicial rulings
[Inclusion of Peripheral Subjects] Beyond RERA provisions, the manual also addresses related areas like
Income Tax
GST
Stamp Duty
Registration
Insolvency and Bankruptcy
Other Relevant Laws
[Practice Manual for Practitioners and Professionals] The manual serves as a guide for new entrants and a reference for seasoned real estate practitioners, covering legal aspects and including various formats and drafts
[Limitations and Challenges] The manual acknowledges the limitations in applying a uniform approach to practice and non-practice-oriented topics, aiming to elevate the standards of beginners and intermediate practitioners
[Professional Application and Compliance] It emphasises the need for Chartered Accountants and professionals to apply their knowledge creatively while adhering to RERA’s objectives and client needs
[Dynamic Nature of RERA and Legal Changes] The manual incorporates the evolving nature of RERA, legal pronouncements, and building regulations
The detailed contents of the book are as follows:

General – Applicable to all Stakeholders
Overview of RERA, 2016
Journey & Implementation of RERA & Important Circulars of MahaRERA from Inception till December 2023
Objective and Purpose of RERA
Real Estate Sector Deficiencies Addressed by RERA
The Authorities to Implement the Act
Powers and Functions of the Real Estate Regulatory Authority
Powers and Functions of Adjudicating Officers
Central Advisory Council – Establishment and Functions
Real Estate Appellate Tribunal and its Functions and Powers
Promoter – From the Promoters Perspective
Promoter under RERA
Functions and Duties of Promoter
Registration of Real Estate Project – Legal Framework
Documents Required and the Process of Registration
Operation of RERA Designated Bank Account
Financial Planning for Real Estate Projects
Quarterly Progress Report (QPR) to be done by the Promoters
Procedure to Extend the Period of the Registration
Procedure for Amendment or Modification in the Sanctioned Plans
Transfer of Real Estate Project to Third Party
The Transfer of Title
Force Majeure and COVID Impact on Real Estate Sector
Advertising and Marketing Post RERA
Importance of End Date/Completion Date and Date of Possession under RERA
Change in Process and Procedure of Real Estate Business post-RERA
Car Parking Space and MahaRERA Circular
RERA Compliance Report by Chartered Accountant
De-Registration of the Project
Gradation of Real Estate Projects
Agent – From the Real Estate Agent Perspective
Registration of Estate Agents Legal Framework
Process to Obtain Registration for Real Estate Agent
Functions of Real Estate Agent
Impact of RERA on Estate Agents
Changing Business Landscape for REALTORS Post RERA
Training and Certification for Real Estate Agents
Self Regulatory Organisation for Real Estate Agents.
Anti-Money-laundering, Countering the Financing of Terrorism and Combating Proliferation Financing Guidelines for Real Estate Agents, 2023
Allottees – From the Allottees and the Association of Allottees Perspective
Revocation of Registration of the Project
Stalled Real Estate Projects and Revival
Alternative Investment Fund for Real Estate, including SWAMIH Funds
Rights and Duties of Allottees
Association of Allottees
Remedies for Conveyance and Deemed Conveyance
Allottee Due Diligence Before Purchasing Property
Professional – From a Professional Perspective for CAs, Advocates, Engineers, Architects
Title Certificate
Allotment Letter, Agreement for Sale and Sale Deed
Role and Responsibilities of Architect under RERA
The Roles & Responsibilities of a Civil Engineer and Issue of FORM 2 under RERA
Quality Assurance and Defect Liability under RERA
Certificate in Form 3 By Chartered Accountant
Audit by Chartered Accountant under MahaRERA (Form No. 5)
Guidance Note on Accounting for Real Estate Transactions (Revised 2012) and Revenue from Contracts with Customers (Ind AS-115)
Key Audit Challenges – Real Estate Sector
Real Estate Collaborations & Significance of Corporate Due Diligence
Redressal – Redressal System: Complaint, Appeal, Second Appeal, Conciliation
Source (Complaints Against Unregistered Projects for Registration)
Complaint Filing and its Procedure
Process of an Inquiry by the Authority or Adjudication Officer
Appeals under RERA
Second Appeal before the High Court
Execution of orders of MahaRERA and Adjudicating Officer
Execution of a Decree under the Code of Civil Procedure, 1908
Complaints by the Association of Allottees
Offences and Penalties
MahaRERA Conciliation and Dispute Resolution Forum
MahaRERA Conciliation Forum Role Model of ADR in the Real Estate Sector
Establishing of a Home Buyer/Allottee Grievance Redressal Cell
Income Tax, GST – Taxation: Income Tax, GST, Stamp Duty and Registration
Income tax Applicable on Real Estate Transactions
Overview of GST Implications for the Real Estate Sector
Stamp Duty and Registration
Allied Laws – Other Allied Laws like MRTP, DCPR, IBC, Consumer Protection, etc.
Real Estate Laws of India
Salient Features of Maharashtra Ownership Flats Act, 1963 (‘MOFA’)
Comparison between MOFA and RERA
Overview of Maharashtra Apartment Ownership Act, 1970
Development Control Regulations and MahaRERA
Consumer Protection and RERA – Best Recourse to Allottees
Draft Format/Specimen of Consumer Complaint
Landmark Judgments of the Consumer Courts
Insolvency Resolution Process in Real Estate
Interplay of PMLA, Benami, FEMA with RERA
Miscellaneous – Topics Related to Real Estate Rulings & Redevelopment
Constitutional Validity of RERA
Analysis of Judgments
Redevelopment and RERA