Western India Regional Council of
The Institute of Chartered Accountants of India

(Setup by an Act of Parliament)

June 28, 2019

CA. Ashwin Shah, CA. Vyomesh Pathak

Amendment to Maharashtra Real Estate (Regulation & Development) (Registration of Real Estate Project, Registration of Real Estate Agents, Rate of Interest & disclosure on web site) Rules, 2017 Notification No. REA 2018/CR/106-RR-2 dated 6th June 2018

Important Amendment to Maha Rera Rules :

1. Project Registration Fees for plotted scheme of land is reduced from Rs.10/- to Rs.5/- per sq mt.

2. Minimum Project Registration Fee reduced from Rs.50,000/- to Rs.10,000/-

3. The Revision in Project Registration fees also applies to fees payable for Extension Application for the Project.

4. Land Cost shall be replaced by ASR value on the date of registration. The earlier provisions of Indexation factor is done away with.

5. Marketing and Brokerage Expenses though part of project cost shall not be considered for the purpose of development cost and for the purpose of withdrawal from designated separate account.

6. The provision of submission of Certificate of Architect, Engineer and Chartered Accountant in Form 1, 2 and 3 respectively also applies to ongoing projects.

7. Rules for Conveyance :

a. Single Building – Execution of Conveyance of Title shall be done by Promoter with in three month of issue of occupancy certificate.

b. Lay Out

Execute conveyance of structure of building or part thereof within three month of receipt of occupancy certificate for building or part there of

Execute Conveyance of land Title with three months of receipt of occupancy certificate for the last building.

8. Model Draft Agreement may contain clause pertaining to brokerage payable by Promoter/ Allottee to Agents.

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