Maharashtra set to slash registration fee for real estate projects

The state government plans to reduce the minimum registration fee a developer needs to pay to the Maharashtra Real Estate Regulatory Authority (MahaRERA). Sources said the minimum fee for registration is proposed to be brought down from Rs 50,000 to Rs 10,000. Under the Maharashtra Real Estate (Regulation and Development) (Registration of Real Estate Projects, Registration of Real Estate Agents, Rates of Interest and Disclosures on Website) Rules, 2017, it is mandatory for promoters of all ongoing real estate projects — where the occupation or completion certificate is yet to be obtained — to register their projects with MahaRERA. This should be accompanied by full disclosures regarding the title of the land, sanctioned building plans and the project financials, among others. In case of multi-phase construction projects, promoters are required to submit an application for registration of each phase.