Penalty for Non registration as Real estate agent under RERA Act

Answer: Rs. 10,000 for every day during which such default continues, which may cumulatively
extend up to 5 % of the cost of plot, apartment or building, as the case may be of the Real Estate
Project

Time limit for filing appeal with MAHARERA Appellate Authority is

Answer: 60 days from the date on which a copy of the direction or order or decision made

Which of the following cannot be an appellant

Answer: Local sanctioning authority of the project

Which of the following forms has to be filed with MAHRERA authority for complains
Answer: Form A - Needs to be filed with MAHARERA Authority for Complaints

The amount of costs that must be paid in addition to Form A is

Answer: Rs. 5000

Which of the following are obligation of allottees as per MAHARERA Act & Rules
Answer: Make Payments In A Timely Manner, Liability to Pay Interest, Formation of the
Association

MAHARERA Conciliation forum consists of panel of the following

Answer: Conciliators - The conciliators shall assist the parties in an independent and impartial
manner in their attempt to reach an amicable settlement of their dispute.

Which of the following is not covered under the definition of promoter as per RERA Act
Answer: Marketing agency of a developer

Which of the following project does not require RERA registration as per section of RERA Act.
Answer: A redevelopment project of existing society where there is no extra unit is constructed.

Which of the following is not an SRO

Answer: HUDCO

On completion of 30 days period from the date of application If the registration application is not
rejected then, in how many days the authority has to provide registration certificate to the
applicant
Answer: 7 days

The promoter needs the consent of the __________ allottees in order to transfer its majority
rights to any third party.
Answer: 2/3rd

What is the time period available with the promoter for constituting association of allottees
Answer: 3 months from the date of majority of allottees having booked their units

What is the maximum advance a promoter can accept without entering into the registered
agreement with allottees.
Answer: 10% of total consideration

What is the time period available with the promoter for executing conveyance deed in favour of
association of allottees
Answer: 3 Months from the date of OC, 50% of the total number of allottees in such building or
wing have paid the full

The promoter is responsible for structural defect for the period of ______ years from the date of
handing over of possession
Answer: 5 years

Real Estate agent is defined in Section ____of Real Estate( Regulation and Development ) Act,
2016.
Answer: Section 2 (zm)

How many types of Real Estate Agents?

Answer: There are 2 types of Real Estate Agents - One is an Individual and the other is a
Company, both can be registered for 5 years.

The renewal of real estate agent registration may commence at least _____days prior the expiry
of Registration.
Answer: 60 Days before the expiry

Can a promoter or a real estate agent file a complaint against a buyer?

Answer: Both Real Estate Agents and Buyers can file Complaints against each other.

On completion of ___period as per rule the authority shall if the application is not rejected
provide registration number to the applicant?
Answer: 7 days

What is the validity of the registration granted to the real estate agent ?
Answer: 5 years

The application for renewal of registration shall be made in which Form?

Answer: Form J

Without registration under MAHARERA a promoter cannot?

Answer: Advertise, Sell or offer to sell, or Take advance from allottees

According to section 4 of The RERA Act, form A shall contain____________

Answer: Name of the entity, address, names and photographs of the Promoter, Copy of the
approvals and commencement certificate, Location details of Project with clear demarcation of
the land and the latitude and longitude of the end points of the Project

Following details are not required to be upload at the time of quarter update of the project
Answer: Form 05 by statutory auditor

Form issued by Architect of the projects is known as

Answer: Form 01 and Form 04

Form B which has to be signed by the Promoter or any person authorized by the Promoter
stating the following.
Answer: That the land is free from all encumbrances or the encumbrances on such land
including the right, title and interest or name of any party in or over such land along with the
details. That 70% of the amounts realized from the allottees from time to time is deposited in a
separate account to be maintained in a scheduled bank to cover the cost of construction and the
land cost and should be used only for that purpose. That he has title to the land on which the
development of the land is proposed along with valid documents of authentication of title if such
land is owned by some other person

Which of the following is not the part of annual compliance of the promoter.
Answer: Form 04 is not the part of the annual compliance of the promoter.

The famous judgement of Ramniklal Tulsidas Kotak v. Varsha Builders (AIR 1992 Bom 62) the
Bombay High Court, laid the following disclosure for search report____________
Answer: Nature of the title of the promoter, Nature of the title of the vendor or the promoter or of
the person through whom the promoter claims, Encumbrances and claims on the land

The promoter shall obtain title insurance for which of the following
Answer: Title of the land and building as a part of the real estate project and Construction of the
real estate project.

Which of the following is not a benefit of having a title insurance

Answer: To Enhances the Cost of said House or Flat

Commencement certificate of the project is issued by

Answer: Local authority of the area in which the project is situated.

What is an allotment letter?

Answer: A crucial document during the purchase of an under-construction property

What does an allotment letter comprise of?

Answer: Details of proposed apartment/plot, parking space allocated (if any), amount of
payment received, sanctioned plans, schedule of completion, list of encumbrances, and more.

What is the mandatory format for issuing an allotment letter?

Answer: As per the model form of allotment letter issued by MAHARERA

When is it mandatory to issue the allotment letter in the specified format?

Answer: When a deposit or advance of not more than 10% of the cost of the property is
collected

What is the purpose of uploading the allotment letter with the application for registration of the
real estate project?
Answer: To show that the format complies with regulatory requirements

Which of the following must be mutually agreed upon by both parties for a property transaction
to maintain legal sanctity of the document?
Answer: The clauses which needed to be added in the contract

What does the term 'escalation-free' mean in context of the given scenario?
Answer: No increase in price except for government-mandated development charges or other
levies

What does the Promoter need to obtain from the local authority before handing over possession
of the Apartment?
Answer: Occupancy and/or completion certificates (OC or BCC) should be issued by the local
authority before handing over possession of the Apartment.
How much time does the promoter have to give notice to the Allottee before terminating the
Agreement?
Answer: 15 Days Notice to be given to the Allottee before terminating the Agreement.

Within how many months should the Allottee take possession of the Apartment/Plot after
receiving a written offer from the Promoter?
Answer: 3 Months from the date of receiving a written offer from the promoter.

Within how many days of receiving the occupancy certificate of the Project, should the Promoter
offer possession to the Allottee?
Answer: 7 days

Which of the following is not an objective behind implementation of GST?

Answer: To achieve the ideology of ‘One Nation, One Tax’. To subsume most of the indirect
taxes in India, To curb tax evasion.

Point of taxation depends upon which of the following:

Answer: Time of supply

Limit for interstate E-way bills Is

Answer: Greater than 50000

Effective GST Rate for an office block in a commercial scheme in Mumbai having value 40 lacs
and carpet area of more than 90 sq. mtr.?
Answer: 12% - Effective GST Rate for an office building with a value of 40 lacs and a carpet
area of more than 90 square meters in commercial development in Mumbai.

What is the rate of TDS under section 194IA of The Income Tax Act, 1961?
Answer: 1% - According to Section 194IA of the Income Tax Act of 1961.

In which of the following cases the Provisions under section 194IA is not applicable?
Answer: The immovable property transferred is a rural agricultural land ; The immovable
property has been compulsory acquired under any law ;The total amount of consideration for the
transfer of immovable property is less than Rs. 50,00,000/-

The registration charges of the property below 30 lacs is ?

Answer: 1% - Registration fees for properties valued at less than 30 lacs

Which areas of Maharashtra are included in the Planning Area as defined in the Act?
Answer: In accordance with notifications issued by Urban Development Department of
Government of Maharashtra, MR & TP Act is applicable to all the districts of Maharashtra.
Hence, all areas of Maharashtra are included in Planning Area as defined in Section 2(zh) of the
Act

Does the definition of ‘promoter’ include public bodies such as Development Authorities and
Housing Boards
Answer: The Act covers all bodies (private and public) which develop real estate projects for
sale to the general public. Section 2(zk) defines the term ‘promoter’ which includes both private
and public real estate promoters. Thus, both Development Authorities and the Housing Boards,
when involved in sale are covered under the Act.
Does advertisement include solicitation by emails and sms? Is issuance of prospectus
considered to be a case of ‘advertisement’ ?
Answer: As per section 2(b), which defines ‘advertisement’, any medium adopted in soliciting for
sale would be covered under the said definition, including sms and emails. Prospectus, which is
intended for sale of apartment in real estate project, will also be covered.

Does the term ‘allottee’ include secondary sales?

Answer: As per section 2(d) an allottee includes a person who acquires the said ‘apartment /plot’
through transfer or sale, but does not include a person to whom such plot, apartment is given on
rent. The Act doesn’t include rental projects, lease / leave and License deals.

What is the obligation of the promoter towards return of amount and compensation to the
allottee?
Answer: Section 18 of the Act provides for provisions as regards various situations in which the
allottee would be compensated by the promoter due to delay in completion of the project etc.

If the registration of a real estate project is revoked for any reason, how will the interest of the
buyer, in such project, be protected by MahaRERA?
Answer: MahaRERA will take action in accordance with section 8 of the Act.

What are the provisions for an aggrieved person to lodge a complaint?

Answer: Section 31 of the Act and Rule 6 of Maharashtra Real Estate (Regulation and
Development) (Recovery of Interest, Penalty, Compensation, Fine payable, Forms of Complaints
and Appeal, etc.) Rules, 2017 provide for filing of complaint with MahaRERA, by an aggrieved
person who has any interest in the registered project. The aggrieved person can file an
application online as per format provided by MahaRERA. It shall include the following details: -
Registration number of the project to which the complaint pertains - Particulars of the
complainant and respondent - Facts of the case - Relief Sought - List of Enclosures and so on

Is there any provision for interim relief to be granted, pending the final adjudication of the
complaint?
Answer: The procedure to be followed by MahaRERA while adjudicating a complaint is detailed
in section 36 of the Act read with Rule 6(2) of Maharashtra Real Estate (Regulation and
Development) (Recovery of Interest, Penalty, Compensation, Fine payable, Forms of Complaints
and Appeal, etc.) Rules, 2017.

Is there any time limit prescribed for disposal of complaints?

Answer: Section 29 of the Act provides that complaints should be disposed off as expeditiously
as possible but not later than sixty days from the date of filing the same. However, where it
cannot be disposed of during the said period, the Real Estate Regulatory Authority is required to
record its reasons for the same.

If the buyer wants to file a complaint in Consumer Court, is there any bar under the Act?
Answer: No. As per section 79 of the Act, civil courts are barred from entertaining disputes (suits
or proceedings) in respect of matters which Real Estate Regulatory Authority or the adjudicating
officer or the Appellate Tribunal is empowered under the Act to determine. However, the
consumer forums (National, State or District) have not been barred from the ambit of the Act.
Section 71 proviso permits the complainant to withdraw his complaint as regards matters under
section 12, 14, 18 and section 19, from the consumer forum and file it with the adjudicating
officer appointed under the Act.

Can the promoter change the plans of subsequent phases after registration of the 1st phase?
Answer: The Act puts an obligation on a promoter to obtain consent of each allottee, if he wants
to change the building plans for the phase that is registered. If a subsequent phase has not been
registered, the promoter can change the plans of the subsequent phases without obtaining
consent of the allottees from current / ongoing phases. However, if the subsequent phases are
also registered, consent of allottees, of the concerned phases, would be needed as mentioned in
section 14 of the Act.

Can project finance taken by promoters from financial institutions be withdrawn from designated
70% account?
Answer: Yes, if this is declared at the time of registration and subject to provisions of Section 4
of the Act and 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 made there under. However, the money withdrawn should be utilized
towards construction expenses of the project, on priority.

If due to a change in government policy, the promoter is entitled to additional FSI etc., can the
promoter build additional floors in a registered ongoing project where initially those floors were
not planned?
Answer: Yes, but consent of allottees would be needed as mentioned in Section 14 of theAct.

Sometimes buyer is ready and gives undertaking that he is ok to give money beyond 10%
however does not want to register. Should it be allowed?
Answer: No. Section 13(1) of the Act prohibits the promoter from taking more than 10% of the
cost of apartment without entering into a written agreement for sale, duly registered.

What is the fee for registration? What is the duration?

Answer: The fees are in accordance with Rule 11(3) of 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. The Real Estate Agent registration is
valid for a period of five years

Even if real estate agent has not taken any commission from client and taken it from promoter,
can the agent still be responsible and liable for builder’s default?
Answer: The agent's liability is in accordance with Section 10 of the Act. He is not held liable for
the promoter's default

What are the Registration Charges for Property Below 30 Lakhs?

Answer: If Agreement Value is less than 30 Lakhs then its 1% and if above to any amount its
Rs.30000/-

What is the primary dispute, which RERA as an Authority resolves?

Answer: Filing conciliation - (It means that you approach RERA with the dispute).

In how many days a Buyer under the RERA Act can file an Appeal with RERA?
Answer: A period of 60 days from the date of the default by the developer.

What is the repercussion for breaching RERA's Section 4 by the Developer?

Answer: A penalty of 5% of the estimated project cost on the developer.

Who is termed as an Allottee in a transaction?

Answer: The Purchaser (the Allottee)
What details must be provided to the allottee (the property buyer)?
Answer: Completion date of the project as mentioned in the RERA Registration.

After the Developer gets OC, what is the timeline the Allottee has to take possession?
Answer: 2 Months

What form specifies the complaint format that must be submitted to RERA?
Answer: Form B has to be filled by the Allottee with the Complaint.

What is the target timeframe for the Appellate Tribunal at MahaRERA to resolve the appeal?
Answer: 60 Days from the date of appeal by the Allottee.

Does the Civil Court have the authority to hear any cases involving the Maha RERA?
Answer: No, You have to approach Maha RERA only.

What are the consequences to the Developer, if the Appellate Tribunal order is not complied?
Answer: The Developer can be fined upto 10% of the Project Cost and Imprisoned or both.

What does RERA stand for?

Answer: Real Estate Regulatory Authority

On which date was the RERA bill passed and what date it was enacted?
Answer: The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on
15 March 2016. The Act came into force on 1 May 2016 & The remaining provisions came into
force on 1 May 2017.

If a real estate project has land area less than 500 sq. mts, does the project need to be still
registered with MahaRERA?
Answer: No. Every real estate project which has a land area of more than 500 sq. mts and has
more than 8 apartments needs to be registered.

Can a promoter or real estate agent lodge a complaint with MahaRera against a buyer?
Answer: Yes. An aggrieved person having any interest in the registered real estate project can
file complaint.

Into how many divisions has the RERA syllabus been made?
Answer: 10 Chapters, 92 Sections

What are the aims & objectives of RERA?

Answer: To implement Pan-India standardization and bring about professionalism in the real
estate business. To protect the interest of the allottees. To maintain transparency and reduce the
chances of fraud.

Which Projects Need to be registered with RERA?

Answer: Commercial and Residential projects including plotted development

How many allottees must give permission before any additions or changes to the plans may be
made?
Answer: Consent of 2/3rd allottees is required by the developer to change plans.

What is the time period RERA has given for structural flaws?
Answer: 5 years - the developer has to give guarantee against construction flaws.
What are the powers of RERA?
Answer: The Real Estate Regulatory Authority (in short RERA) performs administrative, quasi-
judicial, penal, regulatory, compliance, advocacy, awareness programs, and make necessary
recommendation to the government. These efforts and functions result in the overall
development of the real estate industry.

Is MahaRera registration of agents required for the purchase and sale of New Projects?
Answer: Yes. Only MahaRera Registered Agents can deal in New Projects.

Which form that must be uploaded every quarter by the Developer in an ongoing development.
Answer: Form 3 (CA certificate)

When was MahaRERA (the real estate regulatory body for Maharashtra) Founded?
Answer: 8th March, 2017.

Which Regulation has been issued by the Maharashtra government?

Answer: Maharashtra Real Estate Appellate Tribunal (Members, Officers, and Employees
Appointment and Service Conditions) Rules, 2017

Which other States and union territories are subject to MahaRERA's regulatory authority?
Answer: Daman & Diu, Dadra and Nagar Haveli

Which of the following Regulations are notified by MahaRERA?

Answer: Maharashtra Real Estate Regulatory Authority (General) Regulations 2017,
Maharashtra Real Estate Regulatory Authority (Recruitment and Conditions of Service of
Employees) Regulations, 2017, Maharashtra Real Estate Appellate Tribunal Regulations, 2019

How much consent of Allottees is required by the Developer before transferring majority rights in
Project to a third party?
Answer: 2/3rd consent of the allottees required.

Which are the 5 Traits of MahaRERA?

Answer: 1. Financial Discipline 2. Transparency 3. Accountability and Compliance 4. Citizen
Centricity 5. Speedy Grievance Redressal

What proportion of the funds collected from the allocators for the real estate project should be
deposited in a different bank account by the Developer?
Answer: 70% - The percentage of the funds received from the allocators for the real estate
project must the Developer deposit into a separate bank account.

According to the RERA Act, how many months from the date of issue of the Occupation
Certificate is a Promoter required to execute a registered conveyance deed in favor of the
allottee?
Answer: As per the RERA Act, the time frame within which a Promoter must execute a
registered conveyance deed in favor of the allottee is 3 months from the date of issue of the
Occupation Certificate

After the end of each Financial Year, how many months must the Project Accounts be audited?
Answer: 6 months after the conclusion of each Financial Year should the Project Accounts
undergo auditing

What was the primary goal of the establishment of MahaRERA?

Answer: Promote transparency, accountability, financial discipline, customer centricity, and
compliance.These are also the 5 traits.

Who are the stakeholders of the MahaRERA portal?

Answer: Real Estate Agent, Allottees, Promoters

What are the main services offered by the MahaRERA website to allottees?
Answer: Project Extension, Make a Complaint

What is the Website URL of the portal of MahaRERA?

Answer: www.maharera.mahaonline.gov.in

Which two languages are available on the MahaRERA website?

Answer: English and Marathi

What are the main features of the MahaRERA website for real estate agents?
Answer: Real Estate Agent Registration, View Real Estate Project details, Real Estate Agent
Renewal

What options are available when searching for complaints on the MahaRERA website?
Answer: Promoter-wise, Project wise searches are available for complaints.

What is required to search for Registered Project on the MahaRERA portal?

Answer: The Project Name is required so you can get all information.

What is required to search for a Registered Agent on the MahaRERA portal?

Answer: Agent Name or MahaRERA Agent Registered Number

What are the main services available to Promoters through the MahaRERA website?
Answer: Project Registration, Project Updates, Project Correction

What can be downloaded from the MahaRERA Portal?

Answer: Latest Circulars and Orders of MahaRERA, News articles, Acts, FAQ

Which Section of the Real Estate (Regulation and Development) Act, 2016, defines real estate
agent.
Answer: Section 2 (ZM) - Section of the Real Estate (Regulation and Development) Act, 2016,
provides the definition of a real estate agent

What penalty is levied on the Real Estate Agent, if he/she fails to adhere to the mandates
prescribed by MahaRERA?
Answer: Rs. 10,000/- per day, 5% of the cost of the plot/apartment/building

How many types of Real Estate Agents

Answer: There are 2 - One is an Individual and other one being the Company, both can register
for 5 years. Individual registration is Rs.10000, Company is Rs.100,000/-

In how much time, can a Real Estate Agent re apply if his RERA Registration is revoked?
Answer: 6 months

How much time prior to the expiry of the RERA Registration, Can a Real Estate Agent apply for
renewal?
Answer: The real estate agent can apply 60 Days prior to the expiry of the RERA Registration.
Can a promoter or a real estate agent file a complaint against a buyer?
Answer: They can file their complaints separately.

If the application by the Real Estate Agent is not rejected after the prescribed time period, in how
much time, the authority must give the applicant their registration number.
Answer: 7 days

What details can one find on the MahaRERA website about the Projects?
Answer: Registered Projects, Lapsed Projects, Projects Suspended, Deregistered, In Abeyance.

When can the RERA Registration of an Agent can be revoked?

Answer: Commits breach, Unfair trade practice, Secured registration through misrepresentation.

What Form is required for the renewal of registration for a Real Estate Agent?
Answer: Form J is required for the renewal of registration for a Real Estate Agent.

What kind of projects are exempted from RERA registration?

Answer: Land does not exceed 500 sq mts or the number of apartments does not exceed 8
apartments.

Which official Government body has details available on the Mortgage of a Project?
Answer: CERSAI report.The Central Registry of Securitisation Asset Reconstruction and
Security Interest of India (CERSAI) is set up under section 20 of the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI
Act).

Which documents reflect the title of the project?

Answer: Title report provided by a Qualified Lawyer. Title Report is also referred to as TSR -
Title Search Report.

What is the timeline within which the authority either accepts or rejects the application for RERA
registration?
Answer: Within 30 days - timeframe the authority either approve or reject the application for
RERA registration

How many periods can MahaRERA give an extension on the completion date to the Promoter?
Answer: MahaRERA can give an extension upto 1 Year to the Promoter.

What is UDCPR -2020?

Answer: UDCPR stands for Unified Development Control and Promotion Regulations for
Maharashtra State

When can MahaRERA revoke the RERA registration of the project?

Answer: If the Promoter is not complying with the rules and regulations as prescribed under the
Act.

If the RERA registration for a project is revoked, then the Promoter shall
Answer: Be liable to pay a penalty as per laws.

How much__% of total sale consideration value can a promoter receive on or before execution
and registration of the Agreement for Sale?
Answer: 10% of the Agreement Value
How much % of Allottee's consent is required before making any alteration in the sanctioned
plans?
Answer: 2/3rd consent of total allottees.

What is the rate of interest at which the penalty may be charged to the Allottee for making
default in timely payment of consideration to the Promoter as prescribed under the Act?
Answer: State Bank of India Highest - Marginal Cost of Lending Rate (MCLR) plus 2%.

Can a Promoter advertise, market, or sell the property without registering the project under
MahaRERA?
Answer: No, they can only do so once they are registered with RERA

Promoter has to update Form-1, Form-2 and Form 3 viz the Architect, Engineer & CA Certificate
respectively how frequently?
Answer: Quarterly

Which all details the Promoter must disclose on RERA Portal?

Answer: Name of the Entity, Copy of the approvals, and commencement certificate, Copy of
Plans approved by MCGM or the relevant authority.

Which section of RERA Act deals with Title Insurance?

Answer: Section 16 of Rera Act - Insurance of: (i) title of the land and building as a part of the
real estate project; and (ii) construction of the real estate project

Which all documents are required for obtaining CC - Commencement Certificate

Answer: NOC of Tree Authority, Non-Agriculture (NA) permission & Layout and Building Plan
Approvals

Can a buyer/allottee Occupy property without Occupation Certificate (OC)?

Answer: No, the Buyer/Allottee cannot occupy the property without OC.

Under RERA, can a promoter accept more than 10% of the cost of apartment without first
entering a written and register Agreement for Sale?
Answer: No the promoter cannot accept more then 10%

The total time period under which Promoter is liable for rectifying structural defects under RERA
Answer: 5 years from the date of possession to the Allottee as per Section 14 (3) of Rera Act

After RERA the area of flat must be determined based on what?

Answer: "Carpet area” means the net usable floor area of an apartment, excluding the area
covered by the external walls, areas under services shafts, exclusive balcony or verandah area
and exclusive open terrace area, but includes the area covered by the internal partition walls of
the apartment.

Is payment of Property Tax mandatory?

Answer: Yes, it is mandatory. However, prior to Selling the Property all old Property Taxes have
to be paid by the Promoter.

Is payment of Property Tax mandatory?

Answer: Yes, it is mandatory. However, prior to Selling the Property all old Property Taxes have
to be paid by the Promoter.

Allotment letter is issued once a buyer pays up to __ % of property value to the promoter?
Answer: 10% - A promoter shall not accept a sum more than ten percent. of the cost of the
apartment, plot, or building as the case may be, as an advance payment or an application fee,
from a person without first entering into a written agreement for sale.

Receipt of Consideration is a part of?

Answer: Allotment Letter

After 61 days from the issuance of the allotment letter, __ % of the amount of the said unit will be
deducted during the cancellation of the allotment
One of the following, is NOT a part of the Model Form of Agreement?
Answer: Interest Payment

TDS shall be deducted at Source?

Answer: Yes, TDS has to be deducted of 1% in case the property value is above 50 Lakhs.

What is the full form of TDS

Answer: Tax Deducted at Source

For Channel Partner Commission, __ % TDS is to be deducted.

Answer: 5% TDS is applicable currently.

The Power and Responsibility of deducting the TDS are with ……, and NOT with ... ?
Answer: The Buyer; The Seller.

Which is the Form Required to be filled on the Income Tax website for Tax Deduction at the time
of Property Purchase
Answer: Form - 26QB

What is the Gross GST Rate before abatement on construction service for residential projects
other than Affordable housing projects?
Answer: 7.50%

What is the Gross GST Rate before abatement on construction service for residential Affordable
housing projects.
Answer: 1.50%

What is the limit for generating e-way bill for the movement of goods?
Answer: Rs.50,000/-

What is the rate of net GST Tax after abatement for Commercial Projects where their carpet
area is not exceeding 15% of Total Carpet area of the Whole Project which includes residential
project
Answer: 5%

What is the rate of net GST Tax after abatement for Commercial Projects.
Answer: 12%

What is the consideration limit per flat for qualifying as an Affordable housing project.
Answer: The government defines 'affordable housing' as homes with a carpet area of up to 60
sq. metres. A house must cost no more than ?45 lakh.

What is the carpet area limit per flat for qualifying as an Affordable housing project in metro cities
Answer: 60 sq. mtrs in Metro cities and 90 sq.mtrs in Non - Metro Cities.
Can a Developer claim GST Input Tax credit for residential projects launched after 1.4.2019.
Answer: No

Can a Developer claim GST Input Tax credit for Commercial projects launched after 1.4.2019.
Answer: Yes.

What is the sale consideration limit on sale of immoveable property for deduction of TDS u/s
194IA.
Answer: Rs.50,00,000/-

What is the TDS rate on sale of immoveable property for deduction of TDS u/s 194IA above 50
Lakhs?
Answer: 1%

Who is required to deduct TDS on immovable property?

Answer: Purchaser

In which cases TDS is not required to be deducted at source under section 194-IA.
Answer: Sale of Rural agricultural land.

What is the rate of Stamp Duty in Mumbai?

Answer: 6% Currently

What is the rate of infrastructure cess included in the stamp duty rate?
Answer: 1% - Currently

What are the major challenges before RERA?

Answer: Huge delays in real estate project completion, Cost and time over runs, Misleading
advertisement or prospectus issued or published by developers.

Who needs to register under MahaRERA?.

Answer: A Developer developing a project more than 500 Sq.Mtrs. Any one developing the land
into a project with an intent to sell. A CHS redeveloping or a co-operative body which constructs
the apartments for its members or allotees with some portion to new allottees and advertise the
same.

What Led to the Establishment of RERA

Answer: No stringent Rules and Regulations for Developers as in a frame work with an act to
protect the interest of home buyers led to the formation of RERA.

Which of the following is not an important part of RERA functions?

Answer: Obtaining Deed of Declaration

Who can file a complaint under MahaRERA?

Answer: Allottee or Association of allottees, Promoter, Real Estate Agents.

Which of the following is not the part of annual compliance of the promoter?
Answer: Form 4, being the certificate issued by the architect on completion of the project.

Which of the following are the benefits of MAHARERA

Answer: Standardization of carpet area, Reducing the risk of insolvency of the builder (amount
Kept in separate Bank Account), Grievance Redressal.
How do Allotees/Purchasers benefit from RERA?
Answer: They get Complete Access to all the Details of Projects, Carpet areas, Litigations,
Approvals, Project Status, Funding Banks, Architect Certificates, Layout Plans etc.

The proceeding language in RERA authority is?

Answer: English is the Primary language, Marathi If requested by a person, another language of
discretion of the Authority with an accompanied Transfer letter.

In how many days can a request for reviewing an application can be made by the Promoter from
the date of issue of any order
Answer: The Promoter can make a request within 45 Days from the date of the issue of the
order.

How many days, the Developer/Promoter gets awarded by MahaRERA to pay

compensation/cost?
Answer: 30 Days

The prescribed interest rate under RERA is?

Answer: MCLR + 2%

Who selects the chairperson under Appellate Tribunal?

Answer: State Government Considering Recommendation by Selection Committee

For the transfer of majority rights to 3rd person Promoter needs the consent of
Answer: 2/3rd of Allottee

Before entering agreement for sale, maximum amount of Advance can be received is:
Answer: Yes, but maximum 10%

The conveyance deed for the common area is registered in the name of?
Answer: Association of Allottees

Key pillars of MahaRERA is/are?

Answer: Transparency, Accountability, Financial Discipline, Citizen Centricity, Compliance.

Which key service is NOT available for promoters on the MahaRERA portal?
Answer: Make a Sales Brochure

What can be viewed on GIS (Geographic Information System)?

Answer: Registered projects across Maharashtra in Maps with their location pin pointed.

What can be viewed under 'View all complaints'?

Answer: Complaints project-wise and promoter wise

Key Services for Real Estate Agents on MahaRERA Portal does not include?
Answer: Project Updates

Key Services for Allottees on MahaRERA Portal do not include

Answer: Major Modifications of the Project

Key Services for Promoters on MahaRERA Portal include

Answer: Project Registration, Project Extension, Making a Complaint
Following are the part of the download section of the MAHARERA Portal:
Answer: Act, Rules, GRs, and Circulars, Suo moto Orders of MahaRERA

The registration tab of MAHARERA does not include

Answer: FAQs

At the time of creating an account at the MAHARERA Portal which of the following user type
have to be selected:
Answer: The promoter, Real Estate Agent, Complainant - anyone

Punishment for non-registration of the project under Section 3 of the Act is

Answer: 10% of the estimated cost of the real estate project as determined by the Authority,
Imprisonment for a term which may extend up to 3 years or with fine which may extend up to a
further 10% of the estimated cost of the real estate project.

Penalty for Non-registration as Real Estate Agent under RERA Act

Answer: Rs. 10,000 for every day during which such default continues, which may cumulatively
extend up to 5% of the cost of plot, apartment or building, as the case may be of the Real Estate
Project.

Time limit for filing appeal with MAHARERA Appellate Authority by the real estate agent is?
Answer: 60 days from the date on which a copy of the direction or order or decision made.

Which of the following cannot be an appellant?

Answer: Local Sanctioning Authority of the project

Which of the following forms has to be filed with MahaRERA authority for complaints
Answer: Form A

The amount of fees the is required to be paid along with form A is

Answer: Rs.5,000

Which of the following is a dispute resolution forum available with MAHARERA

Answer: Conciliation, Complaints, Appeals

Which of the following are obligations of allottees as per MahaRERA Act & Rules
Answer: Make Payments In A Timely Manner, Liability to Pay Interest, Formation of the
Association

MAHARERA Conciliation forum consists of a panel of the following?

Answer: Conciliators - The conciliators shall assist the parties in an independent and impartial
manner in their attempt to reach an amicable settlement of their dispute.

Which of the following is not covered under the definition of promoter as per RERA Act
Answer: Marketing agency of a developer

Which of the following project does not require RERA registration as per section of RERA Act.
Answer: A redevelopment project of an existing society where there is no extra unit is
constructed and there is no sale portion.

Which of the following is not mandatory documents for RERA registration of a project:
Answer: Brochure of the project
Which is not a SRO - Self Regulatory Organisation?
Answer: HUDCO

On completion of 30 days period from the date of application If the registration application is not
rejected then, in how many days the authority has to provide registration certificate to the
applicant
Answer: 7 days

What is the time period available with the promoter for constituting association of allottees?
Answer: 3 months from the date of majority of allottees having booked their units.

3 months from the date of the majority of allottees having booked their units.
Answer: 3 Months from the date of OC OR 50% of the total number of allottees in such building
or wing have paid the full

According to section 4 of The RERA Act, form A shall contain____________

Answer: Name of the entity, address, names, and photographs of the Promoter. Copy of the
approvals and commencement certificate. Location details of the Project with clear demarcation
of the land and the latitude and longitude of the end points of the Project

Following details are not required to be upload at the time of quarter update of the project
Answer: Form 05 by statutory auditor

A form issued by the Architect of the projects is known as

Answer: Form 01 and Form 04

Form B which has to be signed by the Promoter or any person authorized by the Promoter
states the following.
Answer: That the land is free from all encumbrances or the encumbrances on such land
including the right, title, and interest or name of any party in or over such land along with the
details, That 70% of the amounts realized from the allottees from time to time is deposited in a
separate account to be maintained in a scheduled bank to cover the cost of construction and the
land cost and should be used only for that purpose That he has title to the land on which the
development of the land is proposed along with valid documents of authentication of title if such
land is owned by some other person

The famous judgement of Ramniklal Tulsidas Kotak v. Varsha Builders (AIR 1992 Bom 62) the
Bombay High Court, laid the following disclosure for search report____________
Answer: Nature of the title of the promoter, Nature of the title of the vendor or the promoter or of
the person through whom the promoter claims, Encumbrances and claims on the land

What does an allotment letter comprise of?

Answer: Details of proposed apartment/plot, parking space allocated (if any), amount of
payment received, sanctioned plans, schedule of completion, list of encumbrances, and more.

What is the mandatory format for issuing an allotment letter?

Answer: As per the model form of allotment letter issued by MAHARERA

When is it mandatory to issue the allotment letter in the specified format?

Answer: When a deposit or advance of not more than 10% of the cost of the property is
collected
What is the purpose of uploading the allotment letter with the application for registration of the
real estate project?
Answer: To show that the format complies with regulatory requirements

What does the term 'escalation-free' mean in context of the given scenario?
Answer: No increase in price except for government-mandated development charges or other
levies

What does the Promoter need to obtain from the local authority before handing over possession
of the Apartment?
Answer: Occupancy and/or completion certificates

How much time does the promoter have to give notice to the Allottee before terminating the
Agreement?
Answer: 15 Days

Within how many months should the Allottee take possession of the Apartment/Plot after
receiving a written offer from the Promoter?
Answer: 7 Days

Which of the following is not a GST rate as per Goods and service tax Act and rules?
Answer: 36%

Which of the following is not an objective behind implementation of GST?

Answer: To achieve the ideology of ‘One Nation, One Tax’. To subsume most of the indirect
taxes in India, To curb tax evasion. - None of the above

Point of taxation depends upon which of the following:

Answer: Time of supply

Limit for interstate E-way bills Is

Answer: Greater than 50000

Effective GST Rate for a flat in Mumbai having value more than 45 lacs and carpet area less
than 60 sq. mtr.?
Answer: 5%

Effective GST Rate for an office block in a commercial scheme in Mumbai having value 40 lacs
and carpet area more than 90 sq. mtr.?
Answer: 12%

What is the rate of TDS under section 194IA of The Income Tax Act, 1961?
Answer: 1%

In which of the following cases the Provisions under section 194IA is not applicable?
Answer: The immovable property transferred is a rural agricultural land, The immovable property
has been compulsory acquired under any law, The total amount of consideration for the transfer
of immovable property is less than Rs. 50,00,000/-

Which of the following is the form for filing return under section 194IA
Answer: 26QB

The registration charges of the property below 30 lacs is ?

Answer: 1%

Which section of the MahaRERA Act governs the registration of real estate agents?
Answer: Section 9 of the MahaRERA Act.

Under Section 12 of MahaRERA, what are the consequences for non-compliance with the
provisions of the Act?
Answer: Non-compliance can result in penalties, fines, or suspension or cancellation of
registration.

Which rule under MahaRERA specifies the format for the registration of real estate agents?
Answer: Rule 9 of the Maharashtra Real Estate (Regulation and Development) (Registration of
Real Estate Projects, Registration of Real Estate Agents, Rates of Interest, and Disclosures on
Websites) Rules, 2017.

According to Section 11 of MahaRERA, what is the validity period of the registration granted to a
real estate agent?
Answer: The registration is valid for five years from the date of issue.

Which section of MahaRERA deals with the establishment of the Maharashtra Real Estate
Regulatory Authority?
Answer: Section 20 of the MahaRERA Act.

Under which Act was the Real Estate Regulatory Authority (RERA) established in India?
Answer: The Real Estate (Regulation and Development) Act, 2016 (RERA Act).

What is the objective of RERA India?

Answer: The objective is to regulate and promote transparency, accountability, and efficiency in
the real estate sector.

Which section of the RERA Act mandates the registration of real estate agents?
Answer: Section 9 of the RERA Act.

According to Section 10 of RERA, what are the qualifications and eligibility criteria for real estate
agents?
Answer: The qualifications and eligibility criteria are specified by the respective state regulatory
authority.

What is the penalty for non-registration of a real estate agent under RERA?
Answer: Non-registration can attract a penalty of up to 10% of the project cost under Section 59
of the RERA Act.

According to Rule 4 of the Maharashtra Real Estate Regulatory Authority (MahaRERA) Rules,
2017, what information should be provided in the application for registration as a real estate
agent?
Answer: The application should include details such as name, address, contact information,
qualifications, and experience of the real estate agent.

Under Rule 10 of MahaRERA, what are the obligations of a registered real estate agent towards
the allottees?
Answer: The obligations include facilitating possession of the unit, adhering to the terms and
conditions of the agreement, and providing necessary documents and information.
According to Rule 15 of MahaRERA, what are the guidelines for maintaining books of accounts
by real estate agents?
Answer: Real estate agents are required to maintain books of accounts in the format prescribed
by the Institute of Chartered Accountants of India (ICAI).

What is the penalty for contravening Rule 9 of MahaRERA regarding the display of registration
details in advertisements?
Answer: Contravention can attract a penalty of up to 5% of the estimated cost of the real estate
project, as per Rule 9(8) of MahaRERA.

According to Rule13 of MahaRERA, what are the obligations of a real estate agent towards the
Regulatory Authority?
Answer: The obligations include maintaining and preserving books of accounts, records, and
documents related to real estate transactions, and providing them for inspection by the
Regulatory Authority.

Under Rule 5 of the Real Estate (Regulation and Development) (General) Rules, 2016, what
information should be provided in the application for registration as a real estate agent?
Answer: The application should include details such as name, address, contact information,
qualifications, and experience of the real estate agent.

According to Rule 9 of RERA, what are the responsibilities of a registered real estate agent
towards the allottees?
Answer: The responsibilities include facilitating possession of the unit, adhering to the terms and
conditions of the agreement, and providing necessary documents and information.

Under Rule 16 of RERA, what are the guidelines for maintaining books of accounts by real
estate agents?
Answer: Real estate agents are required to maintain books of accounts in accordance with the
Accounting Standards specified by the Institute of Chartered Accountants of India (ICAI).

What is the penalty for contravening Rule 4 of RERA regarding the display of registration details
in advertisements?
Answer: Contravention can attract a penalty of up to 10% of the estimated cost of the real estate
project, as per Rule 4(2) of RERA.

According to Rule 11 of RERA, what are the obligations of a real estate agent towards the
Regulatory Authority?
Answer: The obligations include maintaining and preserving books of accounts, records, and
documents related to real estate transactions, and providing them for inspection by the
Regulatory Authority.

What is the Maharashtra Real Estate (Regulation and Development) Act, 2012?
Answer: There is no Maharashtra Real Estate (Regulation and Development) Act, 2012.
However, the MahaRERA Act was enacted in 2017.

Under which Act was the RERA Act introduced in India?

Answer: The RERA Act was introduced under the Real Estate (Regulation and Development)
Act, 2016.

What is the significance of the Consumer Protection Act, 2019, in the context of real estate
transactions?
Answer: The Consumer Protection Act, 2019 provides additional protection to homebuyers and
enables them to file complaints against real estate agents or developers for deficient services or
unfair trade practices.

What is the relevance of the Indian Contract Act, of 1872, in real estate transactions?
Answer: The Indian Contract Act, 1872 governs the formation and enforceability of contracts in
real estate transactions, including agreements between real estate agents, developers, and
homebuyers.

What are the provisions of the Benami Transactions (Prohibition) Act, 1988, in relation to real
estate transactions?
Answer: The Benami Transactions (Prohibition) Act, 1988 prohibits benami transactions, which
involve transactions where the property is held by one person but the consideration is provided
by another person, leading to undisclosed ownership.

What are the ethical responsibilities of a real estate agent towards clients?
Answer: Ethical responsibilities include honesty, integrity, confidentiality, loyalty, and acting in
the best interest of the client.

How can a real estate agent ensure compliance with MahaRERA and RERA India?
Answer: Real estate agents should stay updated with the latest regulations, maintain proper
documentation, disclose relevant information, and cooperate with the regulatory authorities.

What steps can a real estate agent take to resolve disputes between buyers and developers?
Answer: Real estate agents can facilitate communication, provide information, and help in
resolving issues through negotiation or by guiding the parties towards the dispute resolution
mechanism provided by MahaRERA or RERA India.

What are the obligations of a real estate agent in terms of ensuring proper documentation in
property transactions?
Answer: Real estate agents should ensure that all necessary legal documents, including
agreements, NOCs, and approvals, are in place and properly executed during property
transactions.

How can a real estate agent ensure transparency in property transactions?

Answer: Real estate agents can promote transparency by providing accurate information,
disclosing material facts, maintaining proper records, and adhering to the provisions of
MahaRERA and RERA India.

What is the role of mediation in resolving disputes under MahaRERA and RERA India?
Answer: Mediation provides a voluntary and non-adversarial dispute resolution process,
facilitated by a neutral mediator, to help parties reach a mutually acceptable resolution.

What is the process for filing a complaint under MahaRERA?

Answer: Complaints can be filed online or in person with the MahaRERA authority, providing the
necessary details, supporting documents, and the prescribed fee.

What remedies are available to aggrieved parties in case of non-compliance by real estate
agents or developers?
Answer: Remedies may include compensation, refund of money with interest, specific
performance of the agreement, or any other relief as deemed appropriate by MahaRERA or the
respective state regulatory authority.
How does the adjudication process work under MahaRERA and RERA India?
Answer: Adjudication involves the determination of rights, obligations, and penalties by the
adjudicating officer appointed by the regulatory authority, based on the evidence and
submissions presented by the parties.

Can a real estate agent appeal against an order or decision of MahaRERA or the Regulatory
Authority?
Answer: Yes, a real estate agent can file an appeal with the appropriate appellate authority
within the specified time period, as provided under MahaRERA or RERA India.

What is the importance of adhering to a code of conduct for real estate agents?
Answer: Adhering to a code of conduct helps maintain professionalism, promotes ethical
practices, and enhances trust and confidence among clients and stakeholders.

What are some key elements of a code of conduct for real estate agents?
Answer: Key elements may include honesty, integrity, confidentiality, fair dealing, compliance
with laws and regulations, and treating all parties with respect and fairness.

How can a real estate agent maintain confidentiality in client interactions?

Answer: Real estate agents should handle client information with care, seek explicit consent for
sharing confidential information, and ensure data security measures are in place.

What are the consequences of a real estate agent breaching the code of conduct?
Answer: Breaching the code of conduct can lead to disciplinary action, suspension or
cancellation of registration, and damage to professional reputation.

How can a real estate agent uphold the principles of fair dealing and avoid conflicts of interest?
Answer: Real estate agents should disclose any potential conflicts of interest, act impartially,
avoid favoritism, and prioritize the client's interests over personal gain.

Under which law is stamp duty levied on property transactions in Maharashtra?

Answer: Stamp duty is levied under the Maharashtra Stamp Act, 1958.

What is the significance of the Transfer of Property Act, 1882, in real estate transactions?
Answer: The Transfer of Property Act, 1882 governs the transfer of ownership rights and
interests in immovable property, including sale, lease, mortgage, and gift.

What is the procedure for property registration in Maharashtra?

Answer: Property registration is done under the provisions of the Registration Act, 1908. It
involves presenting the necessary documents, paying the applicable stamp duty and registration
fees, and getting the property registered with the Sub-Registrar of Assurances.

What are the laws governing land acquisition and development in Maharashtra?
Answer: The key laws governing land acquisition and development in Maharashtra include the
Maharashtra Regional and Town Planning Act, 1966, and the Maharashtra Land Revenue Code,
1966.

What are the rights and responsibilities of landowners and developers in relation to land
development agreements?
Answer: The rights and responsibilities of landowners and developers are typically governed by
the terms of the land development agreement, which should clearly define the scope of the
project, profit-sharing, approvals, and timelines.
What records should a real estate agent maintain as part of compliance with MahaRERA and
RERA India?
Answer: Real estate agents should maintain records of transactions, agreements,
communications, financial statements, and other relevant documents related to their real estate
activities.

How long should records be retained by real estate agents?

Answer: Records should be retained for a minimum period of five years from the date of
completion of the real estate project or the last transaction, as per the provisions of MahaRERA
and RERA India.

What are the consequences of non-compliance with record-keeping requirements?

Answer: Non-compliance can result in penalties, fines, or adverse findings during inspections or
audits conducted by the regulatory authorities.

Can real estate agents use electronic records and digital signatures for compliance purposes?
Answer: Yes, real estate agents can use electronic records and digital signatures, subject to
compliance with the applicable laws and regulations on electronic transactions and data security.

What measures should real estate agents take to ensure data security and privacy?
Answer: Real estate agents should implement secure storage and access controls for electronic
records, adhere to data protection laws, and adopt best practices for safeguarding client
information and preventing data breaches.

According to Section 11(1) of the MahaRERA Act, who is required to obtain registration as a real
estate agent?
Answer: Section 11(1) mandates that any person who intends to facilitate the sale or purchase
of units in a real estate project must obtain registration as a real estate agent under MahaRERA.

According to Section 12 of MahaRERA Act, what information should be included in the

agreement for sale between the promoter and the homebuyer?
Answer: Section 12 specifies that the agreement for sale must contain details of the project, the
apartment or plot, the date of possession, and the rights and obligations of the promoter and the
homebuyer.

According to Section 14 of MahaRERA Act, what is the process for filing a complaint with
MahaRERA?
Answer: Section 14 outlines the procedure for filing a complaint with MahaRERA, including the
required format, fees, and supporting documents.

According to Section 17 of MahaRERA Act, what are the rights of a homebuyer in case of
structural defects or any other deficiencies in the project?
Answer: Section 17 empowers a homebuyer to seek appropriate remedies from the developer,
such as repairs, refund, or compensation, in case of structural defects or deficiencies in the
project.

According to Section 18(1) of MahaRERA Act, what is the role of MahaRERA in facilitating
conciliation or mediation for resolving disputes?
Answer: Section 18(1) establishes the role of MahaRERA in providing facilities for conciliation or
mediation to resolve disputes between the parties involved in a real estate project.
According to Section 18(6) of MahaRERA Act, what are the options available to the parties
involved in a dispute if they are not satisfied with the outcome of the conciliation or mediation
process?
Answer: Section 18(6) allows the parties involved in a dispute to approach the adjudicating
officer of MahaRERA for resolution if they are not satisfied with the outcome of the conciliation or
mediation process.

According to Section 19 of MahaRERA Act, what are the penalties for non-registration of a real
estate project with MahaRERA?
Answer: Section 19 allows MahaRERA to impose penalties on developers for failing to register
their real estate projects, which may include monetary fines or imprisonment.

According to Section 20 of MahaRERA Act, what are the powers of MahaRERA regarding the
recovery of interest or compensation?
Answer: Section 20 empowers MahaRERA to pass orders for the recovery of interest or
compensation from developers or real estate agents in case of any violation or non-compliance.

According to Section 21 of the MahaRERA Act, what are the conditions for granting an
extension of registration for a real estate project?
Answer: Section 21 allows MahaRERA to grant an extension of registration for a real estate
project if it is satisfied that the extension is necessary due to force majeure or other reasons.

According to Section 34(2) of MahaRERA Act, what is the time limit for the MahaRERA
Appellate Tribunal to dispose of appeals?
Answer: Section 34(2) states that the MahaRERA Appellate Tribunal must dispose of appeals
within a period of sixty days from the date of receipt of the appeal.

According to Section 35(1) of MahaRERA Act, how does MahaRERA interact with other
authorities?
Answer: Section 35(1) states that MahaRERA shall have the power to coordinate and cooperate
with other authorities involved in the regulation of the real estate sector to achieve the objectives
of the Act.

According to Section 44(1) of MahaRERA Act, what are the penalties for non-compliance with
the orders of MahaRERA Appellate Tribunal?
Answer: Section 44(1) specifies that the penalties for non-compliance with the orders of
MahaRERA Appellate Tribunal can include imprisonment for a term which may extend up to
three years and/or a fine.

According to Section 44(3) of MahaRERA Act, what is the penalty for contravening the orders of
MahaRERA Appellate Tribunal?
Answer: Section 44(3) stipulates that the penalty for contravening the orders of the MahaRERA
Appellate Tribunal can be a maximum of five percent of the project cost.

According to Section 59 of MahaRERA Act, how can an aggrieved person appeal against the
orders or decisions of MahaRERA?
Answer: Section 59 provides the procedure for filing an appeal against the orders or decisions of
MahaRERA, including the time limit, format, and fees.

According to Section 70 of MahaRERA Act, what are the powers of the State Government in
relation to the rules made under the Act?
Answer: Section 70 grants the State Government the power to make rules for carrying out the
provisions of the MahaRERA Act, ensuring effective implementation and administration.

Definition of "apartment"
Answer: An "apartment" refers to a unit in a building or a project that is intended for residential,
commercial, or other purposes. For example, a flat in a residential building or an office space in a
commercial complex.

Establishment of MAHARERA
Answer: This section establishes the Maharashtra Real Estate Regulatory Authority
(MAHARERA) as the regulatory body for the real estate sector in Maharashtra. MAHARERA is
responsible for the registration and regulation of real estate projects in the state.

Mandatory registration of real estate projects

Answer: Developers are required to register their real estate projects with MAHARERA before
advertising, marketing, or selling any units. This ensures transparency, protects buyers' interests,
and promotes accountability.

Registration of real estate agents

Answer: Real estate agents operating in Maharashtra need to obtain registration with
MAHARERA. This ensures that agents adhere to certain standards and guidelines while
facilitating the sale or purchase of units in real estate projects.

Role of MAHARERA in dispute resolution

Answer: MAHARERA plays a crucial role in resolving disputes between buyers and developers.
It provides facilities for conciliation and mediation to facilitate amicable resolution of conflicts and
promote a fair and efficient dispute resolution process.

Penalties for non-compliance

Answer: This section imposes penalties on developers or real estate agents for non-compliance
with the provisions of the MAHARERA Act. Penalties may include fines, imprisonment, or both,
depending on the nature and severity of the violation.

Deposit of 70% of project receivables in a separate account

Answer: Developers are required to deposit 70% of the amounts realized from buyers in a
separate bank account to ensure that these funds are utilized for the specific project's
construction and completion.

Offenses by companies and their officers

Answer: This section specifies the liabilities and penalties for offenses committed by companies
and their officers under the MAHARERA Act. It holds them accountable for any violations or non-
compliance with the provisions.

Appeals against orders of MAHARERA

Answer: Any aggrieved person can file an appeal against the orders or decisions of
MAHARERA within a specified time period. This allows for a review of the decision by a higher
authority to ensure justice and fairness.

Power of the State Government to make rules

Answer: This section grants the State Government the power to make rules for the effective
implementation and administration of the MAHARERA Act. These rules provide specific
guidelines and procedures for various aspects of the Act.
Conciliation in MahaRERA dispute resolution aims to:
Answer: Ensure amicable settlement of disputes

Where can appeals against MahaRERA orders be filed?

Answer: Real Estate Appellate Tribunal

What is the time limit for MahaRERA to resolve a complaint?

Answer: 60 days

Agents must prominently display their RERA registration number

Answer: At their place of business and all marketing materials

What is the penalty for a promoter failing to register a project under RERA?
Answer: Up to 10% of the project cost

Promoters cannot make project changes without

Answer: Consent of at least two-thirds of allottees

What is an allottee's duty as per RERA?

Answer: Ensure timely payments

What ensures project funds are used solely for construction purposes under RERA?
Answer: Escrow account requirements

What is the maximum allowable advance payment before signing a sale agreement?
Answer: 10%

Which section of RERA specifies the penalties for non-compliance by agents?

Answer: Section 62

Which section of the RERA Act deals with the functions and duties of promoters?
Answer: Section 11

Under RERA, how long must a promoter maintain a project's records after handing over
possession?
Answer: 5 years

What is the maximum time frame for the adjudicating officer to dispose of a complaint under
RERA?
Answer: 60 days

Which of the following is NOT a function of the Real Estate Regulatory Authority under RERA?
Answer: Arbitrating disputes between builders and buyers

Which document must a promoter submit quarterly updates on, as per RERA regulations?
Answer: Construction progress

Under RERA, which of the following is mandatory for a promoter before advertising a project?
Answer: Registering the project with RERA

What percentage of the total project cost must be deposited in a separate bank account by the
promoter under RERA?
Answer: 70%
Who has the authority to hear appeals against the decisions of the Real Estate Regulatory
Authority under RERA?
Answer: Real Estate Appellate Tribunal