Taxmann’s Maharashtra RERA Law & Practice by Ramesh S. Prabhu – 1st Edition September 2021.

WIRC’s Maharashtra RERA Law & Practice covers the Real Estate Regulating Authority Act (RERA) along with Rules, Regulations, Notifications, Circulars & relevant Case Laws for complying with the provisions of RERA. The book aims to organise the learnings of RERA implementation (since its inception) & correlating the legal provisions (such as Circulars, Orders, etc.) to give a complete picture of the law

This book incorporates the perspectives of the following stakeholders:

• Representatives of Self-Regulating Organisations
  • Brihanmumbai Developers Association
  • CREDAI-MCHI
  • NAREDCO
  • Builders Association of India
• Representatives of Association of Allottees & Professional Bodies
  • PEATA
  • Bar Association of MahaRERA & MahaREAT
  • Members of WIRC of ICAI
  • Mumbai Grahak Panchayat
  • Confederation of Residents Welfare Association
  • Maharashtra Cooperative Housing Federation Ltd.
  • Maharashtra Societies Welfare Association
  • Mumbai District Cooperative Housing Federation
  • Women Legal Forum for CHS
  • Engineers Associations

This book will be helpful to the following:

• Chartered Accountants
• Advocates
• Promoters & Investors
• Real Estate Agents
• Allottees (including Association of Allottees), Flat Purchasers
• Policy Makers, RERA Authorities & Officials from the RERA Appellate Tribunal
• Engineers
• Contractors & Architects
• Project Management Consultants
• Developers & Development Managers

The Present Publication is the 1^st Edition, authored by the study group of industry experts & representatives from all stakeholders, edited by CA Ramesh S. Prabhu & co-edited by CA Kaushik Sampat, reviewed under the guidance of Hon’ble Shri S.S. Sandhu, Shri. Gautam Chatterjee, Shri. Sumant Kolhe, Shri. B.D. Kapadnis & Shri. D.R. Hadadare, with the following noteworthy features:

• [Coverage of each aspect of Real Estate Transactions] with the following:
  • Necessary legal provisions
  • Steps & prescribed procedures for compliance (Standard Operating Procedures)
  • The consequential risk of violation and inviting penal actions
  • FAQs and the Judicial Rulings have been included to make the manual relevant and practice-oriented
  • Covering representation aspects of appearing before the Real Estate Regulatory Authority, Adjudicating Officer, Real Estate Appellate Tribunal
• [Practical Manual in Simple Language] with the discussion of the provisions along with Rules, Orders, Regulations, and applicable Circulars for each particular chapter
• [Practical Ready Referencer] The various formats, drafts and specimen are included in the manual, where the practitioner may accordingly decide to change the draft considering the facts and the relief claimed
• [360° Coverage] This book covers the legal and practical aspects of Maharashtra RERA along with other legal provisions affecting the real estate transaction such as:
  • Income-tax Act
  • Goods & Services Act
  • Insolvency & Bankruptcy Code
  • Consumer Protection Act
  • Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act
  • Maharashtra Apartment Ownership Act
  • Transfer of Property Act, Stamp Duty & Registration
  • Prevention of Money Laundering Act
  • Foreign Exchange Management Act
  • Monopolistic and Restrictive Trade Practices Act
  • Development Control and Promotion Regulation

The detailed contents of the book are as follows:

• General – Applicable to all Stakeholders
  • Overview of RERA, 2016
  • Journey & Implementation of RERA
  • Objective and Purpose of RERA
  • Real Estate Sector Deficiencies Addressed by RERA
  • The Authorities to Implement the Act
  • Powers and Functions of 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
  • A Financial Planning for Real Estate Projects
  • Project Updates 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
• Agent – From the Real Estate Perspective
  • Registration of Estate Agents – Legal Framework
  • Process to Obtain Registration for Real Estate Agent
  • Functions of the Real Estate Agent
  • Impact of RERA on Estate Agents
  • Changing Business Landscape for Realtors post RERA
• 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 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 and 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 616 No. 5)
  • Guidance Note on Accounting for Real Estate Transactions 668 (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 High Court
  • Execution of Orders of MahaRERA and Adjudicating Officer
  • Execution of a Decree under Code of Civil Procedure, 1908
  • Complaints by Association of Allottees
  • Offences and Penalties
  • MahaRERA Conciliation and Dispute Resolution Forum
  • MahaRERA Conciliation Forum Role Model of ADR in Real Estate Sector
• Income Tax, GST – Taxation: Income Tax, GST, Stamp Duty and Registration
  • Income-tax Applicable on Real Estate Transactions
  • Overview of GST Implications of 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
  • Society Redevelopment and RERA
• Act and Rules – Act, Rules, Notifications, MahaRERA Orders and Circulars
  • The Real Estate (Regulation and Development) Act, 2016
  • 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
  • Maharashtra Real Estate Regulatory Authority, Chairperson, Members Officers and other Employees (Appointment and Service Conditions) Rules, 2017
  • Maharashtra Real Estate (Regulation and Development) (Recovery of Interest, Penalty, Compensation, Fine Payable, Forms of Complaints and Appeal, etc.) Rules, 2017
  • Maharashtra Real Estate Appellate Tribunal (Members 1405 Officers and Employees) (Appointment and Service Conditions) Rules, 2017
  • Maharashtra Real Estate Regulatory Authority (Form of Annual Statement of Accounts and Annual Report) Rules, 2017
  • Maharashtra Real Estate Regulatory Authority (Recruitment and Conditions of Service of Employees) Regulations, 2017
  • Maharashtra Real Estate Regulatory Authority (General) Regulations, 2017
  • Maharashtra Real Estate Regulatory Authority (General) (Amendment) Regulations, 2019
  • Maharashtra Real Estate Regulatory Authority (General) (Second Amendment) Regulations, 2019
  • Constitution and Operations of Real Estate Regulatory Fund
  • MahaRERA Orders and Circulars (Selected and Important)
  • Maharashtra Real Estate Appellate Tribunal Regulations, 2019
  • Circulars – Appellate Tribunal (Selected and Important)

Details