LAW CHAMBER OF HINESH RATHOD (ADVOCATE)
February 3, 2025 at 06:34 AM
*Whether the Self-redevelopment project is to be registered with MAHA-RERA?*
In accordance with Section 3 of the Real Estate (Regulation and
Development) Act, 2016 (RERA), all real estate projects exceeding 500
square meters or comprising more than eight apartments must be registered with the respective Real Estate Regulatory Authority (RERA)
prior to any advertisement or sale.
This section explicitly outlines the criteria for registration, ensuring that all significant development
projects come under the purview of RERA. Since most of the self redevelopment project shall have a sale component whereby the
Society is required to sell some flats either to its own existing members
or to new buyers, when the component of sale exist (both in case of
development and redevelopment) registration under MAHA-RERA is
mandatory. Though one may argue that if 100% of units are allotted to
the existing members, which does not involve any sale of any type of
units constructed or to be constructed, can be said to be exempted from
registration under RERA. However, even if a single unit is offered or to be
offered for sale registration shall be mandatory
Consequently, self-redevelopment projects fall within this regulatory
framework and must comply with Maha-RERA registration requirements.
This not only enforces compliance with statutory obligations but also instils confidence among homebuyers, assuring
them of the project's legitimacy and adherence to stipulated norms.
In summary, the registration of self-redevelopment projects with Maha
RERA is a critical measure to ensure that the development process is transparent, accountable, and in strict conformance with regulatory
standards, thereby protecting the rights and interests of all stakeholders involved.