Taxmann Maharashtra RERA Law & Practice By Ramesh S. Prabhu , Kaushik Sampat , S.S. Sandhu , Gautam Chatterjee , Sumant Kolhe , B.D. Kapadnis , D.R. Hadadare Edition September 2021


Practice-Oriented Ready Referencer covering RERA Act, Rules, Regulations, Notifications, Circulars, Case Laws, FAQs, SOPs, etc. in Simple Language

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Taxmann Maharashtra RERA Law & Practice By Ramesh S. Prabhu

Taxmann Maharashtra RERA Law & Practice By Ramesh S. Prabhu

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
  • Builders Association of India

Representatives of Association of Allottees & Professional Bodies

  • 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 1st 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)

About the author

CA. Ramesh S. Prabhu is a highly qualified Mumbai-based Chartered Accountant with CISA (USA) practising for over the last 22 years and a well-known public figure. He is hailed as the Architect of Deemed Conveyance. His area of specialisation has been the Cooperative Housing sector. He has authored around 60 books on various issues on Housing society functioning like conveyance, transfer of flats, parking, repairing, collection of dues from members, income tax, service tax for housing societies etc. All of these books were released by the Ministry of Cooperation, Govt of Maharashtra, under the hand of the Cooperative Secretary at the Housing Society Expo, held in Mumbai during 2006.

CA Kaushik Sampat has a comprehensive experience of more than three decades in all aspects of finance, accounts, commercial operations, budgeting, administration, MIS reporting, statutory compliance with astute planning & organisational skills in real estate and infrastructure companies. He has expertise in engineering construction industry with detailed knowledge of working capital management, cash flow & project management, along with handling accounting & cost control simultaneously of multiple projects of various nature and sizes.

S.S. Sandhu Hon’ble Shri S.S. Sandhu is an administrative member of MahaREAT

Shri Gautam Chatterjee is a retired IAS officer of the Maharashtra cadre and is Chairperson of the Maharashtra Real Estate Regulatory Authority (Maha RERA). A Gold Medallist in M.Sc. Mathematics from Patna University also holds a PG diploma in Urban Planning and Housing from The Netherlands. Mr. Chatterjee has held several important assignments in the Government of Maharashtra and Government of Bharat, including Joint DG of Foreign Trade in the Ministry of Commerce, CEO of Maharashtra Housing and Area Development Authority, CEO of Slum Rehabilitation Authority, and Principal Secretary of Maharashtra Housing Department.

Shri. Sumant Kolhe is a former Judicial Member of MahaRERA

Shri. B.D. Kapadnis is a former Member of MahaRERA

Shri D.R. Hadadare is the Technical Head of MahaRERA

Weight 1 kg

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