Mumbai: Now dual registration for realty projects a must

In a bid to increase transparency in the real estate industry and further to save home buyers from crony developers, the state government has come up with a new resolution. The resolution by the Revenue and Forest department makes it mandatory for flats of projects which are meant to be registered with Maharashtra Real Estate Regulatory Authority be registered by stamp duty office, provided they are registered with MahaRERA.

Every under-construction project needs to be registered with MahaRERA except if the area of land does not exceed 500 sq mt or the number of apartments to be developed does not exceed eight.

Adv Vinod Sampat said this is a good move by the government, "Now developers will have to register with MahaRERA because, if an agreement isn't registered, availing a bank loan becomes difficult and developers need money. So to execute an agreement, now MahaRERA is mandatory."

The resolution says that under section 44 of Maharashtra Registration Act 1961, certain requirements be verified before accepting a document for registration.

The resolution also states the above-mentioned section will be applicable to all those projects that are ongoing and not registered with MahaRERA.

Adv Shirish Deshpande, Chairman of Mumbai Grahak Panchayt says, "What the above circular will achieve is any builder enters into a sale agreement with buyers without registering with MahaRERA, the agreement won't be registered."