MahaRERA i.e. the Maharashtra Real Estate Regulatory Authority has decided to slash the minimum registration fees by a large margin. The township projects with smaller units can now get registered with just Rs. 10,000 instead of Rs. 50,000. This will largely benefit rural areas.
According to the MahaRERA officials, the change in rates came with an amendment in the rules by the Maharashtra Housing Department earlier this year.
The deduction in registration rates are introduced with the aim to encourage small developers to get themselves registered with the authority with a predetermined rate of Rs.10 per sqft and minimum plot area of Rs.500 square metre.
One of the officials at MahaRERA said that various cities have multiple small residential projects that cover a little more than 1,000 sq metre or 1,200 sq metre. The developers with such projects can now get themselves registered with a small amount. In two years of its formation, more than 21,000 projects have been registered with the authority which is the maximum in any state and the MahaRERA authority is taking all the measures to encourage more developers to get registered.
The maximum number of developers from the Mumbai Metropolitan region [MMR], Pune and Nagpur approached the authority to get registered but the rural areas didn’t respond well and thus this year the authority is concentrating more on these localities the MahaRERA said.
The amendment in rules will bring more projects in the rural areas under MahaRERA and the developers have to pay an extended fee that is calculated on the land that is planned for development at Rs.5 per sq meter.