{"id":11890,"date":"2020-07-01T15:25:26","date_gmt":"2020-07-01T09:55:26","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=11890"},"modified":"2020-10-03T17:36:53","modified_gmt":"2020-10-03T12:06:53","slug":"know-in-detail-about-rera-madhya-pradesh","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/know-in-detail-about-rera-madhya-pradesh\/","title":{"rendered":"Let\u2019s know in detail about RERA MP (Madhya Pradesh)"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Madhya Pradesh has notified the Real Estate (Regulation and Development) Act Rules on <strong>October 22, 2016<\/strong>. The state has also launched the official RERA MP portal (<strong>rera.mp.gov.in<\/strong><sup><a href=\"http:\/\/rera.mp.gov.in\/\"><strong>[1]<\/strong><\/a><\/sup>) to address grievances of home buyers against errant developers for their houses. Since the legislation came into force on May 1, almost 2,400 complaints have been registered, of which nearly 1,180 complaints have been resolved.<\/p>\n\n\n\n<p>The Real Estate Regulation &amp;\nDevelopment Act, 2016, is an Act passed by the Parliament that seeks to protect\nhomebuyers and also help boost investments in the real estate industry. The Act\ncame into <strong>existence on May 1, 2017, <\/strong>with\n<strong>69 of 92 sections as notified<\/strong>. The\nAct mandates registration of every project having a size of above 500 square\nmeters or more than 8 apartments.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-rera-madhya-pradesh\/#How_to_register_with_RERA_MP\" >How to register with\nRERA MP?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-rera-madhya-pradesh\/#Documents_Required_to_Register_for_RERA_MP\" >Documents Required to Register for RERA MP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-rera-madhya-pradesh\/#RERA_impact_on_Real_Estate_Agent\" >RERA impact on Real Estate Agent<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-rera-madhya-pradesh\/#Government_Fees_and_Charges_on_RERA_MP\" >Government Fees and Charges on RERA MP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-rera-madhya-pradesh\/#Benefits_of_MP_RERA_implementation\" >Benefits of MP RERA implementation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-rera-madhya-pradesh\/#Key_obligations_for_Builders_Developers_and_Promoters\" >Key obligations for Builders, Developers, and Promoters<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-rera-madhya-pradesh\/#RERA_MP_Rules_and_regulations\" >RERA MP Rules and regulations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-rera-madhya-pradesh\/#Rejection_of_RERA_Application\" >Rejection of RERA Application<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-rera-madhya-pradesh\/#Registration_validity_of_RERA_MP\" >Registration validity of RERA MP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-rera-madhya-pradesh\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_register_with_RERA_MP\"><\/span>How to register with\nRERA MP?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The RERA MP mandates all real estate\ndevelopers and projects in the state are required to enroll on the official\nRERA site. The mode of online registration has been provided to expedite a\nregistration process. Every eligible project of the real estate remaining\nincomplete by April 30, 2017, or that whose completion certificate was not\nissued will be included in the ambit of RERA. <\/p>\n\n\n\n<p>Real estate agents will receive a\ncertificate number, which <strong><em>will be valid for 5 years. Registration fees\nin the case of individuals are Rs 10,000 and Rs 50,000 in the case of other\nthan an individual.<\/em><\/strong><\/p>\n\n\n\n<p>Real estate agents facilitating sales must\nalso require to register in RERA. <strong>Section\n9<\/strong> of the Act specifies that real estate agents that engaged in selling\nprojects registered under the Act can do so only after registering themselves\nwith authority. <strong>Section 10<\/strong> of the\nAct gives the detailed functions and duties of real estate agents. RERA in\nMadhya Pradesh has started its operation from day first, i.e., May 1, 017.\nAfter a long time of almost 2.5 months, only four agents are registered in\nMadhya Pradesh.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_Required_to_Register_for_RERA_MP\"><\/span>Documents Required to Register for RERA MP <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Madhya Pradesh today, is one of the first\nstates in the country to build an authority in the Real Estate Regulation &amp;\nDevelopment Act. Under RERA MP rules, all real estate developers, agents, and\npromoters are required to furnish the relevant documents regarding registration\nof their projects with the state regulatory authority. The documents required\nare:<\/p>\n\n\n\n<ul><li>Passport size photograph of\nagents\/ promoters<\/li><li>Copy of Aadhar card of agents\/\npromoters <\/li><li>PAN card of MP real estate\nagent in case of an individual or PAN card of Firm\/ Company<\/li><li>Audited profit and loss\nstatement along with the Income Tax Returns (ITRs) for the last three financial\nyears<\/li><li>Income Tax Return of the last\nthree financial years or in case an applicant was exempted from filing returns\nunder provisions of the Income Tax Act, 1961 of the 3-year preceding the\napplication, a declaration to such effect.<\/li><li>Authenticated copy of address\nproof of a place of business<\/li><li>Registration proof (either\nPartnership Deed or COI in case of Company)<\/li><li>Particulars of the Registration\nincluding the bye-laws, articles of association, memorandum of association, etc<\/li><li>Details of open and covered\nparking spaces as proposed in the project<\/li><li>Details of any type of\ndispute\/litigation on a land title<\/li><li>In case the developer is not\nthe owner of the land, he needs to furnish a copy of the land agreement.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"RERA_impact_on_Real_Estate_Agent\"><\/span>RERA impact on Real Estate Agent<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Under the RERA Act 2016, all Real Estate\nAgents must have to register with the RERA before facilitating any transaction.\nEvery Agent has to be listed by the Promoter during the Project\nRegistration\/Status Updates without which Agent cannot market the project <\/p>\n\n\n\n<p>If any of the real estate agents fail to register, he must be liable to a <strong>penalty of Rs 10,000<\/strong> for every day during which such default continues. It can be cumulatively <strong>extended up to 5%<\/strong> of the cost of the apartment, plot, or buildings of a real estate project, for which a sale or purchase has been facilitated. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/aprera-notification-on-late-quarterly-compliance-filing\/\">APRERA Notification on Late Quarterly Compliance Filing<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Government_Fees_and_Charges_on_RERA_MP\"><\/span>Government Fees and Charges on RERA MP <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The real estate agents require to pay\ngovernment registration fees at the time of an application made to the\nAuthority through NEFT or RTGS or any other type of digital transaction mode.\nThe Registration Fees is as follows:<\/p>\n\n\n\n<ul><li><strong><em>In case of an Individual:\nRs 10,000<\/em><\/strong><\/li><li><strong><em>In case of other than an\nindividual: Rs 50,000<\/em><\/strong><\/li><\/ul>\n\n\n\n<p>RERA Act 2016 is a step towards reforming the real estate sector in India, encouraging more transparency, accountability, and professionalism.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_of_MP_RERA_implementation\"><\/span>Benefits of MP RERA implementation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li><strong><em>Timely delivery:<\/em><\/strong> Any contract which\nis signed between Madhya Pradesh Housing Board\/developers and allottees must be\ncompleted in time. Under the RERA regime, properties must be constructed within\nthe stipulated time, avoiding unnecessary delays and cost escalations. <\/li><li><strong><em>Guarantee:<\/em><\/strong> All properties that are\nregistered under RERA have a five-year guarantee promising sound construction\nquality. <\/li><li><strong><em>No misleading advertisements:<\/em><\/strong>\nMarketing and advertising of real estate projects have to be done only after\nthe successful completion of registration with a regulator. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_obligations_for_Builders_Developers_and_Promoters\"><\/span>Key obligations for Builders, Developers, and Promoters<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Madhya Pradesh government has been adopted the RERA rules drafted by a central government. It requires that any project with 8 units or plot size more than 500 sq m has to be registered with the regulatory authority<strong><em>.<\/em><\/strong> According to RERA MP norms, a Promoter must disclose the following for eligible project:<\/p>\n\n\n\n<ul><li>Original approved the layout\nplan along with specifications promised to an allottees<\/li><li>The total amount of money\ncollected from an allottee and utilized for activities involved in project\ncompletion<\/li><li>Status of a project with\nphotographic evidence, if the project is delayed, a revised time schedule with\nthe reasons for the delay must be issued.<\/li><li>Size of an apartment based on\ncarpet area<\/li><li>Bank details of an escrow\naccount having 70 % of the total amount collected from the buyers<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"RERA_MP_Rules_and_regulations\"><\/span>RERA MP Rules and regulations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Apart from these documents, a certain amount must be charged while registering real estate projects under RERA. The registration amount would be calculated on the basis of following:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"611\" height=\"261\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/07\/image-3.png\" alt=\"RERA MP Rules and regulations\" class=\"wp-image-11891\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/07\/image-3.png 611w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/07\/image-3-300x128.png 300w\" sizes=\"(max-width: 611px) 100vw, 611px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rejection_of_RERA_Application\"><\/span>Rejection of RERA Application<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In case a developer applies for withdrawal of registration of the project or in case the application is rejected, the <a href=\"https:\/\/corpbiz.io\/rera-registration\"><strong>RERA registration fee<\/strong><\/a> must be <strong><em>refunded within 30 days<\/em><\/strong>, after deducting 10% from the amount.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Registration_validity_of_RERA_MP\"><\/span>Registration validity of RERA MP<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If all details were furnished correctly as\nper the directed guidelines, a registration certificate should be issued to the\ndeveloper, which must be <strong><em>valid for five years.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The authority has designed for keeping the above factors in mind that reflects the values of a basic Authority&#8217;s functioning of RERA MP. It portrays the authority&#8217;s commitment to creating a caring, nurturing environment for the promotion of the real estate sector. The design of the emblem embodies a spirit that underpins the authority&#8217;s work <strong><em>\u2013 representing tranquillity, and transparency<\/em><\/strong>.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-promoters-online\/\">Comprehensive Guide on RERA Registration for Promoters<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Madhya Pradesh has notified the Real Estate (Regulation and Development) Act Rules on October 22, 2016. The state has also launched the official RERA MP portal (rera.mp.gov.in[1]) to address grievances of home buyers against errant developers for their houses. Since the legislation came into force on May 1, almost 2,400 complaints have been registered, of [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":11895,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[182],"tags":[718],"acf":{"service_id":"102"},"authorName":"Soumya Bajpai","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/01\/0.jpg","authorDescription":"Soumya has done LLB (Hons) and has a 2+years experience in writing. Her main interest is in reading judgments, new enactments and amendments taking around in law. She always strives to bring the best to work that she does.","postViews":12419,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/11890"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=11890"}],"version-history":[{"count":10,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/11890\/revisions"}],"predecessor-version":[{"id":17336,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/11890\/revisions\/17336"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/11895"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=11890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=11890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=11890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}