Submission of half-yearly Return by MahaRERA Agent

Submission of half-yearly Return by MahaRERA Agent

Now Maharashtra Real estate agent are required to submit Half yearly annual return From Financial year 2023-24. This year will have two parts one Apr 2023 to Sept 2023 and Oct 2023 to March 2024. The Object of Maharera Agent Half yearly return filing is to ensure transparent sale of plot , apartment , flat etc. Means a rera Agent registered before March 2023 is required to file Rera half yearly return. Real estate agents having turnover more then 20 Lac is required to disclose details of primary office.

What is content of Rera Estate Agent Annual Return ?

On February 13, 2023, MahaRERA issued circular no. 43/2023 which have detail of what information Rera department needed from real estate agents. The information is requested is in detail in Table A , Table B and Table C.

Table A is for Real estate agent who are designated by promoters to act as real estate agent under section 4(2)(j) of the Act . Table B is details of plot , apartments , units , buildings books / sales was facilitated during the return period. And Table C is Applicable for Real estate agents whose annual turnover is 20 lac and above need to disclose details of Primary office and details of Directors.

What is Due date for Filing Rera Annual Return ?

Due date for Rera Annual Return filing is given in Order No. 43/2023 Date:13/02/2023. For Apr 23 to Sept 23 return period due date is 20 Oct 2023 and for period Oct 23 to March 24 is due on 20 April 2024.

Who is required to File Rera Annual Half Yearly return ?

Every Rera estate agent registered on or before 31 March 2023 is required to file annual return. Even there are Nil transaction still Filing of Rera return is mandatory.

What is Penalty for Non Filing of Rera half Yearly Return ?

As per Section 65, if any real estate agent fails to comply with, or contravenes any of the orders or any directions of authority, he must be liable to the penalty for every day during such default continues, which can be cumulatively extended up to 5% of the estimated cost of the apartment, plot, or building, of a real estate project, for which  sale or purchase has been facilitated.

Documents Submission For Rera Half Yearly Return ?

Real estate agents by Section 10 (b) of RERA and MahaRERA Rule 11 (5) to keep and preserve separate books of accounts, records, and documents for each project. Such documents can be Sales books , Booking register , Bank account statement , Contract with Builders etc.  MahaRERA Rule 16 specifies that these records must be produced for inspection as and when necessary under the provisions of the Income Tax Act and the Companies Act.  For Filing Rera annual Return Agent need to fill details in Annx A and submit this details online.