PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has revised the minimum eligibility criteria for forming a Self-Regulatory Organisation (SRO), in an effort to ensure regulatory compliance among property developers for registration of projects.
Now, the minimum threshold to form an SRO has been reduced from 500 to 200 projects (in total of all developer members) for areas outside Mumbai Metropolitan Region (MMR), according to a directive issued on Thursday.
The move aims to enhance access to regulatory guidance and support while promoting stricter compliance within the real estate sector, MahaRERA officials told TOI.
The SROs assist developers by providing advice and ensuring compliance within the mandated framework. Currently, there are seven SROs under MahaRERA, like Credai, Naredco, and others. An applicant developer is required to be a member of one of these seven organisations while registering a housing project.
The SRO representatives serve as a crucial link between MahaRERA and developers, ensuring follow-ups on each application filed by members. “With the criteria reduced, more organisations can be registered to help developers,” explained a MahaRERA official, choosing anonymity.
The move is expected to help developers across Maharashtra get official assistance and guidance on several regulatory-related issues pertaining to MahaRERA, such as registration of new housing projects, corrections, renewal, quarterly progress reports, and project completion reports.
MahaRERA took the initiative in Oct 2019 to officially recognise a group, organisation, or federation of builders as an SRO. The recognition is subject to compliance with certain conditions and rules related to MahaRERA’s regulatory framework.
Since MahaRERA’s establishment in 2017, it is mandatory for all developers to register their projects. However, it was observed that developers often fail to furnish necessary information and documents, leading to delays in project registration, corrections, renewal, and more.
The SROs, who are knowledgeable about the regulatory framework, assist the industry in ensuring compliance by providing the right guidance. They are the only ones officially recognised as representatives of developers. Agents and other intermediaries have already been banned by MahaRERA.
Pune: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has revised the minimum eligibility criteria for forming a Self-Regulatory Organisation (SRO), in an effort to ensure regulatory compliance among property developers for registration of projects.
Now, the minimum threshold to form an SRO has been reduced from 500 to 200 projects (in total of all developer members) for areas outside Mumbai Metropolitan Region (MMR), according to a directive issued on Thursday.
The move aims to enhance access to regulatory guidance and support while promoting stricter compliance within the real estate sector, MahaRERA officials told TOI.
The SROs assist developers by providing advice and ensuring compliance within the mandated framework. Currently, there are seven SROs under MahaRERA, like Credai, Naredco, and others. An applicant developer is required to be a member of one of these seven organisations while registering a housing project.
The SRO representatives serve as a crucial link between MahaRERA and developers, ensuring follow-ups on each application filed by members. “With the criteria reduced, more organisations can be registered to help developers,” explained a MahaRERA official, choosing anonymity.
The move is expected to help developers across Maharashtra get official assistance and guidance on several regulatory-related issues pertaining to MahaRERA, such as registration of new housing projects, corrections, renewal, quarterly progress reports, and project completion reports.
MahaRERA took the initiative in Oct 2019 to officially recognise a group, organisation, or federation of builders as an SRO. The recognition is subject to compliance with certain conditions and rules related to MahaRERA’s regulatory framework.
Since MahaRERA’s establishment in 2017, it is mandatory for all developers to register their projects. However, it was observed that developers often fail to furnish necessary information and documents, leading to delays in project registration, corrections, renewal, and more.
The SROs, who are knowledgeable about the regulatory framework, assist the industry in ensuring compliance by providing the right guidance. They are the only ones officially recognised as representatives of developers. Agents and other intermediaries have already been banned by MahaRERA.
Source Homevior.in
