Builders to provide MahaRera with project details

07 Feb 2023 CW Team

The promoters of real estate projects that have been registered with any Real Estate Regulatory Authority (Rera) across the nation are required to provide their details for homebuyers to be able to make an informed decision, per a MahaRera order issued on December 27, 2022. The promoters could be owners, partners, or directors of other businesses.

The MahaRera disclosure form requires the promoter to provide Rera registration details, such as the anticipated completion date and any outstanding Rera complaints, for the projects in which they are involved. The promoter must also disclose on the form any warrants Rera may have issued against the project as well as any revocations of the project.

"Builders frequently work on numerous real estate projects throughout Mumbai and India. Builders advertise a number of new projects while ignoring or making vain attempts to finish the projects that have been in limbo for years. A greater level of transparency is what the regulator wants to achieve. The action is crucial to understanding the promoters' sincerity and authenticity since it determines their ability to do business with honesty and upstanding morals. At the same time, it draws buyers to their projects." said MahaRera Bar Association secretary and advocate Anil Dsouza.

Vinod Sampat, an advocate, said: "Many promoters mislead buyers. The promoter's involvement in other projects is occasionally not disclosed, and other projects sometimes run into severe problems such as bank liabilities, delayed competition, and legal issues."

The Real Estate Regulation and Development Act (RERA) mandates that the authority post information on all defaulting promoters, including details about the project for which the registration has been revoked or the promoters have been penalised, on its website.

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