MahaRERA mandates developers to get approved SRO-registered

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a circular stating that developers have to get registered with its approved Self Regulatory Organisations (SRO) before applying for the MahaRERA registration for residential projects. The decision will be enforced from December 1, 2019. The decision will be enforced from December 1, 2019. Being the SRO, CREDAI-Maharashtra has reportedly urged builders to register with it, stating that the entire registration process has been made online and easy for the developers. As per the MahaRERA decision, while registering a new project or updating an existing one, it is mandatory for the builder to register with recognised SRO bodies such as CREDAI-Maharashtra or other bodies mentioned on the MahaRERA website. Commenting on the announcement, says Rohit Poddar, Managing Director, Poddar Housing and Development, and Joint Secretary, NAREDCO Maharashtra, “Accredited developer associations play a pivotal role in not only being an enabler in inducing government in framing the progressive policies but also helping developers in addressing challenges they might be facing. Despite meaningful interventions by the policy-makers, slow inventory offtake is still a concern at large. This announcement is a perfect formulation of ecosystem to bring all the stakeholders together and bring the change in the industry.” Says Parth Mehta, Managing Director, Paradigm Realty, “The Government of India, in view to protect the interests of home buyers, have passed many reformatory changes in the last few years. This is another wise move to bring parity and professional code of conduct in the real estate practices across the state. The SROs will encourage its members to comply with the provisions of RERA Act and apply rules and regulations issued by MahaRERA. Unfair activities practiced by few developers, have shaken the confidence of homebuyers impacting entire sector at large. This move will help to restore trust deficit between the homebuyer and the developer which will simultaneously boost investments in the real estate industry.”