+
MahaRERA Updates SRO Eligibility
Real Estate

MahaRERA Updates SRO Eligibility

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced a revision in the eligibility criteria for forming Self-Regulatory Organizations (SROs) to enhance regulatory compliance within the state's real estate sector. The revised threshold now allows areas outside the Mumbai Metropolitan Region (MMR) to establish SROs with just 200 projects, down from the previous 500. This decision aims to ensure more developers receive proper regulatory guidance, improving compliance across the industry.

Since its inception, MahaRERA has required developers to register their projects, yet many developers continue to miss critical deadlines or fail to submit necessary documentation. This often leads to delays in project registration, renewals, and other essential activities. The role of SROs has become vital in bridging these gaps. These organizations, with in-depth knowledge of MahaRERA's regulations, assist developers in staying compliant and ensuring timely project approvals.

MahaRERA introduced the concept of SROs in October 2019, formally recognizing a group of builders or federations as official representatives. To be recognized, these SROs must adhere to specific conditions set by MahaRERA, playing a key role in the regulatory framework. Notably, SROs are the only officially sanctioned bodies for representing developers, as intermediaries like agents are prohibited from doing so.

Currently, seven organizations are recognized as SROs by MahaRERA, including NAREDCO West Foundation, CREDAI-MCHI, CREDAI Maharashtra, Builders Association of India, Marathi Bandhkam Vyavsayik Association, Brihanmumbai Developer Association, and CREDAI-Pune Metro. Developers applying to register housing projects must be members of these recognized organizations.

With the newly revised criteria, more organizations outside the MMR are expected to qualify for SRO recognition. This expansion is expected to create a ripple effect, encouraging developers to comply with MahaRERA's regulations more rigorously, thereby promoting higher industry standards and reducing delays in project approvals.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced a revision in the eligibility criteria for forming Self-Regulatory Organizations (SROs) to enhance regulatory compliance within the state's real estate sector. The revised threshold now allows areas outside the Mumbai Metropolitan Region (MMR) to establish SROs with just 200 projects, down from the previous 500. This decision aims to ensure more developers receive proper regulatory guidance, improving compliance across the industry. Since its inception, MahaRERA has required developers to register their projects, yet many developers continue to miss critical deadlines or fail to submit necessary documentation. This often leads to delays in project registration, renewals, and other essential activities. The role of SROs has become vital in bridging these gaps. These organizations, with in-depth knowledge of MahaRERA's regulations, assist developers in staying compliant and ensuring timely project approvals. MahaRERA introduced the concept of SROs in October 2019, formally recognizing a group of builders or federations as official representatives. To be recognized, these SROs must adhere to specific conditions set by MahaRERA, playing a key role in the regulatory framework. Notably, SROs are the only officially sanctioned bodies for representing developers, as intermediaries like agents are prohibited from doing so. Currently, seven organizations are recognized as SROs by MahaRERA, including NAREDCO West Foundation, CREDAI-MCHI, CREDAI Maharashtra, Builders Association of India, Marathi Bandhkam Vyavsayik Association, Brihanmumbai Developer Association, and CREDAI-Pune Metro. Developers applying to register housing projects must be members of these recognized organizations. With the newly revised criteria, more organizations outside the MMR are expected to qualify for SRO recognition. This expansion is expected to create a ripple effect, encouraging developers to comply with MahaRERA's regulations more rigorously, thereby promoting higher industry standards and reducing delays in project approvals.

Next Story
Real Estate

DLF Returns to Mumbai with Premium Andheri Residential Project

Delhi-NCR based real estate major DLF announced its return to the Mumbai market on 17 July with the launch of its premium residential project, The WestPark, in Andheri. The first phase includes 416 apartments spread across four towers, with two towers launched on the announcement day. The company plans to invest over Rs 8 billion in the project and expects a topline exceeding Rs 20 billion from Phase 1.“We have launched two towers and, given the strong response, plan to unveil the remaining two towers ahead of schedule, within the next few days,” said Aakash Ohri, Joint Managing Director o..

Next Story
Infrastructure Urban

APCRDA Advances Net Zero Goal with IGBC Training for Officials

In a significant stride towards Andhra Pradesh’s Net Zero target by 2040 and the Swarna Andhra 2047 vision, the Andhra Pradesh Capital Region Development Authority (APCRDA), in partnership with the Indian Green Building Council (IGBC), conducted a high-level capacity-building programme for senior officials in Vijayawada on Friday.Held at a city hotel, the session saw the participation of over 50 senior APCRDA officials, including the Engineer-in-Chief, Chief Engineer (H&B), Director (Planning), Director (Environment), and heads of key departments. The training centred on IGBC’s Green B..

Next Story
Infrastructure Energy

Assam Solar Project Halted as Waaree EPC Contract Is Cancelled

Following the Assam government’s withdrawal from its proposed solar project, the Engineering, Procurement, and Construction (EPC) contract awarded to Waaree Renewable has been suspended. Waaree Group’s EPC division informed the stock exchange of this development through a regulatory filing.The Assam solar project was suspended due to funding challenges, which rendered the initiative unviable for the state government. Waaree Renewable Transmission Limited (RTL) explained that the Government of Assam has withdrawn the project’s funding via the Asian Development Bank (ADB) loan. Consequentl..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?