MahaRERA redefines criteria for Self Regulatory Organizations outside MMR
According to MahaRERA, this move will help developers in the rest of Maharashtra to get official assistance and guidance on several regulatory related issues pertaining to MahaRERA.
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In October 2019, MahaRERA officially recognised a group or an organisation or a federation of builders as SRO. (File)The Maharashtra Real Estate Regulatory Authority (MahaRERA) has redefined the minimum criteria for formation of a Self-Regulatory Organisation (SRO) from 500 projects to 200, for developers outside the Mumbai Metropolitan Region (MMR).
According to MahaRERA, this move will help developers in the rest of Maharashtra to get official assistance and guidance on several regulatory related issues pertaining to MahaRERA such as registration of new housing projects, correction, renewal, quarterly progress reports, project completion reports, etc.
In October 2019, MahaRERA officially recognised a group or an organisation or a federation of builders as SRO. The recognition is subject to compliance to certain conditions and role, related to MahaRERA’s regulatory framework. It is mandatory for all the developers to register their projects.
However, it has been observed that the developers often fail to furnish necessary information and documents leading to delays in project’s registration, corrections, renewal and so on. The SROs play a crucial role in assisting the industry in ensuring compliance by providing right guidance. The SROs are the only ones officially recognised as the representatives of the developers.
Currently, there are a total seven SROs recognised by MahaRERA namely NAREDCO West Foundation, CREDAI-MCHI CREDAI Maharashtra, Builders Association of India, Marathi Bandhkam Vyavsayik Association, Brihanmumbai Developer Association and CREDAI-Pune.
The primary objective of having an SRO is to assist the developers. Presently, while registering a housing project, the applicant developer must be a member of one of these seven organisations.
MahaRERA scrutinises every application it receives from the builders and provides lacunas and observations to the SRO representative, which the developer is a member of. The SRO representatives are a link between MahaRERA and the developers, as they follow up on every application made by their members. With the new criteria set for the SROs in areas other than the MMR, it opens space for more organisations to get recognition.
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