MahaRERA sets 2-yr tenure for real estate appointees of SROs | Mumbai News

Mumbai: The MahaRERA has decided to fix the tenure of appointees of various Self-Regulatory Organisations (SROs) from the real estate industry, which assists the authority with the registration of housing projects, to a maximum of two years. It has asked all SROs to replace representatives in MahaRERA, who were in office for more than two years, with immediate effect. The aim is to avoid any conflict of interest that may arise. MahaRERA has also decided that the appointees should be subject matter specialists in legal, financial, and technical matters.
Presently, there are seven SROs, including NAREDCO West Foundation, CREDAI-MCHI, CREDAI Maharashtra, Builders Association of India, Marathi Bandhkam Vyavsayik Association, Brihanmumbai Developer Association, and CREDAI-Pune, which are recognised by MahaRERA. Every housing project is mandatorily registered with MahaRERA and obtains a registration number, as per the terms and conditions laid down in the Real Estate (Regulation and Development) Act, 2016.
Developers of all housing projects are not permitted to advertise, promote, and sell unless they have a MahaRERA registration number. Knowledge of legal, financial, and technical aspects plays an important role in determining the future of any housing project. Prior to issuing a registration number, MahaRERA scrutinises each proposal on these three criteria. Representatives of SROs appointed at MahaRERA officially help their respective member promoters in the registration process. Observations and remarks made during the scrutiny are shared with these representatives, who in turn assist the member promoters to get them fulfilled.
Therefore, in order to seamlessly assist the member promoters, SROs should appoint representatives having domain expertise in at least one of the legal, economic, and technical streams. MahaRERA chairman Manoj Saunik said, “While registering a new housing project with MahaRERA, promoters expect a seamless experience and support from the SROs. However, due to lack of subject matter experts, this objective remains unachieved. Therefore, MahaRERA has taken this decision..”
Mumbai: The MahaRERA has decided to fix the tenure of appointees of various Self-Regulatory Organisations (SROs) from the real estate industry, which assists the authority with the registration of housing projects, to a maximum of two years. It has asked all SROs to replace representatives in MahaRERA, who were in office for more than two years, with immediate effect. The aim is to avoid any conflict of interest that may arise. MahaRERA has also decided that the appointees should be subject matter specialists in legal, financial, and technical matters.
Presently, there are seven SROs, including NAREDCO West Foundation, CREDAI-MCHI, CREDAI Maharashtra, Builders Association of India, Marathi Bandhkam Vyavsayik Association, Brihanmumbai Developer Association, and CREDAI-Pune, which are recognised by MahaRERA. Every housing project is mandatorily registered with MahaRERA and obtains a registration number, as per the terms and conditions laid down in the Real Estate (Regulation and Development) Act, 2016.
Developers of all housing projects are not permitted to advertise, promote, and sell unless they have a MahaRERA registration number. Knowledge of legal, financial, and technical aspects plays an important role in determining the future of any housing project. Prior to issuing a registration number, MahaRERA scrutinises each proposal on these three criteria. Representatives of SROs appointed at MahaRERA officially help their respective member promoters in the registration process. Observations and remarks made during the scrutiny are shared with these representatives, who in turn assist the member promoters to get them fulfilled.
Therefore, in order to seamlessly assist the member promoters, SROs should appoint representatives having domain expertise in at least one of the legal, economic, and technical streams. MahaRERA chairman Manoj Saunik said, “While registering a new housing project with MahaRERA, promoters expect a seamless experience and support from the SROs. However, due to lack of subject matter experts, this objective remains unachieved. Therefore, MahaRERA has taken this decision..”