Mumbai: MahaRERA brings in timeline for developers to update project details

In order to bring transparency and provide maximum information on public platforms, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has come up with a timeline for developers to update their registered project details to the authority.

The regulatory authority has issued a standard operating procedure (SOP) wherein the developer or builder has to endure that it updates about the ongoing project details every quarterly, half-yearly and yearly basis.

A notification regarding the same has been issued by MahaRERA about the SOPs that the builder has to follow to maintain transparency. In fact, it has made seven categories under which all the updates needed to be provided by the developer. The categories include quarterly updates, annual updates, updating form of withdrawal of money from designated accounts, other regular updates from time to time, updates of completion of project and occupancy certificate, update on the conveyance of project (three months after the OC).

According to the MahaRERA, the developers who have registered their projects need to furnish all of the above-mentioned updates immediately so that it is made available for public viewing to enable greater transparency and citizen empowerment. Moreover, the homebuyers can track and evaluate the progress, of their real estate project online on regular basis.

NAREDCO vice president, West, Hitesh Thakkar has appreciated the move introduced by the authority to bring transparency in the real estate sector. He said, “The trust that was diminished over the years due to a fault of a few developers will be overcome now. The authority is creating an eco-system that will certainly bring back the confidence of home buyers. In fact, with the kind of property registrations that is taking place, people have started trusting the sector and considering property buying as one of the important investments now.”