Mumbai: To ensure more professionalism and avoid frauds, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has mandated promoters (builders) to disclose membership details at its registered self-regulatory organisations (SROs).
The main role of SROs involves to create awareness programmes and encourage its members to comply with the provisions of the Act, rules and regulations, circulars issued by the MahaRERA regularly. A copy of the order is with the Free Press Journal.
Commenting on the development, Manju Yagnik, vice chairperson Nahar Group and vice president NAREDCO (Maharashtra) said, "With this inclusion, the SRO will now be responsible for its members adopting the RERA principles, rules and regulations in a more holistic manner.
The move will beneft consumers in terms of responsiveness and transparency. It will also allow SROs to enable developers to ensure greater professionalism on their part, and build confidence and credibility for their brand.”
Likewise, Parth Mehta, the Paradigm Realty managing director, stated, "It is another wise move to bring parity and professional code of conduct to the real estate practices across the state.
The SROs will encourage members to comply with the RERA Act provisions and implement MahaRERA rules and regulations. Unfair activities practised by developers have shaken the confidence of home-buyers, impacting the sector at large.
The move will restore trust deficit between home-buyers and developers, giving a boost to investment in the real estate sector."
From December 1, builders applying to MahaRERA for registration of their real estate projects shall have to disclose their membership details with registered SROs.
Currently, the registered SROs with MahaRERA are Maharashtra Chamber of Housing Industry (MCHI), Confederation of Real Estate Developers Association of India (CREDAI), National Real Estate Development Council (NAREDCO).
While any other group, federation of promoters interested to be registered as an SRO with MahaRERA can apply online. They should have at least 500 MahaRERA registered projects of their members. Once approved, the SRO registration will remain valid for five years, according to MahaRERA.