After serving for more than two-and-half-years, the Chairman of Maharashtra Real Estate Regulatory Authority (MahaRERA), Ajoy Mehta is retiring from the position on September 20, 2024. He assumed the charge in February 2021. Former Maharashtra Chief Secretary Manoj Saunik will take over the charge from Mehta.
The Impact Of Ajoy Mehta On MahaRERA
After assuming charge at the MahaRERA, he has been continuously striving to enhance transparency, accountability and credibility of the realty sector and legally empowering the homebuyers, alongside. To achieve these objectives, he took several important decisions that will have a long-term positive impact on the state's real estate sector.
To enable homebuyers to have access to credible and reliable information about any project, he insisted that the developers share important details about the project with the public. Similarly, while registering new projects, developers and all directors involved are required to submit detailed information about their previous performance and their Director Identification Number (DIN) on a self-affidavit.
Likewise, it has also become mandatory for the developers to issue a 'Quality Assurance Certificate' at the end of every financial year to guarantee project’s construction quality. Furthermore, to ensure transparency, developers have been asked to open three separate designated bank accounts for every project, this is enabling better monitoring of transaction flow. Additionally, a three-tiered scrutiny—legal, financial, and technical—is conducted during the registration process to ensure that projects are completed within the promised timeframe, with no possibility of delay.
The decisions initiated by MahaRERA under his guidance and after their success in Maharashtra, regulatory authorities in other states too replicated as per their requirements, establishing micro-control rooms to ensure regulatory compliance, among others.
About Ajoy Mehta's Long & Illustrious Service
During his long and illustrious service, Mehta has held very important, responsible and challenging positions such as of Maharashtra’s Chief Secretary, Commissioner of Municipal Corporation of Greater Mumbai, Chairman and Managing Director of Maharashtra State Power Generation Limited, Maharashtra State Electricity Distribution Company Limited among others.
