Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) will take assistance from an organisation to strengthen its compliance cell for more effective micro-monitoring of housing and commercial projects.
To make the compliance cell more efficient and effective, the regulator will be seeking “present and true status” of maximum projects with supplementary photographs and necessary reports from time to time. Initially, the new system will provide details in the areas of Mumbai Metropolitan Region (MMR), Pune, Nashik, Aurangabad, Nagpur, etc., where more than 80% of the projects are located in the state.
Key Responsibilities of Compliance Cell
Among the mandates that the compliance cell has are regular monitoring of red-flagged projects, attempts to revive lapsed and stressed projects, regular follow-up to update information quarterly and annually.
Once the new set of information becomes available, various classifications can be made for revival of cancelled and stressed projects.
Verification and Due Diligence
For this, it is necessary for the cell to get regular updates quarterly and annual reports from the concerned developers with overall details of the project. If there is any doubt about the information flowing in, MahaRERA currently does not have the facility to verify it.
Furthermore, it is necessary to weed out those who are not sharing information. To ensure due diligence is done by the developers, MahaRERA will have to gear up with an information-backed system. This system will make this information available from time to time and in achieving MahaRERA’s objective to micro-manage all the projects in a manner that will ultimately benefit the consumers.
