MahaRERA has come out with a circular asking developers to give them complete information of companies across the country of which projects are registered with any of the RERA authorities.
The circular stated, that under Section 34 of the RERA Act, some of the functions of the authority is to register and regulate the real estate projects and real estate agents as well as to make available on the website of MahaRERA for public viewing, the names and details of promoters who are defaulter including the project details, the registration of which have been revoked or who have been penalized under the act, which reasons therefore for access to the general public,.
The circular further states, in order to ensure that homebuyers/allottees make an informed decisions while purchasing unit(s) / apartment(s) / plot(s) in a real estate projects, it is felt necessary to provide to such homcbuyers / allottees details of the promoter of
such real estate project who are also as an individual or as a Proprietor are promoters in any other Organization or are Directors / Designated Partners / Partners in any other Company / Limited Liability Partnership / Partnership Firm as the case may be whose real estate projects are registered with any Real Estate Regulatory Authority across the country along with the status of such real estate projects.
Hence, now while applying for registration of a real estate project, promoters shall upload a Self-Declaration on the letter head of the promoter disclosing whether promoter as an individual or as a Proprietor or as a Director / Designated Partner / Partners of the promoter Organization, has/ have any interests in other real estate Organizations whose real estate projects are registered with any Real Estate Regulatory Authority across the country along with the said Organizations performance / status in completing such real estate projects.
This will bring in further transparency in the real estate sector.
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