The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a significant policy change by limiting the tenure of representatives from Self-Regulatory Organisations (SROs) assisting with housing project registrations to a maximum of two years. The decision aims to mitigate potential conflicts of interest and ensure the efficient registration of housing projects.
In a directive issued to all seven recognised SROs, MahaRERA has instructed the immediate replacement of representatives who have served for more than two years. These organisations include NAREDCO West Foundation, CREDAI-MCHI, CREDAI Maharashtra, Builders Association of India, Marathi Bandhkam Vyavsayik Association, Brihanmumbai Developer Association, and CREDAI-Pune.
MahaRERA has also mandated that SRO representatives must possess subject matter expertise in at least one of three key domains: legal, financial, or technical. This requirement aligns with the Real Estate (Regulation and Development) Act, 2016, which mandates that every housing project must be registered with MahaRERA and obtain a registration number before developers can advertise, promote, or sell their projects.
Need for Expertise
MahaRERA Chairman Manoj Saunik highlighted the necessity for subject matter experts to facilitate the seamless registration of housing projects. “While registering a new housing project with MahaRERA, the project promoters expect a seamless experience and support from the SROs. The developers are also members of the SROs. By having SROs, MahaRERA has ensured them to officially be the link and do away with agents or other intermediaries. However, due to lack of subject matter experts, this objective remains unachieved,” Saunik said.
He further added, “The real estate projects are subjected to strict legal, financial, and technical scrutiny while issuing a registration number by MahaRERA. This is possible only when the representatives of the SROs are experts in each of these domains and can assist their respective members. Therefore, the representatives being subject matter experts is a must. Moreover, MahaRERA has also set a tenure of the representatives to a maximum of two years.”
Streamlining Registration
MahaRERA scrutinises each project proposal based on legal, financial, and technical criteria before granting registration. Representatives of SROs assist member developers during this process, ensuring compliance with observations and remarks made by MahaRERA.
To improve efficiency, MahaRERA has emphasized that SROs appoint qualified representatives who can effectively guide member developers. Each SRO is allocated one seat at MahaRERA, and the authority expects rotational representation to meet the needs of their members.
The new policy aims to expedite the registration process for housing projects and provide accurate guidance to developers. MahaRERA expects full cooperation from all stakeholders to implement these changes effectively.
This move is seen as a step toward strengthening the regulatory framework of the real estate sector and ensuring that project registrations are carried out efficiently and transparently.
Also Read: MahaRERA Annual Report
