This change comes as part of MahaRERA’s ongoing efforts to streamline the registration process and assist developers across Maharashtra, especially as the housing sector outside MMR continues to grow and evolve. By lowering the threshold for SRO formation, MahaRERA aims to ensure that developers in these regions can avail themselves of better resources to meet compliance standards.

The decision is expected to have a transformative impact on developers in the rest of Maharashtra by facilitating quicker and more efficient registration of new housing projects, renewals, corrections, quarterly progress reports, and project completion reports. These processes have often been delayed due to developers’ lack of access to necessary guidance, which the SROs are now poised to address.

MahaRERA had pioneered the initiative of officially recognizing SROs in October 2019. The recognition of SROs is subject to certain conditions and ensures that these organizations act in line with MahaRERA’s regulatory framework. In the past, developers faced challenges in complying with regulatory requirements, often failing to provide necessary documents, leading to delays in project registration and other critical processes. By collaborating with SROs, developers can now ensure better compliance with the regulatory guidelines.

Currently, there are seven SROs recognized by MahaRERA. These include:

1. NAREDCO West Foundation
2. CREDAI-MCHI
3. CREDAI Maharashtra
4. Builders Association of India
5. Marathi Bandhkam Vyavsayik Association
6. Brihanmumbai Developer Association
7. CREDAI-Pune Metro

These organizations play a vital role in assisting developers by guiding them through the regulatory processes, making them the go-to resources for builders when dealing with MahaRERA. Additionally, SRO representatives serve as a bridge between the developers and MahaRERA, ensuring that each application undergoes the necessary scrutiny and is processed efficiently.

With the new criteria set for areas outside the MMR, more organizations will now be eligible for recognition as SROs, expanding the pool of resources available to developers. This move is expected to increase industry compliance across the state, ensuring that more developers align with MahaRERA’s standards and regulatory expectations.

By facilitating better access to SROs, MahaRERA is fostering a more compliant and streamlined real estate sector that can continue to grow in line with the demands of a rapidly changing housing market.

Also Read: MahaRERA Annual Report

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It was also decided in this meeting to start the revival efforts from the projects which were closed even though 70 percent of the work was completed initially.

A total of six Self Regulatory Organizations (SROs) of developers are registered with MahaRERA. In this NAREDCO West Foundation, CREDAI-MCHI, CREDAI MAHARASHTRA, BUILDERS ASSOCIATION OF INDIA, MARATHI BANDHKAM VYAVSAYIK ASSOCIATION and Brihanmumbai Developers Association are included.

At present 5756 projects are lapsed in the state. Out of these, 1882 projects are in which 70 per cent of the work has been completed and yet to be completed. All these projects are not registered with the self-regulatory bodies. Out of these 624 projects are registered with these institutions. It has been decided to start the efforts to revive these projects from these 624 projects.

For this, developers’ organizations will be given complete details of these 624 projects. It includes 309 projects in Mumbai, Thane, Palghar, Raigad, 220 in Pune, 20 in Nagpur, 29 in Aurangabad, 41 in Nashik and 5 in Amravati. These regulatory bodies have agreed to help with the rest of the project even if they are not members. These projects will be taken up in the next phase.

For revival of these stalled projects, MahaRERA has divided them into 4 groups according to their current status. The first group includes projects that can be completed without compromising the rights of home buyers.

The second group will remain where there is a need to reconcile developers and home buyers. In the third group are projects that require the intervention of MahaRERA due to some difficulties in terms of local authorities or lending banks. The fourth group includes projects where the developer is missing and the home buyer can complete the project by replacing the developer.

In the first 4 phases of the above category, multi-level action is expected. E.g. As the project is stalled, the concerned developer will have to be induced to seek extension. Where there is a possibility of conciliation between the developer and the consumer, the representatives of consumer organizations should be involved. Such an application has to be made detailing the manner in which intervention is required by MahaRERA in respect of local authorities and banks.

Considering the seriousness and scope of this issue, these regulatory bodies should appoint experienced and senior members as heads of the conciliation groups to be constituted for this purpose.

These intermediary groups will include project architects, financial institutions, related developers, housing associations or home buyers and conciliators. This group will initially meet with the concerned developers in person or through a vision system to understand the reasons behind the closure of the project. The root cause of project closures will be explored. Can this project be revived after that? If it happens, they will give a report to MahaRERA about what can be done for it.

It will be insisted that only the developers come to these meetings of the conciliation groups, but representatives of the developers may also attend as per need. But in that case the representative on behalf of the developer. There should be decision making authority or the developer himself should be present along with his representative.

Initially, it was decided to consider projects in which more than 70 percent of the work has been completed or more than 70% of the funds have gone towards development. This will include all the projects registered with the developer’s organization or not. This list will be given to them by MahaRERA.

If there is a large number of such closed projects in an area and there is a need for more groups, the number of groups can be increased.

Distribution of Lapsed projects
624 projects as registered with SROs.
CREDAI- Maharashtra 221
CREDAI- MCHI 138
NAREDCO 168
MBVA 36
BAI 27
BDA 34

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