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Housing regulator to co-opt developer bodies
Mumbai Mirror  |  October 21, 2019

Satish Nandgaonkar

MahaRERA to register them as ‘self-regulatory organisations’ to promote greater compliance and curb fraud

 

The Maharashtra Real Estate Regulatory Authority has decided to co-opt developer bodies such as the National Real Estate Development Council, Confederation of Real Estate Developers Association of India (CREDAI) and the Maharashtra Chamber of Housing Industry (MCHI) and register them as ‘self-regulatory organisations’ to promote greater compliance culture and curb fraudulent behaviour.

 

The housing regulator has issued a new circular to make a group, association or federation of promoters a selfregulatory organisation registered with the authority. The minimum eligibility for a body to be registered as a SRO is that it should have at least 500 MahaRERA registered projects of their members.

 

“The SRO shall encourage its members to comply with the provisions of the Act, applicable rules, regulations, orders or circulars issued by MahaRERA from time to time,” states the circular. It says that the SRO shall be responsible for creating awareness about RERA compliances, enforcement of code of conduct and greater professionalism.

 

MahaRERA chairperson Gautam Chatterjee said: “It is a unique concept. We have SROs in the form of CREDAI, NAREDCO or National Association of Realtors for real estate agents, for example. MahaRERA has worked with these bodies from the first day to ensure that promoters comply with the provisions of the new act. But, after detailed discussions, we decided that we should register them as SROs to further enhance transparency and professionalism.”

 

Chatterjee said MahaRERA presently has the highest 22,000 ongoing real estate projects registered with it, and SROs are expected to hand-hold their members to comply with the regulations.

 

“Earlier, we said if you have a commencement certificate, then you can register your project with us. Similarly, we will soon make it mandatory for any promoter wanting to register his or her project in Maharashtra to be a member of any of these SROs,” said Chatterjee, adding: “This concept will go a long way in creating professionalism and compliant culture in real estate sector.”

 

Reacting to the development, consumer protection activist and Mumbai Grahak Panchayat chairman Shirish Deshpande said: “We look at it as a unique experiment and if it succeeds, definitely it is advantage consumers. If it fails, then the housing regulator should not hesitate to act as per mandate of the law to protect the interest of the consumers and the real estate sector as a whole.”