MahaRERA brings in three-level scrutiny for housing projects’ registrations
Real Estate Regulatory Authority (MahaRERA) will be undertaking a three-level scrutiny of housing projects that will be registered to ensure zero complaints from homebuyers and better compliance on developers’ part.
As part of this new mechanism, all the project registration applications received will be subjected to scrutiny at legal, financial, and technical levels. These three tiers of thorough scrutiny will be done by three different independent teams.
With the introduction of new application scrutiny measures, MahaRERA aims to ensure projects to be completed within the scheduled time frame without any hurdles and eventually bring down the complaints from the home buyers to zero.
The applications will have to undergo all possible scenarios that may derail the project or may pose a risk of incompletion, the regulatory body said.
«MahaRERA has laid down the legal, financial and technical parameters to ensure that there are no problems in timely completion of the real estate projects, while issuing registration numbers to new projects.
Only after meeting these essential criteria, new projects will receive a MahaRERA registration number… This is one more initiative from MahaRERA’s to empower Homebuyers,” said Ajoy Mehta, Chairman, MahaRERA.
According to him, this three-tiered system has been established to carry out comprehensive, thorough, and stringent financial, legal and technical verification of every project, to negate the possibility of projects turning stressed.
In an eventuality of the registration application unable to meet MahaRERA’s benchmark, no registration number will be issued to the proposed project, unless all the provisions mentioned in the rule book are met with. The regulator has initiated this
