MahaRERA revises Self-Regulatory Organisations criteria to improve developer compliance
Maharashtra Real Estate Regulatory Authority (MahaRERA) has revised the minimum eligibility criteria for forming a Self-Regulatory Organization (SRO) that are expected to help ensure regulatory compliance among property developers.
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The threshold has been reduced from 500 projects to 200 projects for areas outside the Mumbai Metropolitan Region (MMR). The move aims to enhance access to regulatory guidance and support while promoting stricter compliance within the real estate sector.
Since its establishment, MahaRERA has made it mandatory for developers to register their projects. Despite this requirement, several developers often fail to submit the necessary information and documentation, resulting in delays in processes such as project registration, corrections, renewals, and other related activities.
The SROs, with their knowledge of the regulatory framework, play a crucial role in assisting the industry players by providing guidance and ensuring compliance with the mandated regulations.
MahaRERA had taken the initiative, in October 2019, in India to officially recognize a group or an organisation or a federation of builders as SRO. The recognition is subject to compliance to certain conditions and role is related to MahaRERA's regulatory framework.
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