MahaRERA brings more checks to register projects, real estate news, ET Real Estate

Pune: Builders registering their projects Maharera Now for the benefit of the consumers, it will have to go through strict scrutiny.

At present, there are 37,823 Real Estate (Regulation and Development) Act-registered projects in the state. However, applications for 1,096 projects are in the process of finalization, an official of the Maharashtra Real Estate Regulatory Authority (Maharera) said.

Out of 1,096 applications received, 742 have been sent back to the promoters for adequate information as per the new norms. The rest will be finalized after due scrutiny.

All builders have to obtain a MahaRERA registration number for each new project. But many small-time developers have not registered their projects, especially in rural areas. In the last six years, 18,000 complaints were received against registered projects and 893 against unregistered projects.

MahaRERA secretary Vasant Prabhu told TOI that while applying for registration, many developers provided incomplete details. “This is leading to rejection of applications. MahaRERA has introduced new reforms in the real estate project registration process. Every application is now scrutinized on three parameters – finance, legal and technical. The application will be accepted only after getting the green signal from the concerned team.”
Checks will ascertain whether a project has any constraints, clear title, deviation from model agreement, legal title and ownership, separate bank accounts and permanent account numbers. “Maherera is doing this to ensure that consumers are not looted,” Prabhu said.

He said that MahaRERA has announced that an open house will be organized twice a week besides an online interactive system to address the queries of developers. “We want to make the process transparent and also help developers follow the process,” he said.

“We have already informed them about the new rules related to the registration process. MahaRERA is mainly planning to reach out to more areas Navi MumbaiPune, and Nashikwhere project density. More than Mumbai With the help of self regulatory authorities and promoters associations like CREDAI-Maharashtra and NARDCO.