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Mumbai: Homebuyers will soon be able to know the real estate business credentials of the promoters in whose projects they plan to invest – such as whether the promoter’s other projects have been postponed in the past. They will also have to upload a self-declaration document on the site.
order issued by Maharera On December 27, it said that to ensure that homebuyers take an informed decision, they are required to provide details of promoters, who may be owners, partners or directors in other firms, to any real estate regulator Real estate projects registered with the Authority can be (Rare) across the country.
The MahaRERA disclosure form makes it mandatory for the promoter to provide RERA registration details of the projects in which the promoter is interested, including the proposed date of completion and any complaints pending against the project with RERA. The form makes it mandatory for the promoter to disclose any warrants issued against the project by RERA, and whether the project has been canceled by RERA.
The provisions of the Real Estate (Regulation and Development) Act require the authority to make details of all defaulting promoters, including details of projects where registration has been canceled or promoters have been penalized under the Act, which is common Available to the public on its website.
“Builders are usually involved in multiple real estate projects in Mumbai or across India. While some projects are in limbo, builders promote many new projects while they ignore the completion of projects stuck for years or are making weak efforts. The intention of the regulator is to bring more transparency. This step is very important to understand the genuineness and authenticity of the promoters, and honesty and clean ethics in business while attracting flat buyers to their projects strikes at the heart of,” said Anil D’Souza, secretary of the MahaRERA bar association.
Advocate Vinod Sampat said, “Many promoters mislead flat buyers. In some cases, promoter’s interest in other projects is not disclosed and many a time other projects face serious problems like bank dues, Competition delays and litigation.”
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