MahaRERA Fixes 2-Year Tenure for Real Estate SRO Appointees to Ensure Transparency and Expertise

MahaRERA has set a maximum two-year tenure for appointees from Self-Regulatory Organisations (SROs) assisting with housing project registrations. SROs must immediately replace representatives who have served for more than two years.

Objective: Conflict-Free Registrations

The decision aims to prevent conflicts of interest and ensure a seamless registration process. Appointees are now required to be specialists in legal, financial, or technical fields.

Recognised SROs Under MahaRERA

Seven SROs, including NAREDCO West Foundation, CREDAI-MCHI, CREDAI Maharashtra, and others, are officially recognized by MahaRERA. These organisations support MahaRERA by assisting developers during the housing project registration process.

Mandatory Registration for Real Estate Projects

As per the Real Estate (Regulation and Development) Act, 2016, all housing projects must obtain a MahaRERA registration number before promotion or sale. Projects are scrutinized based on legal, financial, and technical criteria before approval.

Role of SRO Representatives

Appointed representatives aid developers in meeting MahaRERA’s conditions during project registration. They also act as a liaison, conveying MahaRERA’s observations to their member promoters.

Chairman’s Remarks on the Decision

MahaRERA Chairman Manoj Saunik highlighted the importance of subject matter experts to meet promoters' expectations for smooth registrations. Lack of expertise has been a major hurdle, prompting this regulatory change.

Improving the Registration Process

SROs are advised to ensure their representatives have domain knowledge in legal, economic, or technical areas to better support developers. Reforming Real Estate Registrations in Maharashtra MahaRERA's move is expected to streamline the registration process, ensuring efficiency, transparency, and conflict-free operations in the real estate sector.

Disclaimer: This article is based on publicly available information and statements by MahaRERA. Any updates or clarifications will be reflected as additional details emerge.