MahaRERA amends the Regulatory norms to form SROs for Property Registrations

In an attempt to ensure regulatory compliance among property developers for project registration, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has revised the minimum eligibility criteria for forming a Self-Regulatory Organization (SRO).

According to a directive released on Thursday, the minimum requirement to form an SRO for areas outside of the Mumbai Metropolitan Region (MMR) has now been lowered from 500 to 200 projects (total for all developer members).

According to MahaRERA officials who spoke with TOI, the action intends to encourage tougher compliance in the real estate industry and improve access to regulatory guidance and support.

The SROs help developers by offering guidance and guaranteeing adherence to the prescribed framework. There are currently seven SROs covered by MahaRERA, including Credai and Naredco. When registering a housing project, an applicant developer must be a member of one of these seven organizations.

The SRO representatives act as a vital liaison between MahaRERA and developers, guaranteeing that each member's application is followed up on. An anonymous MahaRERA official said, "More organizations can be registered to help developers now that the criteria have been lowered."

With regard to a number of MahaRERA-related regulatory matters, including the registration of new housing projects, corrections, renewals, quarterly progress reports, and project completion reports, the action is anticipated to assist developers throughout Maharashtra in receiving official support and guidance.

In order to formally recognize a group, organization, or federation of builders as an SRO, MahaRERA took the initiative in October 2019. The acknowledgement is contingent upon meeting specific requirements and guidelines pertaining to MahaRERA's regulatory structure.