State real estate regulator MahaRera plans to have in place self-regulatory organisations (SROs) to ensure greater professionalism among all stakeholders and to bring in consistency in practices.
As a part of the strategy, industry associations like National Real Estate Development Council (NAREDCO), Confederation of Real Estate Developers Association of India (CREDAI) and Maharashtra Chamber of Housing Industry (MCHI) will have to register as SROs who will take charge of all the members registering on regulator’s portal, MahaRera chief Gautam Chatterjee said without offering a time line for the implementation.
“In this new initiative, we are planning to have these associations registered with MahaRera as SROs who will take charge of all the members from a prospective date. This will ensure that no developer will be able to file for registration unless he is an SRO member,” Chatterjee said at the World Hindu Economic Forum on Sunday.
He said the objective was to bring in transparency, building trust among stakeholders as well as to ensure timely completion of projects.
“At present over 22 lakh homes are getting constructed in Maharashtra and investments worth Rs 8 lakh crore are being tracked by MahaRera. Also, over 22,000 projects along with more than 21,000 agents are registered on the portal,” Chatterjee said.
He further said the state regulator is also working towards working with the registration department of the revenue department to bring in further transparency.
“Under this, we intent to put a hyperlink on our portal along with the details of the projects and the customers, and when they click on a particular project, they can also go to the registrar’s website through the link and can see in whose name the particular property is registered ,” he said.
Chatterjee underlined that the intent is to bring in technology and to leverage it.