Get registered with any industry association like CREDAI: MahaRERA to developers
Pune, July 13, 2019: “In order to bring more transparency and discipline in the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) will make it mandatory for all the real estate developers to get themselves registered with any registered industry association like CREDAI PUNE METRO and others from August 15th 2019,” said Vasant Prabhu, Secretary, MahaRERA while interacting with real estate developers at a discussion organized by CREDA Pune Metro on Friday.
The discussion was held in presence of F.D. Jadhav, Deputy Secretary, MahaRERA, Pune, Vasant Vani, Technical Head, MahaRERA, Mumbai, Ganesh Jawre, Technical Advisor, MahaRERA Mumbai, Suhas Merchant, President, CREDAI-Pune Metro, Managing Committee Members of CREDAI- Pune Metro including I.P. Inamdar, Shamakanth Kotkar, Akhil Agarwal and Dr. D.K. Abhyankar, Director General CREDAI-Pune Metro and Urmila Jhulka.
“From 15th August,2019, every new project in Maharashtra will get MahaRERA registration only if the developer is a member of any industry association related to construction industry like CREDAI or NARERCO. This is being done to reach out to more number of developers in an attempt to make them friendly with RERA and to ensure that RERA updates reach all concerned developers in time. These associations will act as a link between the developers and RERA for better communication,” said Prabhu.
If the project is registered with the registered and well known industry association, the concerned developer will get various benefits including awareness programs and updation on the MahaRERA provisions, guidance on the compliances required under MahaRERA and benefit of conciliation forum shall be available for dispute resolution, Prabhu informed.
He also stated that if a developer is unable to complete his project in the given time-frame then he can get an extension of one year depending on the project’s legitimacy and if his problems are reasonable. “But if the developer exceeds that deadline too then he can get yet another extension to complete the project provided he has the consent of 2/3rd of the flat buyers of the said project. However, most of the developers are not aware of this facility. Some developers at times do not provide progress report of a project in due time and do not follow the completion formality like providing architect certificate or Form 4 with required details,” stated Prabhu.
He added saying that, if a developer cannot afford to acquire a corporate membership of an industry association, then he can acquire an individual project membership for just Rs. 5,000-7,000 per project per year.
“From all the projects registered under RERA in India, 60 percent projects are from Maharashtra. There are 21,000 projects registered are under MahaRERA. Since its its inception about two years ago, most of the developers are now getting familiar with RERA registration and updation process,” he said.
