MahaRERA appoints CREDAI-Maharashtra as Self-Regulatory Organization for the state
Pune, October 31, 2019:To ensure greater professionalism among the promoters, the MahaRERA has appointed CREDAI Maharashtra (Confederation of Real Estate Developers Association of India- Maharashtra) as the first federation SRO (Self-Regulatory Organization) in the state. The appointment, according to the Real Estate authority will bring certain level of consistency in the practices of promoters and also enforce the Code of Conduct and discourage fraudulency in the real estate system.
The basic eligibility criteria for SRO appointment is that, the SRO must be a group or association or federation of promoters, which is a legal entity and it should have at least 500 MahaRERA registered projects of their members. The SRO is expected to encourage its members to comply with the provisions of the RERA ACT, applicable rules, regulations, orders or circulars issued by the MahaRERA from time to time. It will also be responsible for carrying out awareness and education activities among the members.
CREDAI-Maharashtra has taken initiative along with CREDAI-Pune Metro and other member City Associations to formalize the documentation required for the SRO registration under the guidance of the MahaRERA authorities to help the Real Estate fraternity and the society at large.
MahaRERA has made it mandatory to all the developers, who have registered or are about to register their projects on its website to update their membership with any one of the association of builder/developers in their profile at the MahaRERA portal. There are 4 options available on portal, out of which one is CREDAI.
Suhas Merchant, President, CREDAI-Pune Metro said, “Along with facilitating the developers to update their membership on the MahaRERA portal, CREDAI-Pune Metro is offering a special kind of membership under the name ‘RERA Program Membership’ to those who are not the members of any developer/builder associations. These members under RERA program membership will be given RERA specific education, information and assistance by CREDAI-Pune Metro.”
He also appealed all such developers to contact CREDAI Pune Metro on 9561234078 regarding the RERA Program Membership.
CREDAI Maharashtra is a pan Maharashtra Federation of Real Estate developers, whose members contribute majority of the legal Real Estate development in Maharashtra, representing 55 city associations with 2,650 member developers and builders. The Federation proactively works with the government in the policy formation.
