MahaRERA increases the number of checks required to register projects.

The Real Estate (Regulation and Development) Act currently has 37,823 projects registered in the state. According to a Maharashtra Real Estate Regulatory Authority (MahaRERA) official, applications for 1,096 projects are being finalized.

PUNE: For the benefit of consumers, builders who register their projects with MahaRERA will now face stricter scrutiny. The state currently has 37,823 projects registered under the Real Estate (Regulation and Development) Act. However, applications for 1,096 projects are being finalized, according to a Maharashtra Real Estate Regulatory Authority (MahaRERA) official.

According to the new rules, 742 of the 1,096 applications received are being returned to promoters for additional information. The remainder would be finalized after proper checks.

All builders must obtain a MahaRERA registration number for each new project. However, several inexperienced developers, particularly in rural areas, have failed to register their projects. In the last six years, there have been 18,000 complaints about registered projects and another 893 about unregistered ones. Many developers, according to MahaRERA secretary Vasant Prabhu, provided incomplete information when applying for registration. As a result, applications are being turned down. “New real estate project registration reforms have been implemented by MahaRERA. Each application is now assessed using three criteria: financial, legal, and technical. “An application will only be accepted after it has been approved by the relevant team,” he explained.

Checks will be performed to determine whether a project has encumbrances, clear titles, deviations from the model agreement, legal title and ownership, separate bank accounts, and permanent account numbers. “MahaRERA is doing this to ensure that consumers are not taken advantage of,” Prabhu said.
He stated that MahaRERA has announced a twice-weekly open house as well as an online interactive system to answer developers’ questions. “We want to make the process transparent while also assisting developers in adhering to the procedure,” he says.

“We have already informed them of the new rules governing the registration process.” With the assistance of self-regulatory authorities and promoters’ associations such as Credai-Maharashtra and NARDECO, MahaRERA intends to reach out to more areas, primarily Navi Mumbai, Pune, and Nashik, where project density is higher than in Mumbai.