MahaRERA declares SROs to be registered by the realty developers and project promoters.

The Maharashtra Real Estate Regulatory Authority has proposed registering realty developers and project promoters Self-Regulatory Organization (SROs) along with the authority. According to the regulator, this will help improve the integrity of property builders, strengthen their practices, uphold the code of conduct and prevent dishonest promoters.

The regulator specified in a circular, SRO registration shall be valid for a period of five years. At least 500 MahaRERA projects of their members are expected to be registered with the proposed SRO and they must be a group or association or union of promoters of the project who are legal entities. The respective SROs will specify the details of membership fees, code of conduct, duration of membership and eligibility.

It is hoped that the SRO would enable its members to comply with the norms of RERA Act and with the related rules, regulations, orders and circulars published on a timely basis by MahaRERA.

The SRO would be responsible for conducting awareness and education activities among its members. The circular adds that any data or information provided by the applicant to MahaRERA is not false or misleading in any material way.