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Maharashtra Real Estate Regulatory Authority (MahaRERA) has revised the criteria for the formation of Self-Regulatory Organisations (SROs) for developers outside the Mumbai Metropolitan Region (MMR), lowering the threshold from 500 projects to 200.
This move is expected to significantly assist developers in other parts of Maharashtra by providing them with official guidance and support on various regulatory matters related to MahaRERA, including the registration of new housing projects, corrections, renewals, quarterly progress reports, and project completion reports.
MahaRERA officials stated, "This decision has been made in response to the evolving needs of the housing sector, which is rapidly growing outside of MMR. The new criteria will help developers across Maharashtra access essential support on regulatory issues."
MahaRERA introduced the concept of official SRO recognition in October 2019, aiming to formalise associations of builders or federations of developers within the state. For an SRO to gain recognition, it must comply with certain conditions, with their role being integral to MahaRERA's regulatory framework.
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"Since MahaRERA's inception, it has been mandatory for developers to register their projects. However, developers often face delays in project registration, corrections, renewals, and other regulatory processes due to incomplete information. The SROs, being familiar with the regulatory framework, play a crucial role in ensuring compliance and providing appropriate guidance," said a MahaRERA official.
NAREDCO West Foundation
CREDAI-MCHI
CREDAI Maharashtra
Builders Association of India
Marathi Bandhkam Vyavsayik Association
Brihanmumbai Developer Association
CREDAI-Pune Metro
The primary objective of these SROs is to assist developers. Developers must be members of one of these recognised organisations when registering a housing project. MahaRERA scrutinises all applications from developers, providing feedback and observations to the SRO representative, who follows up on behalf of their members. With the new criteria for SRO recognition outside MMR, there is potential for more organisations to be recognised, which could result in greater compliance across the state.
