Due to cases where developers were getting multiple MahaRERA registration numbers without telling anyone, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has made a significant rule change.
Starting right away, the new policy is simple: one project, one MahaRERA number.’ This change is all about making things clearer, stopping any worries about homebuyers being misled.
Developer Requirements: Declaration and Undertaking
Under the recent order, developers applying for new registration of a housing project must provide a declaration-cum-undertaking on their letterhead. This statement confirms that the proposed project site or any part of it does not have a MahaRERA registration number, and there are no pending applications. This requirement applies to both stand-alone and multi-phased housing projects on large plots.
Addressing Challenges: Clarity in Project Completion
MahaRERA has observed instances where landowners and promoters operate independently or where a landowner contracts with multiple promoters.
This situation often leads to challenges and confusion in completing projects, impacting the process of obtaining Occupancy Certificates (OC) and affecting basic civic facilities like water supply for homebuyers.
Implementing the New Policy:
“One Stand-alone Project: One MahaRERA Number”
The new policy seeks to streamline the registration process and eliminate the potential for developers to secure multiple registration numbers for the same or part of a real estate project. “One Stand-alone Project: One MahaRERA Number” sets a clear guideline to ensure project-specific registration numbers, fostering transparency and accountability.
Considerations for Large Plot Projects: Specifics and Legal Compliance
Developers seeking a separate registration number for a project or its phases on a large plot must adhere to certain considerations. Reservations on the plot, as declared by the government and local planning authority, cannot be changed without proper formalities.
This includes obtaining the legal consent of allottees. Specifics regarding common or special amenities must be clearly specified for each project phase in the applications submitted for new MahaRERA registration numbers.
Chairman’s Perspective: Proactively Managing Project Timelines
Ajoy Mehta, Chairman of MahaRERA, emphasized the authority’s commitment to minimizing opportunities for developers to delay projects.
The “One Stand-alone Project: One MahaRERA Number” policy is viewed as a pragmatic step toward safeguarding the interests of all stakeholders, especially homebuyers. It is expected to enhance project monitoring and enforce regulatory provisions more effectively.