MahaRERA further tightens norms for developers
In a move to bring a higher degree of transparency, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued instructions making it mandatory for developers to share updates on ongoing projects online on a quarterly and yearly basis besides other requirements.
This move is expected to help homebuyers to track the progress of their real estate projects that too online.
MahaRERA has told the promoters of the real estate projects to follow the guidelines on seven categories which are laid down in the circular.
These include updating the form for withdrawal of money from designated accounts, other regular updates from time to time, updates on completion of project and occupancy certificate, updates on the conveyance of project (three months after the OC).
Commenting on this Harrish Jain, vice-president, BrihanMumbai Developers Association (BDA), said “It will affect both the buyers as well as the developers positively. This brings in a much-needed trust factor between the two parties and will improve transparency.”
“The move will have an impact on the whole industry and will enhance the credibility of the developer among people at large for having met all the criteria and complying with the regulation.”