‘Builders should register projects under RERA to avoid penal action’

Source: The Hitavada      Date: 10 Jun 2018 10:03:59

Business Bureau,

THE Government of Maharashtra has implemented the Maharashtra Real Estate Regulatory Act (MahaRERA) on May 1, 2017 that has drastically changed the real estate industry. Under MahaRERA, basic compliances like registration of projects and other details are necessary to be uploaded on its website by the builders and promoters of housing projects.

“Builders should follow compliances and take registration under the MahaRERA to avoid penal action,” said D R Hadadare, Technical Officer-I, MahaRERA, Mumbai while speaking at the ‘Handholding workshop on RERA’, organised by MahaRERA Department, Mumbai, Housing Department, Mumbai and CREDAI Nagpur Metro on Saturday.

“In Maharashtra, around 17,000 projects have been registered including 816 projects in Nagpur and Amravati. But, there are still some projects on the periphery of cities that have not taken registrations due to various reasons. The Government will take action on promoters of housing projects that have not been legally approved,” said Hadadare.

Registration of housing projects benefits both the home buyers and builders. Home buyers benefit as they can obtain project details like cost of flat, approvals obtained, area of flat, time of completion, location, stage of construction, number of flats booked and available, etc., on its website. Promoters also benefit as there will be transparency in dealings and home buyers in large numbers may come forward to book flats without any doubt or uncertainty in their minds.

Arti Harbhajankar, Director, KPMG Advisory Services Pvt Ltd said that there were around 24,000 projects registered in the country. Maharashtra had the largest number of registrations compared to other states.

She informed the audience on how to register project and make necessary changes in the website. She also cleared doubts of promoters regarding project updates, extension of project, what to do after completion of project, how to make bank withdrawals, how to make corrections, occupancy certificate (OC) etc.

Anil Nair, President, CREDAI Nagpur Metro welcomed the guests.Present were Sunil Sadwani, Deputy Chief Engineer, MHADA, Girish Joshi, Deputy Secretary, Nagpur Division, MahaRERA, Hetal Hadiyad, Senior Consultant, KPMG and Sonali Gada, Assistant Legal Advisor, KPMG. Also present were Prashant Sarode, IPP of CREDAI, Nagpur Metro, Gaurav Agarwala, General Secretary, CREDAI Nagpur Metro, Mahesh Sadwani, Advisory Committee Member and others in large numbers.