The Maharashtra Real Estate Regulatory Authority (RERA) has recently introduced stringent guidelines, disallowing multiple registrations of projects on the same or part of the land. The move aims to enhance transparency and authenticity in real estate schemes, ensuring that customers receive accurate information without the possibility of changes or modifications once registered.
The Government of Maharashtra established MahaRERA on March 8, 2017, to regulate the real estate sector. The latest notification, issued by MahaRERA’s secretary Vasant Prabhu, emphasizes the authority’s commitment to preventing conflicts of interest and upholding the integrity of the real estate market.
The notification highlights the authority’s observation that promoters often apply for the registration of a project on a specific land, even when there is a pending application for another project on the same land or part thereof. This practice goes against the objectives of the Act and contravenes its provisions. The authority warns that if false or misleading statements are found in the declarations submitted by promoters, appropriate action will be taken against them.
Parimal Deshmukh, a practicing lawyer, notes that the new guidelines bring transparency to the system. Previously, promoters would log in multiple entries of one site on the RERA portal to benefit from construction finance from different banks. With the new notification, the process becomes more transparent, providing evidence of the line of action for both clients and promoters.
Nilesh Borate, president of the RERA Practitioner Association in Pune, explains that the notification requires promoters to give detailed information about the entire project, restricting the possibility of alteration or modification. This ensures that builders adhere to the submitted plans, addressing common issues related to clubhouses, recreational facilities, and amenities.
