Saturday, July 13, 2024

MahaRERA Implements ‘One Stand-alone Project, One MahaRERA Number’ Policy to Curb Homebuyer Cheating

The Maharashtra Real Estate Regulatory Authority (MahaRERA) announced on January 17 the enforcement of a ‘one stand-alone project, one MahaRERA number’ policy to combat instances of developers obtaining multiple registration numbers for the same real estate project. This decision aims to prevent deception of homebuyers, and it will be effective immediately.

According to the new order, developers seeking registration for a new housing project must submit a declaration-cum-undertaking on their letterhead, stating that neither the proposed project site nor any part of it possesses a MahaRERA registration number, and there are no pending applications for the same.

This policy applies to both stand-alone and multi-phased housing projects on large plots.

Impact on Homebuyers

MahaRERA highlighted instances where developers applied for additional registration numbers without disclosing the existing ones, causing confusion and challenges in project completion. In cases where landowners and promoters are different or where a landowner contracts with multiple promoters, complications arise, leading to difficulties in obtaining Occupancy Certificates and affecting water supply and other civic facilities for homebuyers.

Exceptions and Conditions

Developers can obtain a separate registration number for a project or its phases if it is on a large plot. However, any changes to government and local planning authority-declared reservations on the plot require formalities, including legal consent from allottees. The specified amenities for each project phase must be clearly outlined in applications for new MahaRERA registration numbers.

Ajoy Mehta, Chairman of MahaRERA, emphasized the organization’s commitment to preventing project delays, stating that the ‘One Stand-alone Project: One MahaRERA Number’ policy is crucial for safeguarding the interests of all stakeholders, including homebuyers. The decision aims to enhance MahaRERA’s monitoring capabilities and ensure strict regulatory compliance.

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