Maha RERA enhances real estate project registration with three-tier scrutiny.

Synopsis MahaRERA has introduced comprehensive reforms in the Real Estate project registration process to address common issues in applications. The new system involves scrutiny by three independent teams - Finance, Legal, and Technical - to ensure the completeness of registration applications. Legal responsibilities include verifying ownership disputes, encumbrance certificates, court cases, and detailed developer information.

Financial responsibilities require developers to disclose overall financial details and provide an up-to-date mortgage certificate. Technical inspection involves submitting the approved project plan, project Commencement Certificate, and various self-declarations. MahaRERA conducted a workshop to guide developers through the process, emphasizing the importance of consistency and complete documentation for a smooth registration process, prioritizing customer protection.

For some time now, the MahaRERA team had been observing some common issues in applications for real estate project registration leading to return of applications to the promoter. Keeping this in mind, MahaRERA has introduced new reforms in the Real Estate project registration process, wherein, every real estate project registration application is scrutinized by three teams – Finance, Legal and Technical - to ensure comprehensiveness and completeness of the registration application.

MahaRERA has a view that new projects should be completed within the guaranteed time without any hurdles and home buyers should not be facing any issues in receiving their dream home. In determining the future of any project, the legal, financial and technical aspects of the project play the most important role. MahaRERA has decided to list down these obstacles and strictly scrutinize them for the possibilities of obstacles at the time of project registration itself. As per the present conditions, the MahaRERA registration number is not to be given to the proposed projects unless the provisions prescribed under all these aspects are fulfilled.

Details of the major responsibilities to be fulfilled by the developers under each aspect are as follows:

The legal responsibilities of the developers include checking the legal basics of the project like disputes, if any, regarding the ownership of the plot of land on which the project is to be developed, encumbrance certificate (provides details regarding ownership of land or property bought), court cases, project name, area, project development agreement, Legal Title Report, CTS/Survey Number, Allotment letter, Agreement for sale, changes made in the certified agreement (Deviation), etc along with details of the developer and its directors, including the DIN number and investment in other projects, are now mandatory to be submitted to the MahaRERA.

The financial responsibilities of the developers include giving the overall details of the financial burden along with the complete details of the project on their letterhead. An up-to-date certificate of sale is mandatory for where the project is mortgaged. All the bank account details also are to be given by the developer. In technical inspection, the approved project plan (Approved Plan), Project Commencement Certificate (CC), project name, CTS number/ survey number, total approved floors, total flats, construction area, various self-declarations etc. must be submitted. To ensure that developers do not face difficulties in registering their projects in line with these requirements, the MahaRERA recently conducted a workshop.

It was attended by the representatives of all the developers' self-regulatory organizations working in the MahaRERA office, besides the developers or their representatives participating online in the open house of the week. MahaRERA gave a detailed 27-page presentation in this workshop, which lasted for about 3 hours, to clear the doubts of all the delegates. Moreover, MahaRERA sent this presentation detailing all the issues to more than 20 thousand developers in the state. MahaRERA said that developers should avoid inconsistencies while submitting all the required documents.

Moreover, if the developers submit the proposal with all the required documents to Maha RERA, it will help them to get the registration number at the earliest. MahaRERA Chairman, Ajoy Mehta, said that this three-tiered system is another very important step as part of MahaRERA's continuous efforts to ensure that customer investments remain safe and protected. He emphasized that through all these efforts, MahaRERA aims to achieve the ultimate goal of empowering the homebuyer.