The Cry of Glory for Maharashtra Developers

This month has been a great moment for CREDAI – MCHI (Confederation of Real Estate Developers Association of India – Maharashtra Chamber of Housing Industry). For the upcoming five years starting from 22/10/2019 they have been granted exclusive rights to act as Self Regulatory Organization (SRO) promoters whose projects are registered with Maharashtra Real Estate Regulatory Authority (MahaRERA). CREDAI with its registered office at Maker Bhavan – II, 4^th Floor, 18, V, Thackersey Marg, New Marine Lines, Mumbai – 400020 now has authority to look into or attend the redressal of the consumers grievances on behalf of MahaRERA and make sure that all developers should adhere to the Act and rules made thereunder of RERA era.

The Real Estate market will be greatly benefited by this because it will undeniably help in faster redressal of consumer grievances. CREDAI – MCHI will now be the first point of contact for both the consumers. This has been termed as one of the greatest initiative taken by MahaRERA  to expedite, simplify, efficient, transparent and bolster the Real Estate market towards realization of better accomplishments in the near future.

The objective which has kindled MahaRERA to make such arrangements and come up with this verdict is mentioned as under:

 1. The SRO should encourage its members to comply with the provisions of the Act, applicable rules, regulations, orders or circulars issued by the MahaRERA from time to time.
2. The SRO shall be responsible for carrying out awareness and education activities among its members.
3. The SRO shall specify standard of conduct for its members and also shall be responsible for the implementation of the same by its members.
4. Governing norms of the SRO should not be in conflict with Rules, Regulations, Circulars and Orders of MahaRERA.
5. The SRO shall discharge such other functions as may be specified by MahaRERA from time to time.

The SRO is supposed to assist MahaRERA in all aspects of its operations to provide exceptional and improved propositions for better implementation of RERA.

“Such a stride towards strengthening the Real Estate market is a great move. Developers at state/UT level need to approach the respective RERA Authority to apply for the same. In the near future more SRO(s) are expected to be appointed in different state/UTs in line with the MahaRERA decision to further streamline the grievances related to the Real Estate Market. Moreover, NAR India may soon get appointed as SRO for Real Estate Agents at Maharashtra. We welcome this move to implement the RERA across India in true spirit and substance ” said Mr. Mahesh Somani, Vice President – National Association of Realtors, India & Chairman – National RERA Committee, NAR India.

By LNN (Liyaans News Network)