By Staff Reporter
In a significant move to enhance transparency in the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has cleared 290 out of 450 project applications received from builders in the last 40 days. The clearance comes after thorough verification by local authorities, including the Pune Municipal Corporation in Pune, which were directed to provide commencement certificates (CC) for project verification and registration.
This step was taken in response to the submission of bogus documents for project registration in Kalyan Dombivali. Only applications verified by the local authorities were allowed registration with MahaRERA, ensuring greater credibility in the registration process.
The remaining 160 applications are expected to be cleared once they are also verified by the relevant local authorities. The CCs received from these authorities will be cross-referenced with those provided by the developers before finalizing project registration.
Earlier, MahaRERA had requested the state’s urban development department to establish a dedicated portal displaying all approvals granted for real estate projects, including commencement and occupation certificates, to enable both buyers and MahaRERA to verify the certificates’ authenticity. Such a system is expected to instill confidence in homebuyers by offering easy access to verified information.
Consumer groups have welcomed these measures, acknowledging that a coordinated system from local authorities will lead to necessary checks and balance the real estate market’s credibility. The move is expected to benefit homebuyers by ensuring that the projects they invest in are duly verified and registered by MahaRERA.
Overall, MahaRERA’s latest action reinforces its commitment to promoting transparency and accountability in the real estate sector, safeguarding the interests of homebuyers and developers alike.