In a significant development to bolster consumer protection and prevent potential malpractices in the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced the implementation of a ‘One Stand-alone Project, One MahaRERA Number’ policy. This strategic move aims to curb instances where developers obtain multiple MahaRERA registration numbers for the same or part of a real estate project, thereby enhancing transparency and safeguarding the interests of homebuyers.
Key Highlights of MahaRERA’s Policy: The ‘One Stand-alone Project, One MahaRERA Number’ policy, effective immediately, mandates that every promoter seeking new registration for a housing project must submit a declaration-cum-undertaking. This document, in the prescribed format, affirms that neither the proposed project site nor any part of it holds a MahaRERA registration number, and no application is pending.
This policy applies to both stand-alone and multi-phased housing projects on large plots, ensuring uniformity in registration procedures.
Impact on Homebuyers: MahaRERA’s proactive step addresses instances where developers, for various reasons, were acquiring additional MahaRERA registration numbers without proper disclosure. Such practices led to complications, especially when landowners and promoters were different or when multiple promoters were involved in a single project. These situations often resulted in challenges during project completion, difficulties in obtaining Occupancy Certificates (OC), and subsequent hardships for homebuyers in accessing basic civic facilities.
Ajoy Mehta, Chairman of MahaRERA, emphasized the authority’s commitment to minimizing opportunities for project delays under the pretext of developer actions. He stated, “One Stand-alone Project: One MahaRERA Number” is a crucial policy for safeguarding the interests of all stakeholders, including homebuyers.
Developer Guidelines: Developers can obtain a separate registration number for a project or its phases only if the project is on a large plot. However, any reservations on the plot declared by government and local planning authorities cannot be altered without formalities, including legal consent from allottees. This measure aims to avoid disputes and complaints related to common or special amenities.
Conclusion: MahaRERA’s “One Stand-alone Project, One MahaRERA Number” policy marks a pivotal moment in strengthening regulatory oversight, fostering transparency, and fortifying homebuyer protection. The decision aligns with MahaRERA’s commitment to ensuring fair and secure transactions in the real estate sector.