On Saturday, NAREDCO, a national real estate body's west zone held a seminar along with MahaRERA in Chembur only to update developers that they need to do this or else they will have to pay a penalty.
Nearly 2,000 MahaRERA registered developers in city and the state are yet to comply with the procedures which include updating or correction regarding their project. Updation has to be done every quarter on MahaRERA. On Saturday, NAREDCO, a national real estate body's west zone held a seminar along with MahaRERA in Chembur only to update developers that they need to do this or else they will have to pay a penalty. The penalty can be up to 10 per cent of the total project cost, which is a huge figure.
During the seminar a presentation was given out by MahaRERA and officials related to the authority, where, they explained even the basics of how to upload, update, and even make correction regarding the project on the MahaRERA website. The update includes things like, the progress on the project and others, including the cost. All this is done so as to make the real estate industry further transparent and help the consumer and the home buyer know the progress of the project in which he or she has invested.
A senior MahaRERA official who was present at the seminar said, "In cases where the compliance hasn't been followed, by the registered the developer the authority sends out email informing them and a due process is follow, which includes penalty." The official further stated that, in cases of building where the developer has obtained the occupation certificate he has to still submit a letter informing the authority about the society formation, which has to be formed within three months of receiving the OC or when more than 51 per cent of the total apartments are sold.
Rajan Bandelkar, President NAREDCO West, said, "The main aim is to change the perception of the developer amongst the homebuyers, only when things are transparent will consumer's perception towards us will change. We carry a legacy and we have to overcome that and want to be seen as more respectful." He further added, "The motive that led to the conceptualization of this initiative was to educate the developers about MahaRERA norms, ease of compliance and motivate the builders to convert concealed challenges into opportunities in disguise that leads toward the growth and efficiency of Indian Real Estate with the key focus being to get every developer secures a registration on official grounds under MahaRERA."
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