Real Estate Developers apex body National Real Estate Development Council (NAREDCO) which works under the aegis of Ministry of Housing and Urban affairs (MoHUA) organised a RERA compliance seminar today in Mumbai for the projects registered under MahaRERA and who failed to do certain compliance as per the RERA provisions.
The seminar was organized in the best interest of the developers’ fraternity and key staff (Managing RERA Compliances) to educate them about the process of meeting MahaRERA compliances with efficiency and seamlessness. The seminar was held with the prime purpose to share knowledge with the Developers and Stakeholders on MahaRERA compliances (Updating of CC, Form 4, Quarterly updates, etc). The seminar was to educate developers as per the provisions and compliances and how if the same are not met on time, the project may then attract a penalty of up to 5% to 10% of the total project cost which may not be in good health of the project.
The dignitaries’ shared expert insights on compliances of registration with MahaRERA and its benefits in the best interest of the developers’ fraternity. Along with this, the experts shared insights on the upcoming trends in Indian Real Estate.
While addressing the audience, Rajan Bandelkar, President, NAREDCO West stated that, “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 is to get every developer secures a registration on official grounds under MahaRERA.” He further stated that 100 per cent of NAREDCO members in Maharashtra have registered their projects with MahaRERA and all compliances are well aligned.
He also opined that all projects that are complying and are aligned with the guidelines as per the RERA norms will be the preferred choice of home-buyers in the days to come. Because of a few fly-by-night developers, the entire realty industry and especially the integrity of the developer’s fraternity cannot be questioned. Post implementation and the seamlessness in operations of MahaRERA put together, it is quite promising to believe that there can’t any more fallacy in the industry”.
Senior officials from MahaRERA marked their presence at this knowledge sharing platform and a well-detailed presentation on the MahaRERA compliance and technicalities was demonstrated developers attending the seminar. Source: Accommodation Times
As indicated by segment 11(2) of the Real Estate (Regulation and Development) Act, 2016, the ad or outline issued or distributed by the promoter is required to say the site address of the expert wherein all points of interest of the enrolled venture are entered and incorporate the undertaking's MahaRERA enlistment number.