MahaRERA Protects Your Investment: One Project, One Clear Identity

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a significant policy known as 'One Stand-alone Project: One MahaRERA Number' to safeguard the interests of various stakeholders, particularly homebuyers. The directive, effective immediately, mandates that every promoter seeking registration for a new housing project must submit a declaration-cum-undertaking confirming that neither the proposed project site nor any part of it possesses a MahaRERA registration number, nor does it have any pending applications. This policy is applicable to both stand-alone and multi-phased housing projects on extensive plots.

The initiative aims to curb deceptive practices where developers have obtained multiple MahaRERA registration numbers for the same real estate project or its parts, thereby ensuring transparency and preventing fraud against homebuyers.

The declaration-cum-undertaking must adhere to a specified format, providing details such as CS number, CTS number, final plot number, survey number, Hissa number, and others. MahaRERA will take corrective action against promoters if the information submitted is found to be incorrect, misleading, or false.

In the case of large plot projects, a distinct registration number for the entire project or its phases can be obtained. However, any alterations to the plot reservation, as declared by the Government and Local Planning Authority, require adherence to the prescribed formalities, including obtaining legal consent from allottees.

These legal measures are designed to preemptively address potential complaints or disputes related to common or special amenities such as parking, internal roads, swimming pools, clubhouses, gyms, and other shared areas, thereby promoting a fair and transparent real estate environment.

News by Rahul Yelligetti