Maharashtra RERA Chairman Urges Real Estate Developers to Prioritize Compliance for Successful Project Management
Maharashtra RERA Chairman highlights the significance of compliance in real estate project management. Discover essential insights and tips for successful RERA compliance. #RealEstate #RERACompliance #ProjectManagement
Compliance with regulations and laws is crucial in the real estate industry to ensure transparency, accountability, and customer satisfaction. Maharashtra RERA has been taking strict measures to ensure developers comply with the rules and regulations set forth by the regulatory body. Recently, the regulatory body issued notices to 16,000 projects for failing to update key compliance information such as sales, fund utilization, and completion status. This has raised concerns among developers and highlighted the need for better compliance management.
Maharashtra RERA Chairman's Message to Developers
During the CII Real Estate confluence in Mumbai, Chairman Ajoy Mehta candidly addressed developers, emphasizing the significance of compliance in real estate projects. He urged developers to keep their compliances in place and not consider them as mere hurdles. According to Mehta, compliance measures are essential for monitoring the progress of projects and keeping buyers informed, which can ultimately reduce litigation and ensure customer satisfaction.
Impact of Compliance on RERA Registrations
The drop in RERA registrations in the state, especially in Mumbai, has been a cause for concern. In the first half of 2022, 3,622 projects were registered with the regulator, but this number dropped to 2,815 in the second half of the year. Sources at Maharashtra RERA have indicated that the decrease in registrations is due to increased scrutiny on the part of the regulatory body while registering projects. Chairman Mehta confirmed that the scrutiny was here to stay, and it is the responsibility of developers to be well-informed about their projects and comply with the regulations.
Educating Developers on RERA Compliance
Recognizing the need for better compliance management, newly elected CREDAI MCHI President, Dominic Rommel, stated that the trade body aims to resolve compliance issues within two months. He acknowledged that a majority of the projects that received notices were redevelopment projects in Mumbai. He highlighted the challenges faced by developers, such as the reversal tax and unsold inventory, and expressed the need for better understanding of compliance requirements. CREDAI has committed to educating its members on maintaining better compliance parameters for real estate projects.
In conclusion, compliance with regulations and laws is crucial for successful project management in the real estate industry. Maharashtra RERA Chairman Ajoy Mehta has emphasized the importance of compliance and urged developers to prioritize it for better project monitoring and customer satisfaction. The drop in RERA registrations in the state has highlighted the need for better compliance management, and CREDAI has committed to educating its members on maintaining compliance parameters. Developers must be well-informed about their projects and comply with the regulations to avoid regulatory oversight and ensure successful project execution.
Note: The information provided in this article about Maharashtra Real Estate Regulatory Authority (MahaRERA) is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances.
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