MahaRERA's Mandate: "One Plot, One Registration"
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In a decisive move, the Maharashtra Real Estate Regulatory Authority (https://maharera.maharashtra.gov.in/MahaRERA) has introduced a groundbreaking change through Order no. 50/2024 dated 10 January 2024. Effective immediately, promoters operating in the real estate sector are now required to obtain a single registration number for each standalone project. This alteration seeks to address a notable issue wherein promoters were acquiring multiple MahaRERA registration numbers for identical projects or their components.
The Rationale Behind the Change:
The primary motive behind this directive is to combat the misuse of the registration system. MahaRERA aims to bolster transparency and eliminate the issuance of duplicate registration numbers, fostering a more accountable and streamlined real estate environment.
Key Directions Unveiled by MahaRERA:
1. Declaration-cum-Undertaking:
As part of the new procedure, promoters seeking fresh registration must furnish a declaration-cum-undertaking on their official letterhead.
This document explicitly states that neither the proposed project site nor any of its components currently possess a MahaRERA registration number, and there are no pending applications.
Specific project particulars, including CS number, CTS number, final plot number, survey number, Hissa number, GaT number, Khasra number, village number, taluka, and district, must be meticulously detailed.
The Declaration-cum-Undertaking should be uploaded on the promoter’s letterhead, adhering to the specified format available on the MahaRERA website.
2. Projects on Large Plots:
MahaRERA acknowledges the unique nature of projects on large plots, permitting a separate registration number for the entire project or its distinct phases. - Noteworthy, any reservations on the plot declared by the government and local planning authority cannot be altered without following the prescribed formalities. - These alterations necessitate legal consent from allottees, accompanied by adherence to the prescribed procedural framework.
3. Consequences of Misinformation:
- MahaRERA makes it unequivocally clear that any inaccuracies, misinformation, or deceptive practices in the provided details will prompt appropriate actions against the concerned promoter.
- This directive extends its applicability to both standalone and multi-phased housing projects located on extensive plots.
A Paradigm Shift in Real Estate Registration Practices
MahaRERA's decisive move to enforce a single registration number for each standalone project signifies a monumental step towards ensuring the integrity and transparency of the real estate registration process. In light of these changes, promoters are urged to adhere rigorously to the new guidelines, providing accurate and truthful information to avoid any adverse actions by the regulatory authority.
This strategic shift is poised to streamline the registration process, creating a more efficient and trustworthy landscape. Ultimately, the move is anticipated to safeguard the interests of homebuyers and stakeholders in the real estate sector.
Keep watching this space for details on the topic, for an upcoming detailed analysis article on "One Plot, One Registration" .
Image source-.remi.edu.in, quora.com
