Introduction:
The real estate landscape in Maharashtra is set for a change with the Maharashtra Real Estate Regulatory Authority’s (MahaRERA) introduction to a strong three-level scrutiny process for housing project registrations. This new mechanism will significantly reduce complaints from homebuyers by streamlining the registration process and ensuring timely project completion.
Three-Level Scrutiny System:
1. Legal Scrutiny:
- Verification of legal title reports, potential litigations, and other legal parameters will be conducted.
- Scrutiny of developers' and directors' Directors Identification Number (DIN) along with their investments in other projects.
2. Financial Scrutiny:
- Developers will have to submit a declaration of financial encumbrance status along with detailed project information.
- The developers will have to confirm the financial status and submit reports based on assets through the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI).
3. Technical Scrutiny:
- Submission of layout and building approval plans for evaluation.
- Verification of Project Commencement Certificate (CC), total approved floors, total flats, and construction area.
- Submission of various self-declarations to ensure compliance with technical standards.
Aim and Benefits:
The primary objective of this three-tiered scrutiny is to eliminate potential hurdles that may lead to project delays or pose risks of non-completion. By meticulously assessing legal, financial, and technical aspects, MahaRERA aims to issue registration numbers only to projects that meet all essential criteria. This initiative aligns with MahaRERA's commitment to empower homebuyers and enhance their confidence in real estate investments.
Conclusion:
MahaRERA's introduction of a three-level scrutiny system marks a welcome step towards ensuring transparency, compliance, and timely delivery of real estate projects. Homebuyers will experience more secure and hassle-free investment environment. As regulatory bodies continue to evolve, the real estate industry will become a more accountable and consumer-friendly sector.
