Maharashtra Real Estate Regulatory Authority introduces Self-Regulatory Organization in the real estate sector in Maharashtra

Oct 18, 2019 | by Avantis RegTech Legal Research Team


The Maharashtra Real Estate Regulatory Authority (MahaRERA) on October 11, 2019, has introduced Self-Regulatory Organization (SRO) in the real estate sector in Maharashtra. SRO shall register with MahaRERA to ensure greater professionalism among promoters and bring a certain level of consistency in the practices of promoters, enforcement of code of conduct and to discourage fraudulent promoters.

MahaRERA has stated the functions, obligations and procedure for registration of SRO. The eligibility criteria which is necessary for the SRO is as follows:

1.It must be a group or association or federation of promoters, which is a legal entity.

2.It should have at least 500 MahaRERA registered projects of their members.

3.Details of Membership fees, Duration of Membership, qualification of membership              and code of conduct to be followed by the members may be decided by the                        respective SRO and shall be made available to their members.

MahaRERA shall accept the applications for registration of SROs from October 2, 2019 and the registration of SRO shall be valid for a period of five years.

[MahaRERA Order no. 10]

 


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