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MahaRERA fixes tenure of appointees in Self-Regulatory Organisations to 2 yrs

The MahRERA also directed the SROs to replace those representatives who have completed their tenure with "immediate effect"

Presently, there are seven SROs recognised by MahaRERA — NAREDCO West Foundation, CREDAI-MCHI, CREDAI Maharashtra, Builders Association of India, Marathi Bandhkam Vyavsayik Association, Brihanmumbai Developer Association and CREDAI-Pune.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) Monday decided to fix the tenure of appointees in various Self Regulatory Organisations (SROs) assisting the regulator with housing project registration to a maximum of two years,

The MahRERA also directed the SROs to replace those representatives who have completed their tenure with “immediate effect”

“In order to seamlessly assist the member promoters, SROs should appoint representatives having domain expertise in at least one of the legal, economic and technical streams. MahaRERA provides only one seat from each of the SROs. Hence, it should be ensured that their representatives are present on a rotational basis and as per requirement of their members,“ said MahaRERA Chairman Manoj Saunik.

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Every housing project is mandatory to be registered with MahaRERA and obtain a registration number, as per the terms and conditions laid down in the Real Estate (Regulation and Development) Act, 2016. Representatives of SROs appointed at MahaRERA officially help their respective member promoters in the registration process.

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