The Maharashtra Real Estate Regulatory Authority in its order dated 11th October 2019, has introduced Self-Regulatory Organization (SRO) in the real estate sector in Maharashtra. The real estate developers and project promoters (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.
Eligibility criteria for SRO
The proposed SRO is expected to have at least 500 MahaRERA registered projects of their members and it has to be a group or association or federation of project promoters, which is a legal entity. Details of membership fees, code of conduct, duration and qualification of membership will be decided by the respective SROs.
Functions and obligations
- The SRO shall encourage its members to comply with the provisions of the RERA Act, rules, regulations, orders or circulars issued by the MahaRERA from time to time.
- It shall be responsible for carrying out awareness and education activities among its members.
- SRO shall specify standard conduct for its members .
- Any information or particulars furnished to MahaRERA by the applicant shall not be false or misleading in any material respect.
Application for registration shall be submitted by emailing the application in form A to secy@maharera.mahaonline.gov.in. The MahaRERA shall accept the applications for registration from October 2, 2019 and the registration of SRO shall be valid for a period of five years.
Click here to read the Order
