In order to bring in a higher level of transparency, the Maharashtra Real Estate Regulatory Authority (Maharera) has issued directions making it mandatory for developers to share online updates on ongoing projects on quarterly and annual basis, among other requirements.
The move will help homebuyers to track the progress of their real estate projects, that too online.
MahaRERA has asked the promoters of real estate projects to follow the guidelines on seven categories prescribed in the circular.
These include updating the form for withdrawal of money from the designated accounts, other regular updates from time to time, updates on the completion of the project and occupancy certificates, updates on the conveyance of the project (after three months of OC).
Commenting on this, Harish Jain, Vice President, Brihanmumbai Developers Association (BDA) said, “This will positively impact both buyers and developers. It brings in a much needed trust factor between both the parties and will improve transparency. “
“This move will have an impact on the entire industry and will increase the credibility of the developer among the masses at large for meeting all the norms and complying with the regulation.”