MahaRera moots self-regulatory organisations to ensure greater efficiency

State real estate regulator MahaRera plans to have in place self-regulatory organisations (SROs) to ensure greater professionalism among all stakeholders and to bring in consistency in practices.

As a part of the strategy, industry associations like National Real Estate Development Council (NAREDCO), Confederation of Real Estate Developers Association of India (CREDAI) and Maharashtra Chamber of Housing Industry (MCHI) will have to register as SROs who will take charge of all the members registering on regulator's portal, MahaRera chief Gautam Chatterjee said without offering a time line for the implementation.

"In this new initiative, we are planning to have these associations registered with MahaRera as SROs who will take charge of all the members from a prospective date. This will ensure that no developer will be able to file for registration unless he is an SRO member," Chatterjee said at the World Hindu Economic Forum here on Sunday.

He said the objective was to bring in ...