Developers to Disclose Sold, Booked Inventory - MahaRERA

Maharashtra Real Estate Regulatory Authority (MahaRERA) has told all promoters in the state to disclose their inventory of sold or booked flats, houses, plots and shops, among other constructions, saying such a database was necessary to give more clarity to purchasers and to avoid multiple transactions.Asking the promoters to furnish the details in a stipulated format, MahaRERA invoked the enabling provisions of the Real Estate (Regulation and Development) Act, 2016, which has been in force since May 2017. The format asks for details such as total number of floors/wings, number of flats/shops/rowhouses, carpet area, sold/booked/unsold inventory and registration date with the sub-registrar’s office. The Confederation of Real Estate Developers’ Association of India (CREDAI), Maharashtra, welcomed the MahaRERA order, saying it aimed at targeting unscrupulous developers not registered with the association’s chapters in the state. “We welcome the latest MahaRERA order which seems to be aiming to weed out illegal constructions mostly seen in smaller towns,” CREDAI Maharashtra president Sunil Furde said. Furde said developers have been disclosing the number of units sold and uploading the details on the the MahaRERAwebsite as per the law. “CREDAI takes the MahaRERA circular in the right spirit as it stands by developers who do their business ethically and follow the law,” he added.  CREDAI Maharashtra has 3,000 active members across 59 cities in the state. As per RERA, any aggrieved buyer can file a complaint with the competent authority or the adjudicating officer, as the case may be, with respect to any registered real estate project for any violation or contravention of the provisions of the Act or the rules and regulations associated with it. The authority can establish an adjudicating mechanism for speedy redressal of such complaints. Anyone aggrieved by any direction, decision or order given by MahaRERA or by an adjudicating officer can file an appeal before the appellate tribunal and further with the high court.