MahaRERA: Disclosure of Interest in other real estate organizations

MAHARASHTRA REAL ESTATE REGULATORY AUTHORITY

Order No. 39/2022
No. MahaRERA /Secy /File no.27/A52/2022 Date: 27/12/2022

Subject: 1. Disclosure of Interest in other real estate organizations.

2. Submission of Self-Declaration at the time of registration of a real estate project.

Whereas, Government of India has enacted the Real Estate (Regulation and Development) Act, 2016 (the Act) and all sections of the Act have come into force with effect from 01.05.2017.

And whereas, the Government of Maharashtra vide Notification No. 23 dated 03.03.2017 has established the Maharashtra Real Estate Regulatory Authority, hereinafter referred to as “MahaRERA” or as “the Authority”.

And whereas, the Government of Maharashtra has notified the Maharashtra Real Estate (Regulation and Development) (Registration of Real Estate Projects, Registration of Real Estate Agents, Rates of Interest and Disclosures on Website) Rules,2017 (the Rules) for carrying out the provisions of the Act.

And whereas, the Authority has notified the Maharashtra Real Estate Regulatory Authority (General) Regulations, 2017 (the Regulations) to carry out the purposes of the Act.

And whereas, under Section 34 of the Act, some of the functions of the Authority is to register and regulate real estate projects and real estate agents registered under the Act as well as make available on the website of MahaRERA for public viewing, the names and details of promoters who are defaulters including the project details, the registration of which have been revoked or who have been penalized under the Act, with reasons therefor, for access to the general public.

And whereas, the Authority under Section 37 of the Act, and Regulation 38 of the Regulations is vested with the powers to issue directions to the promoters, real estate agents and allottees from time to time as it may consider necessary.

And whereas, the Chairperson, MahaRERA is vested with the powers of general superintendence and directions in the conduct of the affairs of MahaRERA under Section 25 of the Act.

And whereas, in order to ensure that homebuyers / allottees make an informed decisions while purchasing unit(s) / apartment(s) / plot(s) in a real estate projects, it is felt necessary to provide to such homebuyers / allottees details of the promoter of such real estate project who are also as an individual or as a Proprietor are promoters in any other Organization or are Directors / Designated Partners / Partners in any other Company / Limited Liability Partnership / Partnership Firm as the case may be whose real estate projects are registered with any Real Estate Regulatory Authority across the country alongwith the status of such real estate projects.

In view of the above the following directions are issued: –

While applying for registration of a real estate project, promoters shall upload a Self-Declaration in the format Annexure A annexed hereto on the letter head of the promoter disclosing whether promoter as an individual or as a Proprietor or as a Director / Designated Partner / Partners of the promoter Organization, has / have any interests in other real estate Organizations whose real estate projects are registered with any Real Estate Regulatory Authority across the country along with the said Organizations performance / status in completing such real estate projects.

This order shall come into effect from Pt January 2023.

(As approved by the Authority)

(Dr. Vasant Prabhu)
Secretary, MahaRERA

Annexure A

Disclosure of Interest in Other Real Estate Organizations

<Every Director / Designated Partner / Partner / Proprietor of the Promoter Organization shall submit the following declaration, which shall be in public view>

1. Name:

2. DIN / DPIN (If applicable):

3. Are you a Director / Designated Partner / Partner / Proprietor of any organization whose real estate project is registered with any Real Estate Regulatory Authority (RERA) across the country?

If Yes, please provide the following information:

4. Status of the Real Estate Projects mentioned at point 3 above:

______ (Signature)

______  (Name & Designation)

Date:

Place: