Homebuyers will soon be able to learn about the real estate industry experience of marketers whose projects they intend to invest in, including whether any of the promoter’s previous projects have been cancelled.
On the website, they must also upload a self-declaration paper.
According to a Dec. 27 MahaRera order, the promoters of real estate projects that have been recorded with any Real Estate Regulatory Authority (Rera) throughout the nation must be identified in order for homebuyers to be able to make an informed choice. The promoters may be owners, partners, or directors in other companies.
The MahaRera declaration form mandates that the promoter give Rera registration information for the projects in which they have an involvement, including the anticipated finish date and any Rera complaints still ongoing.
The form also requires the promoter to declare any warrants Rera has filed against the project and whether or not Rera has cancelled the proposal.
According to the Real Estate (Regulation and Development) Act, the authority must publish on its website information on all defaulting promoters, including information about the project for which the registration has been withdrawn or promoters who have received penalties under the Act.
“Builders frequently work on numerous real estate projects throughout Mumbai and even India. Builders advertise a number of new projects while ignoring/making vain attempts to finish the projects that have been in limbo for years. A greater level of transparency is what the regulator wants to achieve. The action hits at the core of corporate integrity and pure ethics when luring flat buyers to their projects, making it crucial to assess the sincerity and authenticity of the promoters “the MahaRera Bar Association’s secretary, attorney Anil Dsouza, said
Vinod Sampat, an attorney, stated that “many promoters mislead flat buyers. The promoter’s involvement in other projects is occasionally not disclosed, and other companies can run into serious issues like bank liabilities, delayed competition, and legal issues.
