- A RERA number will be given after verificationof legal, financial, and technical aspects
Another important decision has been taken by the Maharashtra RERA, which is working brilliantly by bringing many reforms to support the buyers in the implementation of the RERA Act. A three-tier system will be set up before giving RERA numbers to new projects.
Henceforth, the number will be assigned only after examining the legal, financial, and technical aspects related to the new registration projects. Three separate, independent teams will scrutinise these three aspects. A RERA number will be assigned to the project only if it is satisfied that all aspects are in accordance with the norms. Maharashtra RERA Chairman Ajoy Mehta said that this new mechanism aims to ensure that the projects are completed within the stipulated time without any hiccups and reduce the complaints of the buyers to zero. It has been clarified that the RERA number will not be given if any of these three parameters are not correct. It is believed that this new mechanism will be useful to ensure that buyers do not face any problems. Are there any disputes regarding land ownership during the legal examination? On which land is the project going to be built? Is the legal title clear? Matters like whether there are any lawsuits will be thoroughly examined. It also looks at the details of the developer and their investments in other projects. And in the financial consideration, the developer has to submit the details of the project along with his financial encumbrance status. Various self-attestation documents, including layout, building approval plan, project commencement certificate, number of floors approved, total flats, construction area, etc., are to be given for technical examination.
