Registered Member projects are 100% RERA Compliant: NAREDCO
“All members of NAREDCO in Maharashtra are 100% RERA Compliant, now ensuring the industry become the same is the next step,” says NAREDCO
Real Estate Developers apex body National Real Estate Development Council (NAREDCO) which works under the aegis of Ministry of Housing and Urban affairs (MoHUA) organised a RERA compliance seminar on 13th October in Mumbai for the projects registered under MahaRERA and who failed to do certain compliance as per the RERA provisions. The seminar was organized in the best interest of the developers’ fraternity and key staff (Managing RERA Compliances) to educate them about the process of meeting MahaRERA compliances with efficiency and seamlessness. Present for the seminar were eminent personalities including Dr. Vasant Vani, Technical Head, MahaRERA, Mr. Ketan Astik, KPMG, Mr. HetalHadiyel, KPMG and Mr. RajanBandelkar, President NAREDCO West and Director, Raunak Group.
The seminar was held with the prime purpose to share knowledge with the Developers and Stakeholders on MahaRERA compliances (Updating of CC, Form 4, Quarterly updates, etc). The seminar was to educate developers as per the provisions and compliances and how if the same are not met on time, the project may then attract a penalty of up to 5% to 10% of the total project cost which may not be in good health of the project. The dignitaries’ shared expert insights on compliances of registration with MahaRERA and its benefits in the best interest of the developers’ fraternity. Along with this, the experts shared insights on the upcoming trends in Indian Real Estate.
While addressing the audience, Mr. RajanBandelkar, President, NAREDCO West stated that “NAREDCO as a body is inclined towards the betterment of all stakeholders across the real estate industry. The motive that led to the conceptualization of this initiative was to educate the developers about MahaRERA norms, ease of compliance and motivate the builders to convert concealed challenges into opportunities in disguise that leads toward the growth and efficiency of Indian Real Estate with the key focus to get every developer secures a registration on official grounds under MahaRERA.” He further stated that 100% of NAREDO members in Maharashtra have registered their projects with MahaRERA and all compliances are well aligned.
He also opined that all projects that are complying and are aligned with the guidelines as per the RERA norms will be the preferred choice of home-buyers in the days to come. Because of a few fly-by-night developers, the entire realty industry and especially the integrity of the developer’s fraternity cannot be questioned. Post implementation and the seamlessness in operations of MahaRERA put together, it is quite promising to believe that there can’t any more fallacy in the industry”.
Senior officials from MahaRERA marked their presence at this knowledge sharing platform and a detailed presentation on the MahaRERA compliance and technicalities was demonstrated developers attending the seminar. Overall, this initiative was a great success.
National Real Estate Development Council (NAREDCO) was established as an autonomous self-regulatory body in 1998 under the aegis of Ministry of Housing and Urban Poverty Alleviation, Government of India. It is in this year that the Government of India redrafted the National Housing & Habitat Policy, giving due importance to the Housing and Real Estate sector, thereby declaring housing for all citizens by the year 2010. The Indian housing and real estate sectors and the allied industries hailed the establishment of NAREDCO, as the apex national body for the real estate industry and visualized it as a single platform where Government, industry and public would discuss various problems and opportunities face to face which would result in speedy resolution of issues. It was formed with the mandate to induce transparency and ethics in real estate business and transform the unorganized Indian real estate sector into a matured and globally competitive business sector. The National Real Estate Development Council strives to be the collective force influencing and shaping the real estate industry. It seeks to be the leading advocate of developing standards for efficient, effective, and ethical real estate business practices, valued by all stakeholders of real estate sector and viewed by them as crucial to their success. NAREDCO works to create and sustain an environment conducive to the growth of real estate industry in India, partnering industry and government alike through advisory and consultative processes.