The real estate sector in Maharashtra is undergoing a transformative phase with the recent enforcement of the 'One Project, One Registration' mandate by the Maharashtra Real Estate Regulatory Authority (MahaRERA). Issued through Order number 50 of 2024 on 10 January 2024, this directive represents a revolutionary shift in the way real estate projects are registered in the state. Going beyond mere procedural adjustments, the mandate signifies a crucial leap toward augmenting transparency and integrity within the real estate sector.

Reasons Behind the Mandate

At the center of the 'One Project, One Registration' mandate stands a concerted effort to address a pervasive issue – the misuse of the real estate registration system. Before this directive, there were instances where developers obtained multiple MahaRERA registration numbers for the same project or its components. This practice not only raised concerns about the efficiency of the registration system but also prompted regulatory intervention to rectify the existing loopholes.

The fundamental objective of the mandate is to eliminate such practices, ensuring that each real estate project is distinctly represented by a unique MahaRERA registration number. This move is not merely an administrative adjustment but a strategic effort to fortify the credibility of the registration process, thereby enhancing the overall transparency and reliability of the real estate sector in Maharashtra.

The 'One Project, One Registration' mandate signifies a departure from the status quo, emphasizing the need for a more streamlined and accountable approach in the real estate registration process. By addressing the misuse of multiple registration numbers, MahaRERA aims to restore trust in the system and uphold the interests of both developers and homebuyers.

This transformative shift is essential to establish a foundation of trust and confidence in the real estate market, fostering an environment where stakeholders can engage with assurance and certainty. The reasons behind the mandate highlight a commitment to rectifying existing challenges and creating a more robust regulatory framework for the real estate sector in Maharashtra.

As we delve deeper into the implications and mechanisms of this mandate, it becomes apparent that it is not merely a regulatory adjustment but a proactive measure to reshape the dynamics of real estate operations in the state. The ripple effects of this mandate are poised to be felt across the entire real estate ecosystem, from developers to homebuyers and regulatory bodies.

In the subsequent sections, we will explore the key components of the 'One Project, One Registration' mandate, understanding its implications for promoters, the real estate projects on large plots, and the potential consequences of misinformation. By dissecting each aspect, we aim to provide a comprehensive understanding of how this mandate is set to bring about a transformative shift in the real estate dynamics of Maharashtra.

Key Directions Issued by MahaRERA

1. Declaration-cum-Undertaking: A Pivotal Step Towards Transparency

In a concerted effort to ensure transparency and accountability in the real estate registration process, MahaRERA has introduced a mandatory Declaration-cum-Undertaking for promoters seeking new registrations. This document, submitted on the official letterhead of the promoter, serves as a pivotal confirmation of the project's standing with MahaRERA registration.

• Submission Requirement:

Promoters are now mandated to submit this Declaration-cum-Undertaking when applying for new registrations, signaling a shift toward a more stringent and transparent application process.

• Confirmation of Non-Registration:

The core purpose of the Declaration-cum-Undertaking is to confirm that neither the proposed project site nor any of its components already holds a MahaRERA registration number. Furthermore, it explicitly states that there is no pending application related to the project.

• Streamlined Process with Specified Format:

Recognizing the need for a standardized and streamlined approach, MahaRERA has provided a specified format for the Declaration-cum-Undertaking. This move aims to bring uniformity to the information submitted by promoters and simplifies the evaluation process for regulatory authorities.

• Comprehensive Project Particulars:

To ensure the accuracy and completeness of information, the Declaration-cum-Undertaking mandates the inclusion of various project particulars. These include the City Survey (CS) number, Cadastral Survey (CTS) number, final plot number, survey number, Hissa number, GaT number, Khasra number, village number, taluka, and district. The comprehensive nature of these requirements emphasizes the need for promoters to provide a detailed snapshot of the project's location and characteristics.

The Declaration-cum-Undertaking serves as a critical checkpoint in the registration process, preventing the issuance of duplicate registration numbers and fostering a culture of compliance within the real estate sector. By incorporating comprehensive project particulars, MahaRERA aims to create a robust system that ensures the accuracy and reliability of the information submitted during the registration process.

Promoters, in adhering to this directive, not only contribute to the integrity of the real estate registration system but also demonstrate a commitment to transparency, which is increasingly becoming a cornerstone in building trust between developers and stakeholders in the real estate ecosystem. The specified format and detailed requirements underscore MahaRERA's commitment to creating a standardized and accountable registration process, setting a benchmark for regulatory practices in the real estate industry.

2. Project on Large Plots: Facilitating Flexibility with Accountability

In recognition of the diverse nature of real estate projects, MahaRERA has introduced a provision allowing developers with projects on large plots the flexibility to obtain a separate registration number. This move acknowledges the unique characteristics of extensive land developments and aims to balance flexibility with regulatory oversight, ensuring a harmonious and accountable real estate environment.

• Flexibility in Registration:

The directive explicitly permits developers overseeing projects on large plots to opt for a separate registration number for either the entire project or its phases. This flexibility acknowledges the varied dynamics and scale of projects, providing developers with a pragmatic approach to registration.

• Preservation of Reservations:

While offering flexibility, MahaRERA underscores the importance of maintaining the integrity of reservations on the plot, as initially declared by the government and local planning authority. Any alterations to these reservations are subject to formalities prescribed by the respective authorities.

• Formalities for Plot Alterations:

Developers seeking to modify or alter reservations on the plot must adhere to specific formalities outlined by the relevant authorities. This ensures that any changes align with the original planning and zoning regulations, preventing arbitrary alterations that could impact the overall project dynamics.

• Crucial Role of Legal Consent:

A pivotal aspect of the process involves obtaining legal consent from allottees for any proposed alterations. This requirement adds a layer of accountability, as it ensures that changes to the project's layout or structure have the explicit approval of those who have invested in the development.

The introduction of a separate registration option for projects on large plots signifies a nuanced approach by MahaRERA, recognizing the diversity within the real estate sector. This provision not only facilitates a tailored registration process but also emphasizes the importance of adhering to regulatory procedures when making alterations to the project's initial design.

By mandating legal consent from allottees, MahaRERA reinforces the principle of shared governance in real estate projects. This measure not only protects the interests of investors but also acts as a deterrent against arbitrary changes that may impact the overall project dynamics and, consequently, the expectations of homebuyers.

The 'Project on Large Plots' directive strikes a balance between flexibility and accountability, ensuring that developers can adapt to the unique characteristics of their projects while upholding the regulatory standards set by MahaRERA. This approach contributes to a more adaptive and responsive real estate sector, fostering a harmonious relationship between developers, regulatory authorities, and homebuyers.

3. Consequences of Misinformation: Upholding Integrity and Accountability

MahaRERA, in a bid to fortify the credibility of the real estate registration process, places significant emphasis on the accuracy and truthfulness of information provided by promoters. The consequences of misinformation, inaccuracies, or deceptive practices are sternly addressed in the 'One Project, One Registration' directive, underscoring the commitment to transparency and accountability.

• Emphasis on Accuracy:

MahaRERA's directive leaves no room for ambiguity when it comes to the accuracy of information submitted by promoters. It stresses the gravity of providing precise and truthful details during the registration process. Any deviation from this principle is deemed a breach of trust and regulatory compliance.

• Prompt and Appropriate Action:

In cases where inaccuracies, misinformation, or deception are identified in the details provided by promoters, MahaRERA is empowered to take prompt and appropriate action against the concerned promoter. This action can range from warnings and fines to more severe measures, depending on the severity and impact of the misinformation.

• Scope Across Project Types:

The directive extends its scope inclusively, covering both standalone and multi-phased housing projects situated on extensive plots. This broad applicability ensures that the consequences of misinformation are not limited to a specific project type, promoting uniform standards of conduct across the real estate sector.

• Preserving the Integrity of Registration:

MahaRERA's strict stance on misinformation serves a dual purpose – it protects the interests of homebuyers by ensuring that they receive accurate information about the projects they are investing in, and it safeguards the overall integrity of the real estate registration process.

The consequences outlined in the directive act as a deterrent against any attempts to manipulate or provide false information during the registration process. By imposing penalties and corrective measures, MahaRERA aims to instill a sense of responsibility among promoters, reinforcing the importance of truthful disclosure in fostering a transparent and trustworthy real estate ecosystem.

This aspect of the 'One Project, One Registration' mandate aligns with global best practices in real estate regulation, where accuracy and transparency are cornerstones of a robust and credible system. MahaRERA's commitment to taking appropriate action against promoters who engage in misinformation not only protects the interests of homebuyers but also contributes to the overall stability and reliability of the real estate market in Maharashtra.

Impact on Homebuyers: Fostering Confidence through Streamlined Processes

The 'One Project, One Registration' policy implemented by MahaRERA carries profound implications for homebuyers, addressing critical challenges that have arisen due to a lack of transparency and the misuse of multiple registration numbers. The impetus behind this policy stems from MahaRERA's keen awareness of developers acquiring additional registration numbers without proper disclosure, leading to a myriad of complications that directly impact homebuyers.

One of the significant issues faced by homebuyers in such scenarios is the hindrance in project completion, subsequently affecting the issuance of Occupancy Certificates (OC). The lack of a streamlined registration process, coupled with the confusion arising from multiple registrations for a single project, has created an environment where essential civic facilities, such as water supply, become jeopardized.

• Complications in Project Completion:

Developers obtaining additional registration numbers without disclosure have, in certain instances, led to inefficiencies and complications in completing real estate projects. This situation arises due to the lack of a unified and transparent system, allowing discrepancies to persist in the planning and execution phases. The consequences are felt directly by homebuyers who eagerly await the completion of their homes.

• Impact on Occupancy Certificates:

The issuance of Occupancy Certificates is a critical milestone in any real estate project. It signifies that the construction has been completed in compliance with the approved plans and relevant regulations. However, the misuse of multiple registration numbers can lead to delays in obtaining OCs, leaving homebuyers in a state of uncertainty regarding the possession and habitation of their properties.

• Challenges in Basic Civic Facilities:

Basic civic facilities, including water supply and other essential services, are intricately linked to the timely completion of real estate projects. Complications arising from multiple registrations can impede the necessary approvals and clearances, affecting the provision of these fundamental amenities to homebuyers upon occupancy.

• Streamlining the Registration Process:

The fundamental objective of the 'One Project, One Registration' policy is to address these challenges comprehensively. By mandating a single MahaRERA registration number for each standalone project, MahaRERA aims to streamline the entire registration process. This simplification not only eliminates the confusion caused by multiple registrations but also establishes a clear and accountable framework for developers to adhere to.

• Clarity and Accountability for Homebuyers:

The implementation of this policy ensures that each project is distinctly represented by a single MahaRERA number. This, in turn, provides homebuyers with an unambiguous reference point for the projects they are interested in. The singular registration number enhances accountability, as it becomes a reliable indicator of the project's authenticity and regulatory compliance.

• Enhancing Transparency and Confidence:

Ultimately, the impact on homebuyers is two-fold – the assurance of streamlined project completion and the confidence that comes from a transparent and accountable registration process. Homebuyers can rely on the MahaRERA registration number as a symbol of regulatory adherence, reducing uncertainties related to project completion, civic facilities, and possession timelines.

When Can Developers Take a Separate Registration Number? Navigating Flexibility with Accountability

The MahaRERA directive provides developers with a notable degree of flexibility in obtaining a separate registration number for projects situated on large plots. This strategic move acknowledges the unique requirements and scale of such developments, allowing developers the latitude to navigate the intricacies of extensive land projects. However, this flexibility is not granted without checks and balances; the mandate imposes specific conditions and formalities that developers must adhere to, reinforcing MahaRERA's commitment to transparency and fair practices.

• Flexibility for Large Plot Projects:

Developers overseeing projects on large plots are afforded the flexibility to opt for a separate registration number. This flexibility recognizes that large-scale developments often come with distinct phases or components that may benefit from individual representation within the MahaRERA framework. The option to have a separate registration number for the entire project or its phases allows developers to tailor their approach to the specific characteristics of large plots.

• Preserving Reservations and Government Declarations:

Despite the flexibility granted, the mandate places a significant emphasis on maintaining the integrity of reservations on the plot, as initially declared by the government and local planning authority. This condition ensures that the essence of the original planning and zoning regulations is preserved, preventing arbitrary changes that could impact the project's overall dynamics.

• Formalities for Plot Alterations:

In cases where developers contemplate alterations to reservations on the plot, the mandate mandates adherence to formalities prescribed by the relevant authorities. These formalities act as a regulatory safeguard, requiring developers to obtain explicit approval before making changes. This process not only upholds the sanctity of initial planning but also ensures that alterations align with evolving regulations and urban planning standards.

• Legal Consent from Allottees:

A crucial component of the process involves obtaining legal consent from allottees for any proposed alterations. This requirement establishes a direct link between developers and those who have invested in the project. Legal consent ensures that changes to the project's layout or structure have the explicit approval of the individuals who will eventually call these developments their homes. This step reinforces the commitment to fair practices, transparency, and shared governance.

• Transparent and Fair Practices:

The conditions imposed on developers seeking a separate registration number underscore MahaRERA's commitment to transparent and fair practices. By stipulating formalities for plot alterations and requiring legal consent from allottees, the regulatory body ensures that changes to large plot projects are conducted in an accountable manner, aligning with the expectations of both regulatory authorities and future residents.

• Balancing Flexibility and Accountability:

In essence, the directive strikes a delicate balance between offering flexibility to developers and upholding accountability to regulatory standards and the expectations of homebuyers. The option for a separate registration number aligns with the diverse nature of large plot projects, acknowledging their unique characteristics. Simultaneously, the stringent conditions for alterations and legal consent serve as essential safeguards, preventing potential misuse and reinforcing the principles of transparency and fairness.

Conclusion

MahaRERA's decision to enforce a 'One Project, One Registration' policy signifies a monumental shift in the real estate registration process in Maharashtra. The directive aims to eradicate the malpractice of securing multiple registration numbers for the same project, fostering transparency and accountability.

Promoters must adhere to the new guidelines, and submit accurate information to avoid adverse actions by the regulatory authority. The transformative policy is poised to streamline the registration process, instill confidence in homebuyers, and fortify the real estate sector's credibility.

As the industry witnesses this paradigm shift, MahaRERA's commitment to transparency sets a precedent for regulatory bodies nationwide, signaling a new era in the dynamics of real estate development. The 'One Project, One Registration' mandate represents not just a procedural change but a commitment to ensuring the long-term health and fairness of the real estate market in Maharashtra.