MahaRERA Lowers SRO Threshold to 200 Projects for Non-MMR Areas
In a move aimed at improving the regulatory environment for developers outside the Mumbai Metropolitan Region (MMR), the Maharashtra Real Estate Regulatory Authority (MahaRERA) has lowered the minimum criteria for the formation of Self Regulatory Organisations (SROs). Previously set at 500 projects, the new threshold is now set at just 200 projects.
This change is expected to make regulatory support and guidance more accessible to developers across Maharashtra, ensuring smoother processes for project registration, renewals, progress reports, and compliance with the MahaRERA framework. The decision reflects the rapid growth and evolution of the housing sector outside MMR, where increasing development demands necessitate more streamlined regulatory processes. By lowering the threshold, MahaRERA aims to offer enhanced assistance to developers, ensuring they adhere to guidelines and avoid common pitfalls that delay project approvals.
SROs, which were first officially recognized by MahaRERA in October 2019, are now playing a critical role in assisting developers with regulatory compliance. The move to reduce the threshold will enable more organizations to be recognized as SROs, thereby expanding the reach of this crucial support. Self Regulatory Organisations (SROs) serve as the official representatives of developers, providing guidance and assistance on matters related to project registration, completion reports, renewals, and more. Currently, seven SROs are recognized by MahaRERA, including:
- NAREDCO West Foundation
- CREDAI-MCHI
- CREDAI Maharashtra
- Builders Association of India
- Marathi Bandhkam Vyavsayik Association
- Brihanmumbai Developer Association
- CREDAI-Pune Metro
With the new criteria, developers in non-MMR areas can now seek assistance from a wider range of recognized SROs, ensuring compliance with the regulatory framework while benefiting from the expertise of these organizations. This move is set to provide much-needed support to developers in smaller towns and cities in Maharashtra, helping them navigate the regulatory processes more effectively. By simplifying the registration process and offering more access to SROs, MahaRERA hopes to increase compliance and reduce delays in project approvals.
The change is expected to have a positive multiplier effect, enabling developers to complete projects in a timely manner while adhering to the law. As more developers engage with recognized SROs, the real estate sector in Maharashtra is expected to see better transparency and smoother operations. This new development presents an opportunity for more local organizations to be recognized as SROs, thus improving support for developers in regions beyond MMR. MahaRERA’s move ensures that these regions benefit from the same level of regulatory guidance as their MMR counterparts, helping to bolster the state’s growing real estate sector.