PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has appointed CREDAI Maharashtra (Confederation of Real Estate Developers Association of India) as the first federation SRO (Self-Regulatory Organization) in the State. 

The appointment, according to the real estate authority, will bring consistency in the practices of promoters and also enforce the Code of Conduct and discourage fraud in the real estate system. The basic eligibility criteria for SRO appointment is that, the SRO must be a group or association or federation of promoters, which is a legal entity and should have at least 500 MahaRERA registered projects of their members. The SRO is expected to encourage its members to comply with the provisions of the RERA Act, rules, regulations, orders or circulars issued by the MahaRERA. It will also be responsible for carrying out awareness and education activities. 

MahaRERA has made it mandatory for all developers to update their membership with any one of the association of developers in their profile at the MahaRERA portal. There are 4 options out of which one is CREDAI. 

Suhas Merchant, President, CREDAI-Pune Metro, said, “Along with facilitating the developers to update their membership, CREDAI-Pune Metro is offering a special ‘RERA Program Membership’ to those who are not the members of any associations. These members will be given RERA specific education and assistance.”