MahaRERA Chairman Ajoy Mehta is retiring from the position tomorrow on September 20. He has held the post since February 2021
Ajoy Mehta has also served as the BMC Commissioner in the past.
MahaRERA Chairman Ajoy Mehta is retiring from the position tomorrow on September 20. A position that he held since February 2021.
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During his long and illustrious service, he has held very important, responsible and challenging positions in the overall development of the State such as of Maharashtra’s Chief Secretary, Commissioner of Municipal Corporation of Greater Mumbai, Chairman and Managing Director of Maharashtra State Power Generation Limited, Maharashtra State Electricity Distribution Company Limited among various others.
Meanwhile, Manoj Saunik [61], 1987 batch of IAS and former Chief Secretary, State of Maharashtra, and Principal advisor to chief minister will take charge as new MahaRERA chairman from tomorrow. He will supersede Ajoy Mehta, who retires from his position tomorrow.
Saunik, a graduate in Arts (Political Science) from St. Xaviers College, Kolkatta, did his Masters in International Studies from JNU, New Delhi.
Saunik will take oath at 12 noon on September 20 at Atul Save, Minister for Housing at Mantralaya chamber.
On his superannuation, here, are flashback of some key decisions taken during the tenure of Ajoy Mehta….
Project Information Disclosure
To enable homebuyers to have access to credible and reliable information about any project, he insisted that the developers share important details about the project with the public. To achieve this, there has been an emphasis on numerous disclosures related to the project. As per MahaRERA's directives, since developers are now required to mandatorily disclose crucial project related information, the information flow and its reliability has increased. With all the information being publicly available, especially on MahaRERA's website, homebuyers are better equipped to make informed decisions about purchasing a home and to keep a tab on the property they have invested in.
Other States Have Followed Suit
The decisions initiated by MahaRERA and after their success in Maharashtra, regulatory authorities in other states replicated as per their requirements, establishing micro-control rooms to ensure regulatory compliance, among others.
When registering new projects, developers and all directors involved are required to submit detailed information about their previous performance and their DIN (Director Identification Number) on a self-affidavit. Likewise, it has also become mandatory for the developers to issue a 'Quality Assurance Certificate' at the end of every financial year to guarantee project’s construction quality. For senior citizens and retirement homes, a detailed framework outlining the minimum amenities and facilities to be provided was also formalised. Furthermore, to ensure transparency, developers have been asked to open three separate designated bank accounts for every project, this is enabling better monitoring of transaction flow. Additionally, a three-tiered scrutiny—legal, financial, and technical—is conducted during the registration process to ensure that projects are completed within the promised timeframe, with no possibility of delay.
To address compensation claims, a retired Additional District Collector was appointed with the instructions to establish Grievance Redressal Cell with a designated officer, initiating a conciliation forum to resolve issues between homebuyers and developers. In another decision, it was made mandatory to display QR code along with MahaRERA number in all advertisements to enable better access to problem information. Those advertisements lacking the MahaRERA registration number and QR code were subjected to suo moto punitive action by MahaRERA. Another important step taken was to provide an exit or provision to developers to cancel the registration of unviable projects and also making it mandatory for the real estate agents to obtain certification through training and examination to ensure they have knowledge of regulatory provisions.
Here’s a brief account of some of the important decisions taken:
Standardized - Agreement for Sale And Allotment Letter
It is mandatory for the developer to abide by the draft Agreement for Sale and Allotment Letter, as approved by MahaRERA, to formalise the transaction between homebuyers and themselves. In the agreement for sale the provisions and clauses on force majeure, carpet area, defect liability period and conveyance deed cannot be altered. Additionally, the allotment letter must include specific details such as the apartment number, carpet area and the expected date of project’s completion.
Parking Facility And Amenities
It has been made mandatory for the developers to include details such as size, width, length, height, and slot number of the parking given to the homebuyer, in the agreement for sale as well as allotment letter. Additionally, all proposed and assured amenities such as swimming pools and gyms, along with their expected availability dates and area specifications, must also be recorded in the agreement for sale. These provisions have been made essential and non-negotiable.
Establishing Micro-Control Room to Ensure Regulatory Compliance
According to regulatory provisions, it is mandatory to regularly update quarterly and annual reports on the MahaRERA’s website, detailing the number of units sold, revenue inflows, expenditure incurred, project’s latest status and any modifications made to the project. These reports enable updated information of the project and irregularities, if any can be identified. This entire process allows for the identification of "red flag" projects and those with financial irregularities (NCLT), facilitating timely preventive measures. To ensure effective monitoring of the real estate projects, a micro-control room was set-up.
Mandatory Submission of DIN for Directors
While registering a project, developers are asked to provide the DIN (Director Identification Number) of all the directors involved in the project, along with their professional performance on a self-affidavit. This requirement ensures that homebuyers can access information about the performance of these directors in other projects, aiding them in making informed decisions.
Dedicated Revenue Officer for Compensation Recovery
To ensure the recovery of compensation as ordered by MahaRERA, a retired officer of the rank of Additional District Collector was appointed. This officer is responsible for persistently following up with DistrictCollectors, Dy Collectors and Tehsildars to expedite the process. This measure yielded the desired result as the recovery rate immensely improved.
Establishing Grievance Redressal Cell
After an apartment is registered, homebuyers encounter multiple types of issues and difficulties and at times are unable to get their matters resolved from the developers as the marketing office is shut. To address this element, MahaRERA had issued directives to all the developers to establish a Complaint Redressal Cell and appoint at least one designated officer for its management. The name and contact details of this officer must be prominently displayed at the project’s site as well as on their own website.
Conciliation Forum AT MahaRERA
A conciliation and dispute resolution forum was created to help both homebuyers and developers resolve the issues arising post-sales. The move is assisting the homebuyers to get better support from MahaRERA and ensure compliance by the developers.
Guidelines For Retirement And Senior Citizens Housing
MahaRERA has rolled out a comprehensive set of guidelines pertaining to standards, criteria and specifications that a developer into retirement and senior citizen housing needs to adhere to. These guidelines address essential aspects of building’s design and amenities to meet the primary needs of this demographic. The regulations provide clear instructions on building layout, kitchen design, bathroom facilities, elevators and ramps, stairs, emergency exits, lighting plans, ventilation and safety and security measures. Developers are required to construct these projects in accordance with these detailed guidelines. Adherence to these standards is mandatory for developers, who must also incorporate these provisions into the agreement for sale appropriately.
Designated Bank Accounts for Financial Discipline
To ensure accounting of all the revenue received from the homebuyers and to maintain financial discipline in housing projects, developers are required to open three dedicated bank accounts in the same bank, namely, MahaRERA Designated Collection Account to receive all revenues from homebuyers, MahaRERA Designated Separate Account to utilise 70% of the proceeds for the project’s land and construction costs and MahaRERA Designated Transaction Account to manage the balance 30% of developer’s share of funds. This move has ensured to safeguard against any external claims and provide legal protection for the funds.
Three Tiered Scrutiny AT The Time of Projects Registration
To ensure that projects are completed within the promised timeframe and to prevent complaints from homebuyers, MahaRERA has introduced a three-tiered scrutiny process for new project registrations. This scrutiny involves assessments of legal, financial and technical aspects of the proposed projects. Projects are thoroughly evaluated through three independent groups on these three criteria. It is only after the projects meet the regulatory requirements, a MahaRERA registration number is granted.
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