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MahaRERA appoints NAREDCO Maharashtra as the first self-regulatory organization

by Suman Gupta

October : The Maharashtra Real Estate Regulatory Authority in a first granted certification to NAREDCO as an SRO (self-regulatory organization) for promoters whose projects are registered with MahaRERA. The provision of this role granted to NAREDCO comes into the effectiveness from 18th October 2019 and is in the best interest of the developers’ fraternity to bring about an organizational change in the industry.

As a part of this certification, NAREDCO Maharashtra is endowed with responsibilities which ensure that its members are abiding by the provision of the act, applicable rules & regulations and related developments announced by MahaRERA. Overall, NAREDCO as an SRO will be assisting MahaRERA in ensuring better and seamless implementation of the Real Estate Regulations & Development Act.

“We are honoured and thankful to MahaRERA for placing their trust in us.  The appointment of NAREDCO Maharashtra as an SRO has given us a motivational boost and we are looking forward to raising the bar of dedication towards enabling transparency, timeliness and organized approach in the ecosystem”, said Mr Rajan Bandelkar, President NAREDCO Maharashtra.

About NAREDCO: 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.

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