A look at MAHARera chairman Ajoy Mehta's illustrious career ahead of his retirem

MahaRERA Chairman Ajoy Mehta is retiring from the position tomorrow on September 20 A position that he held since February 2021During his long and illustrious service he has held very important responsible and challenging positions in the overall development of the State such as of Maharashtrarsquos 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 andformer 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 tomorrowSaunik a graduate in Arts Political Science from St Xaviers College Kolkatta did his Masters in International Studies from JNU New DelhiSaunik will take oath at 12 noon on September 20 at Atul Save Minister for Housing at Mantralaya chamberOn his superannuation here are flashback of some key decisions taken during the tenure of Ajoy MehtahellipProject Information DisclosureTo 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 MahaRERAs 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 MahaRERAs website homebuyers are better equipped to make informed decisions about purchasing a home and to keep a tab on the property they have invested inOther States Have Followed SuitThe decisions initiated by MahaRERA and after their success in Maharashtra regulatory authorities in other states replicated as per their requirements establishing microcontrol rooms to ensure regulatory compliance among othersWhen 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 selfaffidavit Likewise it has also become mandatory for the developers to issue a Quality Assurance Certificate at the end of every financial year to guarantee projectrsquos 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 threetiered scrutinymdashlegal financial and technicalmdashis conducted during the registration process to ensure that projects are completed within the promised timeframe with no possibility of delayTo 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 provisionsHerersquos a brief account of some of the important decisions takenStandardized Agreement for Sale And Allotment LetterIt 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 projectrsquos completionParking Facility And AmenitiesIt 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 nonnegotiableEstablishing MicroControl Room to Ensure Regulatory ComplianceAccording to regulatory provisions it is mandatory to regularly update quarterly and annual reports on the MahaRERArsquos website detailing the number of units sold revenue inflows expenditure incurred projectrsquos 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 microcontrol room was setupMandatory Submission of DIN for DirectorsWhile 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 selfaffidavit This requirement ensures that homebuyers can access information about the performance of these directors in other projects aiding them in making informed decisionsDedicated Revenue Officer for Compensation RecoveryTo 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 improvedEstablishing Grievance Redressal CellAfter 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 projectrsquos site as well as on their own websiteConciliation Forum AT MahaRERAA conciliation and dispute resolution forum was created to help both homebuyers and developers resolve the issues arising postsales The move is assisting the homebuyers to get better support from MahaRERA and ensure compliance by the developersGuidelinesFor Retirement And Senior Citizens HousingMahaRERA 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 buildingrsquos 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 appropriatelyDesignated Bank Accounts for Financial DisciplineTo 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 7037 of the proceeds for the projectrsquos land and construction costs and MahaRERA Designated Transaction Account to manage the balance 3037 of developerrsquos share of funds This move has ensured to safeguard against any external claims and provide legal protection for the fundsThree Tiered Scrutiny AT The Time of Projects RegistrationTo ensure that projects are completed within the promised timeframe and to prevent complaints from homebuyers MahaRERA has introduced a threetiered 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