The Maharashtra Real Estate Regulatory Authority (MahaRERA) has updated the eligibility criteria for forming Self-Regulatory Organizations (SROs) to enhance compliance among property developers. Previously, a minimum of 500 projects was required to establish an SRO; this threshold has now been reduced to 200 projects for areas outside the Mumbai Metropolitan Region (MMR).This adjustment aims to provide developers with better access to regulatory guidance, ensuring stricter adherence to real estate regulations and facilitating smoother project processes. SROs play a crucial role in assisting developers by offering guidance and ensuring compliance with mandated regulations. Currently, MahaRERA recognizes seven SROs, including NAREDCO West Foundation, CREDAI-MCHI, CREDAI Maharashtra, Builders Association of India, Marathi Bandhkam Vyavsayik Association, Brihanmumbai Developer Association, and CREDAI-Pune Metro.By lowering the project threshold, MahaRERA anticipates that more organizations will seek recognition as SROs, leading to increased compliance and higher standards within the real estate industry. This initiative is expected to encourage a greater number of developers to adhere to regulatory requirements, thereby enhancing overall industry compliance standards.

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