The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced a revision in the eligibility criteria for forming Self-Regulatory Organizations (SROs) to enhance regulatory compliance within the state's real estate sector. The revised threshold now allows areas outside the Mumbai Metropolitan Region (MMR) to establish SROs with just 200 projects, down from the previous 500. This decision aims to ensure more developers receive proper regulatory guidance, improving compliance across the industry.

Since its inception, MahaRERA has required developers to register their projects, yet many developers continue to miss critical deadlines or fail to submit necessary documentation. This often leads to delays in project registration, renewals, and other essential activities. The role of SROs has become vital in bridging these gaps. These organizations, with in-depth knowledge of MahaRERA's regulations, assist developers in staying compliant and ensuring timely project approvals.

MahaRERA introduced the concept of SROs in October 2019, formally recognizing a group of builders or federations as official representatives. To be recognized, these SROs must adhere to specific conditions set by MahaRERA, playing a key role in the regulatory framework. Notably, SROs are the only officially sanctioned bodies for representing developers, as intermediaries like agents are prohibited from doing so.

Currently, seven organizations are recognized as SROs by MahaRERA, including NAREDCO West Foundation, CREDAI-MCHI, CREDAI Maharashtra, Builders Association of India, Marathi Bandhkam Vyavsayik Association, Brihanmumbai Developer Association, and CREDAI-Pune Metro. Developers applying to register housing projects must be members of these recognized organizations.

With the newly revised criteria, more organizations outside the MMR are expected to qualify for SRO recognition. This expansion is expected to create a ripple effect, encouraging developers to comply with MahaRERA's regulations more rigorously, thereby promoting higher industry standards and reducing delays in project approvals.