MahaRERA Chairman Ajoy Mehta is retiring on Friday after an impactful tenure that began in February 2021. A 1984 batch IAS official, Mehta has held several key positions throughout his distinguished career. He has served as the Chief Secretary of Maharashtra, Commissioner of the Municipal Corporation of Greater Mumbai, Chairman and Managing Director of Maharashtra State Power Generation Limited, and Maharashtra State Electricity Distribution Company Limited, among others. At each of these roles, his work left a lasting impact. As the Chairman of MahaRERA, Mehta focused on enhancing transparency, accountability, and credibility in the real estate sector, empowering homebuyers through a series of landmark decisions that will shape the state’s realty landscape for years to come. ‘The Perfect Voice’ representative Anand Mishra caught up with him for an insightful discussion. Excerpts...
As you retire from the position of MahaRERA Chairman, how has been your journey since February 2021?
Excellent. It’s been a fulfilling journey. Our objective has always been to enhance transparency, accountability, and credibility in the real estate sector, ensuring that homebuyers feel empowered. I wanted to make a lasting impact, similar to my previous roles as Maharashtra’s Chief Secretary and Commissioner of the Municipal Corporation of Greater Mumbai.
One of your major initiatives was enhancing transparency through project information disclosure. Could you elaborate on how this has impacted homebuyers?
Transparency is key in building trust between developers and homebuyers. We insisted that developers share all important project details with the public. Now, crucial information about a project is available on the MahaRERA website, enabling homebuyers to make informed decisions. This initiative has empowered them to keep track of their investments and increased overall transparency in the real estate sector.
Other states have adopted some of MahaRERA’s decisions. Can you tell us more about this influence?
Yes, some of our decisions, such as setting up micro-control rooms for regulatory compliance, have been replicated by regulatory bodies in other states. We also mandated that developers submit Director Identification Numbers (DIN) and performance details on a self-affidavit during project registration. This system has been instrumental in enhancing accountability, and I’m glad to see other states following suit.
What were some other major steps taken to protect homebuyers and ensure the quality of projects?
We took several measures, such as requiring developers to issue a ‘Quality Assurance Certificate’ annually. This guarantees the construction quality of projects. For senior citizens and retirement homes, we implemented a detailed framework outlining minimum amenities. Additionally, developers are now required to open three separate bank accounts for each project to ensure proper transaction monitoring and prevent fund mismanagement.
MahaRERA has also implemented initiatives to address grievances and improve compensation recovery. Could you explain these?
To ensure timely resolution of disputes between homebuyers and developers, we created a Grievance Redressal Cell and appointed a retired Additional District Collector to oversee compensation recovery. The establishment of a conciliation forum has also helped resolve post-sale issues amicably. These steps have significantly improved our ability to address homebuyer concerns efficiently.
You’ve made it mandatory for developers to follow a standardized Agreement for Sale and Allotment Letter. What was the reasoning behind this decision?
Standardising these documents ensures that critical aspects, such as carpet area, defect liability period, and conveyance deeds, cannot be altered to the detriment of homebuyers. This provides legal clarity and protection for both parties, ensuring fair transactions.
What are your thoughts on the future of MahaRERA after your retirement?
I am confident that the foundations we have built will continue to strengthen the real estate sector. MahaRERA’s initiatives, such as the three-tiered scrutiny during project registration and the mandatory disclosure of information, will have a long-lasting positive impact. I believe these measures will continue to empower homebuyers and enhance transparency in the sector.
Comments