BAI receives MahaRERA certificate of being a Self-Regulatory Organisation

The Builders Association of India (BAI), the apex body of Engineering Construction Contractors and Real Estate companies, has received certification from MahaRERA of being a registered Self-Regulatory Organisation (SRO) which allows BAI to enforce RERA rules among real estate promoters. The SRO certificate was handed over by MahaRERA Chairman Gautam Chatterjee to Prakash Panjwani, chairman, BAI Maharashtra.

The task of the SROs is to encourage its members to comply with the provisions of the Act, applicable rules, regulations, orders or circulars issued by the MahaRERA from time to time.

Gyan Madhani, Chairman, BAI Mumbai Centre, stated, “BAI has already been engaged in educating its members about RERA regulations and now with it registered as an SRO, it will promote greater professionalism among promoters and enforcement of code of conduct of RERA.” He further informed that BAI Maharashtra has seen a surge in new membership enrolment to fulfil the provisions of MahaRERA.

As per MahaRERA’s rules, it is mandatory for developers to take membership of a registered SRO, from 1st December 2019. The concept has been introduced in Maharashtra to ensure greater professionalism among real estate promoters and bring in a certain level of consistency in their practice. It is also meant to enforce the code of conduct and discourage fraudulent practices among real estate promoters.

BAI, founded in 1941, has more than 19,000 business entities as members at its 180-plus centres (branches) across India. Builders Association of India (BAI) in Maharashtra has established centres at Ahmednagar, Amravati, Aurangabad, Baramati, Butibori, Dhule, Ichalkaranji, Jalgaon, Kolhapur, Latur, Malegaon, Mumbai, Nagpur, Nanded, Nandurbar, Nasik, Parbhani, Phaltan, Pune, Raigad, Sangamner, Sangli, Satara, Shahda, Solapur, Ulhasnagar and Wai. 

Leave Comments