Knowledge Seminar on MAHA RERA by CREDAI - MCHI

CREDAI – MCHI organized “Knowledge Seminar on RERA” on April 26, 2017, at Rangsharda Auditorium, Bandra (W) Mumbai which witnessed massive turnout of delegates representing many well-known developers, renowned architects, lawyers, representatives of Associations – Naredco & Peata and other important stake-holders. The Seminar started with National Anthem, followed by traditional lamp – lighting by present Managing Committee members and past Presidents of CREDAI – MCHI.

This pre-registered event generated enough buzz amidst industry circles with its massive pre-registration of around 1000 delegates. The Seminar started with National Anthem and then Emcee took to stage for taking forward proceedings of the day. The Chief Guest of the occasion was Mr. Gautam Chatterjee, Interim Chairman, RERA Committee. Dignitaries seated on the dais were: Adv. Mr. Parimal Shroff, Advocate & Solicitor, Parimal K.Shroff & Co.,  Mr. Vyomesh Shah, Imm. Past President, Mr. Dharmesh Jain, President, Mr. Mayur Shah, President – Elect, Mr. Nainesh Shah, Secretary, who were later joined by Chief Guest Mr. Gautam Chatterjee, Interim Chairman, RERA.

The first speaker of the Seminar was Adv. Mr. Parimal Shroff, who started on a powerful note which set the tone of the seminar. Addressing the august audience Mr. Shroff said, “Maharashtra has been a very progressive state. When the state was made in 1960, the Government  started looking for the development of Real Estate Industry. There was craving for more and more residential space. As a protective measure for the benefit of consumers and for consumer’s protection, a welfare legislation act was formed called Maharashtra Ownership Flats Act. (MOFA). It’s a gift from Maharashtra to rest of the States of the country -MOFA 1963 which has been copied by several states thereafter. MOFA pertains to flat and has a definition, which could be commercial space, warehouse, industrial unit and that's where it stops.”

Mr. Shroff added, “Now onward from May 01, 2017 you cannot sell a virgin plot, open ground, land, building, space, flat or apartment without your project being registered under RERA. The most beautiful part of the RERA is that throughout the length and breadth of the country you are going to find RERA coming into operation. It’s one land , one law and one industry which is going to be governed universally by this law. States have the liberty only for the purpose of tweaking the rules as Maharashtra has been already done which has put up on the website with FAQs.”

Addressing the delegates, amidst the presence of Chief Guest, Mr. Gautam Chatterjee, Interim Chairman, RERA, Mr. Dharmesh Jain, President, CREDAI – MCHI said, “RERA will change real estate forever and any change brings about the perception that it will be painful. There are three clear components to RERA, the old projects, the ongoing projects and the new projects. The new projects are simple as we know that what are we getting into and work ourselves accordingly. Our concern is about ongoing projects and we want to understand how to make the transition into RERA for ongoing projects. We are the second biggest contributor to GDP and we request RERA authorities to make this transition as smooth as possible. RERA is a huge opportunity.”

Speaking on the occasion, Mr. Gautam Chatterjee said, “I must compliment MCHI for organizing this seminar and invite expert speakers like Adv. Mr. Parimal Shroff who spoke on the ACT, MAHA RERA Rules &regulations. Other speakers will take you through various rules and nuances that have been captured in the thought.”

Mr. Chatterjee added, “My team KPMG will take you through the process of online registration starting on May 01, 2017 on MAHA RERA website and that is precisely our job to tell you "How to Register". The website is the tool through which you will operate all your projects registrations, updating all the filing projects, registration and updating all the filing of complaints. We have collected some 100 FAQ's. It has a download of all the 5 rules that Maharashtra has. Two regulations that MAHA RERA has also been notified. It gives me great joy to share with you that MAHA becomes the first state to go online with Regulation from May 01, 2017.”  

Ms. Aarti Harbhajanka, Associate Director, Infrastructure & Government Services,  KPMG made a very exhaustive presentation covering the Key Rules, Process to be adopted, Key focus on IT from   Promoter’s point of view.
The presentation was followed by interactive Q & A with Mr. Gautam Chatterjee on Registration Process.

Post – Lunch Session started by very informative & powerful presentation by Mr. Vyomesh Shah, Immediate Past President, CREDAI-MCHI on business & commercial perspective of  RERA, and what as a promoter you need to do.

Addressing the gathering, Shri Shah said, “As we are entering in RERA for the first time, hence it is important that we get accustomed to every facet of it. It is like reciting GITA every day, where you find new thing every day. RERA is an act we have to work with it and not around it. It is a tool where we will be able to grow in a systematic manner. It is an opportunity which is being offered to us to be more systematic. You should not commit the things which you can’t deliver. It is an act which will help us grow our business in a more systematic and process-driven manner. You should not think RERA to be an impediment and an onerous duty cast upon you.”

Taking over the stage, Mr. Mayur Shah, President – Elect, CREDAI – MCHI apprised delegates about the most prestigious event of CREDAI National – NATCON, which is always done on International shores. This year it has been planned in London considering RERA and other developments touching upon the industry. The theme is based on: Revise, Reinvent and Refocus. In this NATCON, very power packed, interesting and informative subjects have been selected.

Taking the opportunity, Mr. Nainesh Shah, Secretary invited upon stage Mr. Bandish Ajmera, Mr. Dhaval Ajmera, Ms. Binitha Dalal and Mr. Suhas Merchant, Chairman, RERA, CREDAI and felicitated them by mentioning that their contribution is immense in their respective roles at CREDAI.

Speaking on the occasion, Mr. Nainesh Shah, Secretary, CREDAI – MCHI said, “As you are aware that a new team has come in place in CREDAI and Mr. Jaxay Shah has taken over as new President. We have leaders from MCHI actually representing our State like Urban Local body state issues at center.  We felicitate Mr. Deepak Goradia who has become Treasure for the upcoming two years. Mr. Boman Irani is V.P from our western region and Mr. Suhas Merchant would be heading RERA Committee at all India level.”

After felicitation, Mr. Suhas Merchant, Chairman, RERA, CREDAI took over the stage and shared his pearls of wisdom with delegates present. He made his presentation titled: DNA Change. 

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Mr. Merchant started with giving a very interesting analogy, he said, “There is nothing new in RERA which was not there in MOFA, the only difference being that MOFA is like the security of any building, whereas RERA is a full body scan where nothing could be hidden.”
He added, “Whatever details you are going to share as a developer and as a boss, you must know what is going to the website for Registration. ”

Are we concerned about RERA, the answer is YES. You need to handle RERA properly.

Coming to the end of the Session, Mr. Bhairav Dalal, Partner Tax & Regulatory Services PWC India and Mr. Amit Sahasane, Director Risk Assurance Services presented the Tax Compliance and Commercial Perspective on RERA.

Addressing the gathering, Mr. Bhairav Dalal said, “Most importantly there are three things to keep in mind, Planning, Planning & Planning and second is Disclosure, Disclosure & Disclosure. You should be extremely careful about how you are disclosing and what you are disclosing, all departments need to sit together and plan how and what should be disclosed. All are regulations whether there are on the Tax side, Compliance side or Company law side, are getting more and more integrated.”

Mr. Sahasne made the presentation on “How organization needs to evolve while adopting RERA”
The session ended with highly interactive Q & A session with participating delegates which immensely benefitted the participants.