MUMBAI (CU)_All real estate developers of Maharashtra in India have now been directed by the state’s Real Estate Regulatory Authority (MahaRERA) that they should declare their security interests in the projects registered with the authority. Such information is already available with the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (Cersai), which has been maintaining a registry of such data since 2016. Its purpose is to prevent loan frauds, particularly to avoid different banks’ lending on the same property.
Meanwhile, the MahaRERA is of the view that homebuyers and allottees must also be aware of the security interests created by developers in real estate projects and apartments which they are interested in purchasing. The objective here is to increase transparency by alerting prospective buyers on any mortgages taken against apartments or the project itself.
In an instance where the developer had obtained…
