To inject greater transparency in the functioning of the RERA, the Maharashtra RERA asked the developers to declare the mortgage status of their projects for the benefit of the buyers.
As a result, the buyers would be able to know that extent of loans on their projects. In fact, the information is available with the Central Government organisation called Central Registry of Securisation Asset Reconstruction and Security Interest of India (SERSAI). The organisation has been promoted to ensure that that the developers would not take multiple loans from various banks pledging the same property. The SERSAI has been collating information from June 2017. In this backdrop, the Maharashtra RERA has asked the developers to furnish mortgage details of projects to ensure that the buyers should not face any problems.
In majority of the cases, the buyers have been buying flats without knowing the mortgage status of their project. If the developer fails to clear the loans, the buyers would have to face the consequences. It is insisting on letting buyers know whether the developer obtained loans pledging either a flat or two or villas or the whole project to the banks.
