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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has ordered all realty developers to reveal the security interests formed by them on the projects listed with the authority. The decision is targeted at enhancing transparency and informing prospective homebuyers regarding any mortgage or loans taken by the developer against the houses they are about to purchase - or the project itself. This data is already available with the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (Cersai), a central government firm for the purpose of working and managing a registry of such data. The purpose of Cersai organised under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi Act) is to limit loan frauds, like involving lending from various banks on the same property. Cersai has information in respect of the security interests generated from January 22, 2016, for listed commercial banks and, with effect July 1, 2016, for all other entities listed with it. From June 2017, it began data registration on a security interest in under-construction residential and commercial property. Additionally, MahaRERA has made it clear that homebuyers and allottees need to know such security interests formed on real estate projects and homes they are interested in buying. Several times, homebuyers acquire property without the knowledge of the mortgage or loan status of the property, and this leads to litigations and legal complexities. If the builder has availed of a loan by mortgaging inventory or a few flats and is not able to repay, banks would take charge of the property to recover their dues and this would influence the homebuyer. These situations can be prevented with the new directive by the authority since Cersai has the data of all properties against which loans have been approved. Real estate developers will have to present a report from Cersai on security interests formed in the real estate project along with the encumbrances certificate while listing the project with the authority. In case no security interest has been created, the developer is required to render an undertaking confirming the same. Additionally, the developer needs to present the Cersai report when it makes modifications to the security interests formed. As per the MahaRERA, the Cersai reports presented require to be generated within 10 days before the date of submission. Image Source Also read: MahaRera directs asks builders to reveal permission details to buyers