Good news for the home seekers and developers that the Maharashtra Real Estate Regulatory Authority (MahaRERA) approved the registration of 823 new projects. These projects secured approval and registration with MahaRERA encompass 382 solely from the Mumbai Metropolitan Region (MMR). The remaining projects are distributed across Pune (257), Nagpur (77), Nashik (57), Chhatrapati Sambhaji Nagar (33), Amravati (17), and various other locations within the state. However, this year, of the 1,208 applications in October, only 645 were approved and of the 414 in November, 178 got approval. The remaining projects could not secure registration due to inadequate documentation submitted with the applications.
MahaRERA conducts weekly open house sessions to inform developers about the necessary documents required for project registration. Over a hundred developers attend these sessions. The session is also available online, ensuring developers from all parts of the state can benefit from them, as highlighted by the official.
Last year, a total of 769 projects were approved and registered with MahaRERA during October and November. Ajoy Mehta, chairman of MahaRERA, emphasized the authority’s commitment to transparency and buyer information by mandating developers to furnish all relevant project details. Stringent checks include the requirement for a dedicated bank account for the project, legal verification of land ownership and title rights, and meticulous examination of project finances, legality, and technical aspects.
MahaRERA also implemented a regulation accepting project applications after June 19 only if the project’s Commencement Certificate (CC) is provided by the competent authority via its valid email ID or website to MahaRERA’s designated email ID, following an Urban Development Department notification. These stringent measures adopted by MahaRERA have contributed to a four per cent reduction in complaints from homebuyers, with Mehta expressing the authority’s ambition to further decrease the number of such grievances.
