April 30, 2018

As many as 16,125 projects have been registered in Maharashtra of the total 25,000 recorded under RERA across the country

PUNE: Maharashtra has emerged as the top state in terms of total registration (65%) of real estate projects and implementation of the Real Estate Regulation Act (RERA) across the country.

As many as 16,125 projects have been registered in Maharashtra of the total 25,000 recorded under RERA across the country. Ahead of RERA completing a year since its introduction on May 1, a white paper released by property consultancy firm Knight Frank has described Maharashtra as the only exception where the regulator’s proactive functioning has set new precedents.

“We are leading in registration in the country as well as for implementation of a speedy redressal system with benches both in Mumbai and Pune. We are now trying to get more features. We will also get more strict in the coming year by reaching out to the rural areas of Marathwada and Vidarbha. We will approach the local authorities and take action against the unregistered projects,” MahaRERA secretary Vasant Prabhu said.

Abhay Upadhyay, member of the Central Advisory Council (CAC), said, “People of Maharashtra have shown more enthusiasm. But the increasing discontent among the consumers in terms of the out-of-court settlement cases is a concern. It’s a grey area for the state that needs to be addressed.”

Knight Frank chief economist and national director of research Samantak Das told TOI, “The state has definitely taken a leadership role in terms of registration and implementation of the rules and has come out with a GIS platform soon. The Centre needs to ensure that other states do the same.”

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Source: economictimes.indiatimes.com