May 02, 2018

The Maharashtra Real Estate Regulatory Authority (MahaRera) must now focus on ensuring that the quality of construction of newly constructed projects is on a par with what was promised by the developer, suggested Chief Minister Devendra Fadnavis.

He was speaking at an event held on the occasion of the first anniversary of MahaRera on May 1. Fadnavis said the authority must make a provision of third-party audits of projects. "The committee can have representatives of all stakeholders and from consumers," he said.

He said the government is considering to bring redevelopment of slums and Mhada buildings under MahaRera rules. With the release of the development plan, there will be more activity in the real estate sector, he added. "There is going to a huge stock of affordable housing ready in the state."

He added that nearly 60% of the constructions in the state were registered under MahaRera and the authority has managed to give confidence to both consumers and developers. "When we were setting up MahaRera, I was approached by several developers who were skeptical... a year later, all their fears have been put to rest."

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