– 23% or 6,690 projects registered with the MahaRERA ready
– 1% or 360 projects in Maharashtra still remains unregistered
– 66% cases disposed; a fall by 6% in a year
By Ateeq Shaikh
Since 2017, 23% of projects registered with Maharashtra Real Estate Regulatory Authority (MahaRERA) are ready and possession of flats handover to the respective homebuyers.
The Mumbai Metropolitan Region being the country’s economic powerhouse, the maximum number of residential projects registered in India are in Maharashtra. It accounts for almost 50% of the total projects registered and nearly 60% of the total real estate agents registered under RERA. The six states of Maharashtra, Gujarat, Uttar Pradesh, Madhya Pradesh, Karnataka and Haryana constitute 90% of the total projects registered and cases disposed of in India.
A recently released report on Efficacy of RERA from the Consumer’s Perspective 2020 by Moneylife Foundation and HDFC, Mumbai and Pune account for over 90% of RERA registered properties in the country.
Since May 2017, the Real Estate (Regulation and Development) Act, 2016 has been in force in Maharashtra to administer the real estate sector that has a mix of organised and unorganised players.
As of February 2020, MahaRERA had 24,347 projects registered with them. Over a period of 13 months or upto March 1, 2021, including the lockdown months, has risen by 4,395 to 28,742. Of the total real estate projects, 6,690 are ready.
For the MahaRERA and the industry, the concern area is those projects that continue to be out of the regulatory framework’s fold. As per data with MahaRERA, as on March 1, 2021, there are as many as 360 such real estate projects.
Nonetheless, MahaRERA continues to be a model case study for the country with relatively high case disposals despite a fall in disposal rate. Of the 13,672 complaints received since May 2017 till March 1, 2021, it has disposed of 66.42% or 9,081 cases and in the process of hearing remainder 4,591 grievances.
As of February 2020, MahaRERA had disposed of 7,476 complaints or 72.09% out of 10,370 it had received. In the last one year, there is a fall by almost 6% in disposal rate of cases, the prime reason being setbacks in hearings during the initial weeks of the lockdown. During the lockdown period, the authority switched over to virtual hearings to ensure cases continue to be heard and orders passed.