823 New Real Estate Projects Registered With MahaRERA This Festive Season

Between 1st October and 13th November 2023, MahaRERA registered 823 new projects in Maharashtra, during the holiday season. Approximately 106 are located in the metropolis and suburban areas of Mumbai. As of the same time period the previous year, the state recorded 769 registered initiatives.

In the month of November, MahaRERA was inundated with over 1,600 applications. Nevertheless, nearly half of the initiatives failed to undergo registration due to the absence of requisite approvals and documentation.

Konkan, which comprises MMR, has 382 of the 823 projects registered by MahaRERA; Pune has 257 projects; Nagpur has 77 projects; and Nashik has 57 projects.

With respect to the districts of Mumbai, a total of 106 projects were registered in the two districts from October 1 to November 14, compared to 86 during the corresponding period in 2022. A marginal rise has been observed in the quantity of registered undertakings.

Although a total of 823 projects have been officially registered, developers have initiated the registration process for more than 1,600 projects. However, the initiatives failed to undergo registration as a result of inadequate documentation or approvals that are mandatory for registration.

As per the MahaRERA, two representatives from each of the six self-regulatory organisations that represent developers are stationed at the organization's headquarters to aid members in the registration process. Additionally, once per week, the MahaRERA hosts an open house to assist and resolve questions from developers. Even more, this procedure is broadcast online to assist constructors throughout the state.

When developers apply for registration, MahaRERA verifies the authenticity of the supporting documentation to safeguard homebuyers against fraud.Permissions granted by local planning authorities to initiate construction are additionally authenticated, and the registration process does not proceed until the financial, legal, and technical aspects of the project have been verified.

The MahaRERA has implemented a policy beginning on June 19, whereby registration numbers will only be issued upon receipt of the Commencement Certificate (CC) from the appropriate local planning authorities via email to a designated MahaRERA email address by the regulatory body.MahaRERA asserts that the number of grievances lodged by prospective purchasers in new projects has been diminished as a result of the due diligence it employs when registering such projects.