Mumbai: Maharashtra has taken the lead in getting developers to register under the Real Estate Regulation Act (RERA), with over 16,000 projects registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA). Nationwide, 27,000 projects have been registered under the Act, which completes one year of being in force after it was fully implemented on May 1 last year.
Of the 16,300 projects registered with MahaRERA, over 13,000 are ongoing projects. Also, in this one year, 1,800 projects have been completed. Gautam Chatterjee, chairperson, MahaRERA, said, “Ongoing projects were brought into the ambit because the first objective of the Act was to ensure completion of projects which remained unfinished for one reason or the other. There were 8,200 such projects, of which 7,800 projects had time overrun. The next challenge is how, in the foreseeable future, we can complete these projects.”
Estate agents on board
Mr. Chatterjee said during the past year, 14,000 real estate agents had also registered themselves with the authority. During the same period, the regulator also received 2,250 complaints, of which 1,200 have been disposed of.
“Grievance redressal is another important thing in Maharashtra. We have four things in place: hearing complaints, adjudication, appellate tribunal and conciliation forum,” he said.
On its first anniversary, MahaRERA has assured developers and home buyers to further reduce registration and dispute-redressal time to expedite the processes. “We have resolved complaints in 47 days, while the Act allows 60 days for the same. We are improving. As per the Act, registration needs to be done in 30 days; we are doing this in 16 days, and are improving on this,” Mr Chatterjee said at a function organised by the MahaRERA Conciliation Forum.
He said Maharashtra was only State to commence on-line registration of new and ongoing projects from Day One at midnight on May 1, 2017. “Ours is a zero-footfall and paperless office. We are ensuring that compliance remains as high as it has been in the form of registrations. MahaRERA has only 35 people, who have developed 35,000 products.”
‘RERA not stressful’
Addressing the gathering of developers, bankers and consumer representatives, Hardeep Singh Puri, Union Minister of State (Independent Charge) for Housing and Urban Poverty Alleviation, lauded the efforts of MahaRERA and its chief in putting in place a robust system and ensuring compliance through different methods. He also asked the developer community to accept the new reality. “If there is stress in the real estate sector, it is not due to RERA. I want to clear this confusion,” Mr. Puri said.
The Minister, a former diplomat, said there is a ‘crying need for attention’ because of the way this sector has been functioning over the last 70 years. “I am delighted that people are not only appreciating the virtues and importance of RERA, they are clearly realising that they can’t have a situation without RERA. So, now, take RERA as a given.”
He said whenever he discussed incomplete housing projects, his heart went out to home buyers because they had been taken for a ‘massive ride by the promoters and developers’. “Now, RERA will at least ensure that the industry will be insulated from fly-by-night operators and those who used this industry for other purposes.”
Mr. Puri said RERA would ensure accountability towards allottees and their interests will be protected. It will ensure fair play, infuse transparency and reduce frauds. “It aims to increase professionalism and pan-India standardisation, along with establishing symmetry of information between the promoter and the allottees.”
