Maharashtra RERA, a model for other states

Maharashtra RERA, a model for other states

Representative Image (Photo by Reuters)

Maharashtra has secured the numero uno position in terms of implementation of the Real Estate (Regulation & Development) Act. The Maharashtra Real Estate Regulatory Authority (MahaRERA) model is seen as an example by various states.

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“We were the first to start the implementation and there are results for everyone to see,” MahaRERA Chairman Gautam Chatterjee said. He said that speedy dispute resolution is the hallmark and MahaRERA has received 9,137 complaints, of which orders have been passed in 5,858 cases (64%) and hearing is underway in 3,279 cases (36%).

Of the 23,097 applications received from promoters, 22,679 have been granted registration and 4,681 projects are complete. As many as 21,957 applications were received from agents of which 21,680 registrations have been granted.

Asked about challenges ahead, he said that we have to look at the stressed projects and liquidity issues. “Ultimately, the key objective of the RERA is to ensure that projects are completed,” Chatterjee adds, pointing out that every order is on the digital platform.

“The first few years were challenging; we ensured the process is smooth,” he said, adding that a lot of professionalism has come into the real estate sector.

According to Anuj Puri, chairman of Anarock Property Consultants, Maharashtra is among the largest in terms of real estate development, and the successful implementation of RERA is, in itself, an accomplishment.

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“The gradually improving performance of the state’s real estate sector sets the benchmark for other states to emulate. Since its inception, MahaRERA has been consistent in bridging the trust gap between developers and homebuyers. With several steps taken to regulate the real estate sector, Maharashtra continues to remain the blue-eyed boy of RERA implementation,” said Puri.