MahaRERA Hits 50K Project Registrations, Leads India's Real Estate Regulation Drive

Eight year after its formation, the Maharashtra Real Estate Regulatory Authority (MahaRERA) crossed the mark of total project registrations exceeding 50K in the state as reported by the press release dated 8th May.

The MahaRERA is the only real estate regulatory authority, in India, after registering more than 50K real estate projects. Out of the total, approximately 50 percent of the projects are registered in Mumbai Metropolitan Region and Pune only is found out from the official data.

Tamil Nadu is in the second place with 27,609 residential projects, while Gujarat is third in line with 15,322 residential projects. The regulator mentioned that almost one third of the country’s housing projects (around 35 percent) are registered in the state of Maharashtra. According to Ministry of Housing and Urban Affairs figures, put up by MahaRERA, the combined number of approved housing projects by all the RERA (Real Estate Regulatory Authorities) bodies in the country stands at 1,44,617.

"This is a moment of achievement for the industry-friendly and ever-progressing Maharashtra. Until a few years ago, the real estate sector, which was largely limited to the Mumbai Metropolitan Region or Pune region, but now it is expanding all across the state," said Manoj Saunik, Chairman of MahaRERA.

Although more than 50,000 projects have been registered by MahaRERA in the last eight years, the completion is at a pitiful little over 17,000 projects. The MahaRERA argues that the fact could be different, given the data available with them is basis completion declaration made by the developer. Many projects have been completed and possession has been handed over, however, the developer has failed to reveal that news to MahaRERA officials said. In the meantime, MahaRERA has received more than 28000 complaints with the last 8 years, and orders were made for 21000 out of the received complaints. The authority has also settled conciliations on 1,235 cases, according to the revelation of the data.