MahaRERA in the latest notification made it mandatory to have a distinct registration number for each Housing Project in Maharashtra built on a piece of land.
he real estate landscape in Maharashtra witnessed an unprecedented transformation in 2023 as the completions of housing projects registered with MahaRERA (Maharashtra Real Estate Regulatory Authority) soared to the highest levels since its inception in 2017. This surge in completed projects not only reflects the industry’s resilience but also underscores the efficiency of MahaRERA’s stringent regulatory framework.
MahaRERA Remarkable Impact:
The housing regulator’s proactive approach to monitoring ongoing real estate projects has played a pivotal role in this remarkable achievement. MahaRERA, which initiated its operations on May 1, 2017, has been a trailblazer among state RERA authorities. It was established to oversee real estate projects lacking the Occupancy Certificate, ensuring homebuyers’ investments are safeguarded.
In 2017, MahaRERA witnessed the completion of 404 projects, a number that significantly increased to 1,595 in 2018. Despite challenges posed by the COVID-19 pandemic, with construction halting during two waves of the virus, MahaRERA managed to complete 1,749 projects in 2022, including 780 in the Konkan region.
The Quantum Leap in Completions:
The standout achievement of 3,927 completed housing projects in 2023, nearly doubling the 2022 figure, reflects a quantum leap in project completions. This surge has surpassed the average annual completion rate of 2,200-2,300 projects in the preceding years, marking a substantial upward trajectory.
MahaRERA’s Micro Monitoring Initiatives:
Chairman Ajoy Mehta emphasized MahaRERA’s commitment to ensuring timely project completions and protecting homebuyers’ investments. The establishment of a Micro Monitoring Cell and the implementation of Quarterly Progress Reports (QPR) have become integral to MahaRERA’s strategies. These initiatives allow for vigilant oversight of ongoing projects, enabling the identification and rectification of any deviations from the project timeline.
Stringent Scrutiny Processes:
To enhance transparency and accountability, MahaRERA has instituted a meticulous three-tiered scrutiny process for project registrations. This process delves into legal, financial, and technical aspects, ensuring promoters disclose vital information, such as legal disputes, land ownership, encumbrances, and deviations from the RERA agreement. This scrutiny extends to financial aspects like asset-based reports and proper submission of layout and building approval plans.
The stringent scrutiny, while ensuring compliance, has made the registration process more rigorous, resulting in longer processing times. The monitoring cell is dedicated to posing critical questions until it is satisfied with the self-disclosures made by project promoters.
One Project, One Registration:
In a recent circular, MahaRERA introduced a guideline emphasizing that each housing project on a specific piece of land should have only one registration number. This directive aims to curb instances where multiple registrations are sought for the same plot of land, preventing conflicting claims and disputes among developers.
The circular mandates all promoters applying for registration to submit a declaration confirming that there are no pending applications for the same land. This proactive step is designed to streamline the registration process and prevent future conflicts, ensuring clarity in project ownership.
Positive Reception and Impact of MahaRERA Guidelines:
Legal experts, including advocate Anil D’souza, Secretary of the Bar Association of Maha RERA Advocates, have lauded MahaRERA’s guideline on single registrations for a specific plot of land. D’souza highlighted instances where multiple registrations on the same plot led to complex legal disputes, negatively impacting both society members involved in redevelopment and new flat purchasers.
The record-breaking surge in housing project completions in Maharashtra is a testament to MahaRERA’s efficacy in steering the real estate sector. As the regulator continues its proactive measures, including micro-monitoring, stringent scrutiny, and streamlined registration processes, the industry is poised for sustained growth. MahaRERA’s commitment to transparency, accountability, and timely project completions sets a benchmark for real estate regulators nationwide. The surge in completed projects not only boosts investor confidence but also ensures that homebuyers’ dreams are transformed into reality efficiently and securely.
