MahaRERA approves 823 new housing projects in festive season

MahaRERA approves 823 new real estate projects in Maharashtra during festive season, surpassing last year's count, with 645 approvals in October and 178 up to November 13.

Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has granted approval to a total of 823 new real estate projects during the festive season. This includes 645 approvals in October and 178 up to November 13, surpassing the count of 739 in the festive season of 2022.

HT Image

MahaRERA, which processed 1,600 new project applications during this period, sanctioned projects across various regions. Notably, 382 projects were approved in the Konkan region, encompassing Mumbai and Thane, followed by 257 in Pune, 77 in Nagpur, 57 in Nashik, 33 in Chhatrapati Sambhaji Nagar, and 17 in Amravati.

While 1208 projects applied for registration in October, by November 13, around 414 projects had submitted applications. However, only 823 projects met the stringent documentation criteria required for registration.

During the festive months from October to December, there is a rush from developers to launch new housing projects. MahaRERA has intensified scrutiny to prevent post-registration non-compliance by developers. The verification process includes checking for a separate bank account for investors, legal land ownership, and necessary permissions from local planning authorities. Additionally, MahaRERA has mandated the submission of the Construction Commencement Certificate (CC) directly from local planning authorities’ designated email to further enhance the verification process.

Ajoy Mehta, MahaRERA chairperson, emphasised the authority’s commitment to safeguarding homebuyers’ investments. The complaint rate for new projects has reduced to 4%, compared to around 24% for older projects. MahaRERA continues to address developer queries through weekly Open House sessions with concerned officials.