A total of 2,200 developers uploaded their documents on the Maharashtra Real Estate Regulatory Authority (RERA) website until Monday evening, the last day for registrations, taking the total number of registered projects in the state to 9,000.
From Pune division, 2,733 projects including 2,297 projects from Pune district alone, were registered with RERA till Monday. Besides projects, RERA also received around 7,000 applications from agents. Real estate experts, buyers and developers hailed the large number of registrations saying it will bring transparency in the sector reducing the possibility of cheating.
Enacted by the Centre in 2016, RERA Act aims to bring clarity and ensure fair practices in the real estate sector that would protect the interest of buyers. Maharashtra was one of the first states to notify its rules under the Act and establish Maha RERA. The new regulation had made it mandatory for all the developers to register at Maha RERA in three months till July 31.
During the registration of their projects, developers have to upload all the information pertaining to their project on the RERA website. The information will remain in the public domain which can later be seen by prospective buyers. RERA chairman Gautam Chatterjee said, “We have received more than 9,000 projects and 7,000 agents’ applications for registration so far.”
{{/usCountry}}During the registration of their projects, developers have to upload all the information pertaining to their project on the RERA website. The information will remain in the public domain which can later be seen by prospective buyers. RERA chairman Gautam Chatterjee said, “We have received more than 9,000 projects and 7,000 agents’ applications for registration so far.”
{{/usCountry}}Despite the demand from builders, the government refused to extend the deadline beyond July 31. According to sources, most projects registered were from Mumbai and Pune region.
Experts said RERA will, to some extent, prevent the possibility of developers giving false or misleading information of their projects to buyers. However, buyers, according to experts, will have to be cautious about what information developers have submitted with RERA.
“To some extent, RERA will bring transparency in the real estate sector. However, authorities should be strict in implementing the provisions so that customers can benefit,” said RTA activist and real estate watcher Vijay Kumbhar.
The builders’ body, while welcoming RERA said, its beneficial for developers as well as buyers. “We believe that RERA is equally beneficial for the consumer and real estate developer. However, there are still some apprehensions about the act among the developers and we feel that the government should work towards removing those,” said Ranjit Naiknavare, secretary, CREDAI Pune Metro.
Naiknavare, however, cautioned about misuse of the data uploaded on RERA website. “During this process, a lot of valuable data would go online thus, it is imperative to ensure safety of this data and steps are required to be taken in this direction by the concerned authorities,” he said.
Applications received
Registration of projects till Monday evening - 9,000
From agents - 7,000
From Pune district - 2,297
From Pune division - 2,733