Maha RERA eyes 3,000 projects to be registered every year in Maharashtra

Maharashtra Real Estate Regulatory Authority (MahaRERA) said that around 3,000 real estate projects on an average would be registered with it every year.

The chairperson of MahaRERA Gautam Chatterjee, who was in the city recently for the two-day summit by Credai, said that it is mandatory for developers to get registered with MahaRERA. The event concluded on Saturday.

Ever since MahaRERA came into existence on May 1 last year 16000 projects have been registered with the authority, including the ongoing projects.

“At present all new projects would have to be registered with us. The developers cannot launch or advertise their projects until they get registered. Our aim is to see to it that on an average around 3,000 projects to be registered every year with MahaRERA,” said Chatterjee.

During his speech at the inaugural event Chatterjee had warned developers of action if their projects are not registered with Authority.

According to S Choklingam, state settlement commissioner and director of Land Records amendments are taking place in Land title acts.

“Maharashtra is the first state where leave and license agreements are registered at home online. It needs to check history of land before the land measurement and this is the time consuming process. Hence, we are working on simplifying the process, said Choklingam.

He added that his department is also in the process of giving digital property cards. Presently, department is in the process of modernisation.

“Last fiscal, the government had got the revenue of Rs 25,000 crore from this department,” added Choklingam.

Mangal Prabhat Lodha, chairman of Lodha Group said, “After agriculture, the realty is the largest sector that provides maximum employments. But the sector is passing through a phase of slowdown. The rising tax rates and declining profit margins are the major concerns of the sector. We need to pursue with the government on CREDAI’s platform to take positive decisions to boost the realty sector.”