Realty bites: Builders rush to register ongoing projects under new act in Maharashtra
The builders of the city rush for ongoing projects registered within the deadline set by the Law of Regulation and Development (RERA) Maharashtra, which ends today. While a total of 6,534 projects have been recorded to date, around 1000 were subject to RERA Sunday.
These projects in the housing jurisdiction of the regulator are good news for home buyers who have invested in projects under construction, as they will now be protected against fraud and manipulation by manufacturers.
Developer associations said they respect the rules. The Maharashtra Housing Industry (MCHI), the apex group of builders, had dedicated experts in different places to help builders submit details of their projects online.
“The developers are doing their best to meet on time. Several experts help cause revelations can not be changed later and the data must be accurate,” said Manohar Shroff, vice president, MCHI-CREDAI (New Bombay).
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Manufacturers should be penalized if they can not register their projects before the deadline. The Maharashtra government, which put RERA into force on 1 May, refused to extend the deadline.
The RERA was established to protect the interests of buyers who have been exploited by manufacturers for decades. Under the law, a builder must disclose all of his building plan and time line where he will give possession of the apartments. There are severe penalty clauses in the Law against wandering builders and brokers who market the project.
The details are posted online as they allow buyers to make informed decisions before buying the apartment.
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Property developers were unhappy with RERA because they think it will further delay the approval process and affect their activities. However, there are no options, more than 6,500 projects have been registered by the RERA.
The real estate sector has been bleeding with a large number of unsold apartments. The Metropolitan Region of Mumbai (MMR) has sold approximately 2.61 lakh some of which Mumbai has 90,000 houses. Home buyers can not buy because of the high prices.