According to a new report from Crisil, Indian state, Maharashtra has witnessed maximum response in realty project registrations with its Real Estate Regulatory Authority (RERA). The report said that Maharashtra is one of the eleven states in India, which has notified a Real Estate Regulatory Authority (RERA) that is in line with the Centre’s Act.
Other that Maharashtra, Delhi, Punjab, Himachal Pradesh, Uttarakhand, Goa, Assam, Odisha, Tamil Nadu, Jharkhand and Bihar are in the list. The report said, “Effective implementation of a well-drafted RERA framework is an important condition to improve buyer confidence, and thus demand revival.”
The report also stated, “While deviation from the model Act is a cause for concern, the slow progress of states in operationalizing RERA and making available details of registered projects widely is even more disconcerting. For example, many states are yet to form a permanent RERA authority. In addition, only a handful of state RERA websites are operational and have started publishing project information online.”
Unlike other states where details of very few projects are available online, Maharashtra has seen an incredible response in both registration of projects and revelation on the regulatory authority’s website.
The state is also one of the few regulatory websites offering detailed information on projects including – name of project, type of project, land area, apartment type, carpet area, date of completion, sold status, contractor details, relevant scanned documents and details of real estate agents involved.
Statistics show that there were 15,281 registered projects in Maharashtra, till mid-February. Comparatively, other states experienced lesser registrations — second in the list Uttar Pradesh with 2,310, Gujarat with 1,639 and Madhya Pradesh with 1,637.
Maharashtra has been able to achieve the figure due to the close monitoring and active management by the authority. The report stated that the fact that the Maharashtra real estate regulator has penalised as many as 1,716 developers for delayed registrations makes it easier to understand this. Besides, the state has also initiated the process of formation of a conciliation forum to speed up dispute resolution between the property buyers and developers.