The festive season in India, spanning Navratri to Diwali, brought a surge in property registrations in Mumbai, with a 30% YoY increase totalling 12,600 registrations and Rs 1,257 crores in revenue. Maharashtra Real Estate Regulatory Authority approved 823 projects, addressing challenges and ensuring a less than 4% customer complaint rate, emphasizing commitment to a stringent registration process. The impact highlights the positive influence of festivities on India's real estate market.
In India, the festive season is no short of magic. Comprising Navratri and Diwali, is a time of enchantment. The sights of sparkling lights, vibrant surroundings and the spirit of celebration create a joyous atmosphere. Rooted in legends that inspire hope and positivity, this season becomes particularly auspicious, especially for investments. Therefore, it's no surprise that this festive season that began with Navratri October 15 to November 15 until Bhai Dooj (Diwali) witnessed a significant upswing in property and project registrations. In Mumbai's real estate market alone, there were 12,600 property registrations, marking a 30% increase from the previous year. Knight Frank India, a real estate consultancy firm, analyzed the data, revealing that the revenue generated during this period exceeded Rs 1,257 crores. The daily average registration rate rose from 322 to 407 units. The first 10 days of November saw more than 4,800 property registrations in Mumbai, signaling a peak in festive season activity. On the same note, The Maharashtra Real Estate Regulatory Authority (MahaRERA) made headlines by approving 823 projects across the state, with 382 in the Mumbai Metropolitan Region (MMR) alone. Other locations such as Pune (257), Nagpur (77), Nashik (57), Chhatrapati Sambhaji Nagar (33) and Amravati (17) also benefited. Despite the approval of 823 projects, over 1,600 projects sought registration, facing challenges due to insufficient approvals and documentation. MahaRERA, recognizing the significance of this process, provides assistance through representatives from six self-regulatory organizations and weekly open houses, broadcasted online, to resolve developer queries. According to MahaRERA, each of the six self-regulatory organizations representing the developers are well-aware of this process and have two representatives at the MahaRERA headquarters to assist their members in the process of registration. MahaRERA acknowledges the substantial financial commitment of homebuyers and has implemented stringent registration processes. Documentation authenticity, verification of permissions from local planning authorities, and scrutiny of financial, legal, and technical aspects are mandatory. Since June 19, MahaRERA requires a Commencement Certificate (CC) from local planning authorities before issuing a registration number. MahaRERA's diligence has resulted in a reduction in homebuyer complaints for new projects, with a customer complaint rate of less than 4%. Ajay Mehta, President of MahaRERA, emphasizes their commitment to further reduce this ratio. Every project undergoes rigorous economic, legal, and technical verification during the registration process. Open forums are held weekly which provide a platform for developers to address concerns and clarify doubts, emphasizing the commitment to the registration process. These developments showcase the impressive impact of the festive season on India's real estate market.
Advertisement
Facebook
Whatsapp
