The Maharashtra Real Estate Regulatory Authority (MahaRERA) issued approved registration of 4,332 new real estate projects out of 5,471 total applications received in the financial year 2023-24. Pune had the highest number of newly registered projects at 1,172, followed by Thane, Mumbai Suburbs, Raigad, Nagpur, and Nashik. The Mumbai Metropolitan Region accounted for the most projects registered at 1,976, while Western Maharashtra including Pune had the second highest at 1,415. MahaRERA scrutinizes each project thoroughly for legal, financial and technical compliance before registration. This ensures timely completion and avoids buyer grievances.
In the last financial year ending March 31, 2024, the Maharashtra Real Estate Regulatory Authority (MahaRERA) issued registration numbers to 4,332 new real estate projects out of the 5,471 applications it received. Of the total approved projects, Pune had the highest number of projects with 1,172 projects. Pune was followed by Thane (597), Mumbai Suburban (528), Raigad (450), Nagpur (336), Nashik (310), and so on.
The Mumbai Metropolitan Region (MMR), comprising Mumbai, Mumbai Suburban, Thane, Raigad, also known as the Konkan Region, had the most new projects registered at 1,976. Western Maharashtra, including Pune, Kolhapur, Solapur, Sangli and Satara, had the second highest with 1,415 projects. Vidarbha region saw 437 new projects registered, with 336 in Nagpur. Northern Maharashtra witnessed 347 projects, of which 310 were in Nashik. Marathwada registered 149 projects, including 117 in Aurangabad. There were also 8 projects in Dadra Nagar Haveli.
Before registration, MahaRERA thoroughly scrutinizes each project at three levels - legal, financial and technical. This includes clarifying all queries raised until promoters satisfy MahaRERA's self-disclosure requirements. This ensures timely completion of projects and avoids grievances from homebuyers.
Additionally, due to irregularities in the Kalyan-Dombivali area, while seeking MahaRERA registration, it has been made mandatory to get a copy of 'Commencement Certificate' (CC) from the concerned planning authorities. This communication is shared via a predetermined designated email address on the side of planning authorities as well as MahaRERA. This decision has come into effect starting June 19 and registration number is not issued until the due diligence is done.
Despite initial efficiency, delays in receiving approval emails, and resolution of proposal errors from concerned developers have led to the approval of registration numbers for 4,332 out of 5,471 projects. Remaining 1,139 projects are under scrutiny. Once the developers of these 1,139 projects rectify errors and don't leave behind any deficiencies, registration numbers will be issued to them.
In Pune, out of 1,431 projects, registration numbers have been issued to 1,172 projects. In Thane, out of 765 projects, 597 have been registered. In Mumbai Suburbs, out of 655 projects, 528 have been registered. In Raigad, out of 546 projects, 450 have been registered. In Nagpur, out of 404 projects, 336 have been registered, and in Nashik, out of 381 projects, 310 have been registered.
In the Kalyan - Dombivli and Vasai - Virar regions, registration was issued to 332 out of 446 projects. This includes 123 out of 178 from Vasai - Virar and 209 out of 268 from Kalyan - Dombivli.
MahaRERA was the first state RERA authority when the Act came into existence to monitor ongoing real estate projects which have not obtained the Occupancy Certificate. MahaRERA began functioning on May 1, 2017. In 2017, only 404 projects reached completion stage followed by 1,595 in 2018. From 2019 onwards, each year an average of more than 2,000 projects were completed including 2,232 in 2019, 2,573 in 2020, 2,326 in 2021.
Due to the Covid-19 impact when construction had come to standstill, several projects faced challenges, and only 1,749 projects reached completion including 780 in Konkan region which includes Mumbai. But since then, the number of successful registrations has been increasing consistently across Maharashtra under MahaRERA's watchful eyes.
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