More than 9,000 developers register under Maha Rera
Real estate developers are concerned that restrictions on the sale of projects not registered under the Real Estate Regulation and Development Act (RERA) will hit revenues. Developers were given 90 days till July 31 to register projects under the new real estate law came that into effect from May 1. From August 1, developers cansell only projects with a registration number.
In Maharashtra, more than 9,000 real estate projects had been registered till Monday evening. In Mumbai alone, around 2,500 projects had been registered. These numbers are well below estimates.
“According to the Confederation of Real Estate Developers Association of India (CREDAI), no less than 30,000 projects should be registered in Maharashtra,” said a June 8 note from property consultant Colliers International. Last month, Gautam Chatterjee, Maharashtra’s RERA regulator, said he expected around 15,000 projects to be registered by the end of July.
Maharashtra was an early mover in terms of notifying RERA guidelines and starting registrations for projects and real estate agents. Karna t aka, Ra j as than, Utt ar Pradesh, Madhya Pradesh and Gujarat have followed. In total ,15 states and seven union territories have notified RERA guidelines.
“RERA’ s restriction on sale of any project without registration will adversely affect business cycles and can cripple the entire industry ,” said Jaxay Shah, president, CREDAI.
“We will review how many applications are there and how many are left. Detailswill be submitted to the authority and the authority will soon take a call on its next move,” said Vasant Prabhu, Maharashtra’s RERA secretary.