More than 9,000 de­vel­op­ers reg­is­ter un­der Maha Rera

Hindustan Times (Chandigarh) - Estates - - NEWS - Bidya Sa­pam n

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.

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