Titwala project first to register with housing regulator

A project in suburban Titwala by Mayfair Housing was the first to register under the new Real Estate (Regulation and Development) Act, (RERA) as the state’s housing regulator began functioning on Monday. Significantly, around 400 projects across the state, along with 800 realty agents, are presently in line to register themselves with RERA.

According to Gautam Chatterjee, Maharashtra RERA, they are getting a tremendous response for registration. “We have got applications from Mayfair and Raunak Group which within this week,” said Chatterjee.

Apart from them, 10 brokers have also registered themselves with the RERA authority.

The Mayfair group, headed by Nayan Shah, logged their application at 1.50pm on May 1.

It submitted the information aja spread across three acres and which will have 298 apartments. The delivery time is June 30, 2018.

Shah said RERA is an excellent act, which will clean up the real estate sector.

“For the past 15 days, our team has studied the act and gathered file anything, you cannot backtrack and hence we took utmost care,” said Shah.

“RERA will work wonders because it will bring in transparency and homebuyers will be able to make an informed choice,” he said.

RERA has mandated that sure of the type of the firm, their experiences, their construction plans along with the time of delivery of the apartments.

The act gives a green signa only after all the parameters have been met. If the builder fails to meet the deadlines, he will be penalised and the buyer will be