Ma­haRERA Gets Charge of 2 UTs

The re­alty reg­u­la­tor will also han­dle Dadra & Na­gar Haveli and Da­man & Diu

The Economic Times - - Companies: Pursuit Of Profit - Kailash.Babar@ times­group.com

Mum­bai: The Ma­ha­rash­tra Real Es­tate Reg­u­la­tory Au­thor­ity (Ma­haRERA) has been given the ad­di­tional charge of be­ing the reg­u­la­tor for two Union Ter­ri­to­ries of Dadra and Na­gar Haveli and Da­man & Diu, said an of­fi­cial of Ma­haRERA. The cen­tral gov­ern­ment has al­ready sent a di­rec­tive to this ef­fect to the state gov­ern­ment. “Both the Union Ter­ri­to­ries of Dadara and Na­gar Haveli and Da­man & Diu will come un­der Ma­haRERA’s ju­ris­dic­tion and the reg­u­la­tor can eas­ily take up this ad­di­tional charge based on the per­for­mance so far,” said an­other state gov­ern­ment of­fi­cial. Ac­cord­ing to an es­ti­mate of Ma­haRERA, there are around 800 on­go­ing real es­tate projects in these two Union Ter­ri­to­ries in Western In­dia. The au­thor­ity has al­ready started work­ing on sys­tem on how projects from these two re­gions can be reg­is­tered. Apart from this, the au­thor­ity is also work­ing on fi­nal­iz­ing the place of hear­ing for mat­ters re­lated to on­go­ing projects from there. The au­thor­ity will soon come out with a cir­cu­lar on the same.

While there six states that have set up por­tals for on­line regis­tra­tion, Ma­haRERA has re­ceived the best re­sponse in terms of regis­tra­tion of projects hav­ing re­ceived around 12,000 ap­pli­ca­tions for regis­tra­tion of on­go­ing projects.

The gov­ern­ment en­acted the Real Es­tate (Reg­u­la­tion & Devel­op­ment) Act 2016 and all the sec­tions of the Act have come into force with ef­fect from May 1 this year. Ma­ha­rash­tra was one of the first states to no­tify its rules un­der the Act and es­tab­lish Ma­haRERA.

ET AR­CHIVES

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