MAHARERA TURNS 5

Some say it has proved to be of great use, others call for changes

The Maharashtra Real Estate Regulatory Authority or MahaRERA completes five years today. So far, 35,456 projects—of which 26 per cent have been completed-were registered with the agency formed to protect the interest of homebuyers and stakeholders in the real estate industry. Adhering to its primary objective, MahaRERA has disposed of 68 per cent of 17,598 complaints filed till now.

Commenting on the MahaRERA’s success, its chairman, Ajoy Mehta, told FPJ that it has been taking a lot of game-changing decisions. "We will now focus on tightening the regulatory oversight. If that gets stronger the number of litigations will automatically comes down. In fact, the pendency in cases also brought down with formation of a conciliation forum which is a committee of experts from the industry. 50 per cent of cases today are disposed of through conciliation between the buyer and seller."

While the Builders Association of India, Housing and Rera committee chairperson, Anand Gupta, said, "The agency has instilled confidence among homebuyers and improved the image of the industry. However, giving

The pendency in cases brought down with formation of a conciliation forum which is a committee of experts from the industry

more powers to MahaRERA will further strengthen the real estate industry. For instance, if approval authorities like BMC, MHADA among others also come under RERA authority it will definitely resolve a lot of disputes."

Similarly, Brihanmumbai Developers Association, an affiliate of NAREDCO West, vice president Harrishkumar Jain, asserted that the MahaRERA has acted as a catalyst for the kind of momentum seen in the sales registration across the state. “Maharashtra is not only

leading in terms of projects registered but also in providing solutions to aggrieved homebuyers,"he remarked.