RERA is not a Monster. We are here to save the interest of Home Buyers and regulate the Industry: MahaRERA Chairman


Maha RERA to hold quarterly workshops to handhold the real estate stakeholders

Mumbai, 18th February 2023: The objective that MahaRERA is pursuing is the transparency and symmetry of information. Whatever project information a builder has he should transparently share it with the home buyer, said Shri Ajoy Mehta, Chairman, MahaRERA. The regulator is working to protect the real estate industry and wants to ensure its growth. Only when the real estate industry survives does the home buyer gain. He was speaking at an event organized by National Real Estate Development Council (NAREDCO) on RERA Updates & Insights. Mr. Mehta also agreed to hold a quarterly workshop jointly organized by MahaRERA and NAREDCO to help the developers gain clarity and improve compliances.

Speaking on the occasion Dr. Niranjan Hiranandani, Vice Chairman, NAREDCO appealed to the regulator to also help speed up the process of approvals. There are several issues to be addressed for which the regulator needs to make efforts. For example, if there is a recession in the economy that leads to delay in project completions, how do we handle that risk? Dr. Hiranandani asked.

Mr. Rajan Bandelkar, President of NAREDCO India while welcoming the panel noted that the RERA has helped the real estate industry gain respect due to regulation and professionalisation. MahaRERA has been issuing innovative circulars and facilitating compliance. Allowing deregistration for example was a much-needed step as it allowed an exit route, Mr. Bandelkar said.

Mr. Sanjay Dutt, MD & CEO, Tata Realty & Infrastructure highlighted the fact that the amount of institutional funds flowing into the real estate industry has been growing at an astounding pace. So much of compliances is likely to pose challenges to the developers as well as the regulator going forward. The industry is likely to attract an investment of around Rs 3 Lakh cr over the next 3 to 4 years. This money will be flowing from private equity investors and local lenders. Its important that the developers are able to perform and fulfill the commitments.

Shri. Sanjay Deshmukh, Nodal Officer for lapsed project, MahaRERA encouraged developers to improve the quality of the uploaded data. Around 75-80% of participants were falling short on quarterly filing timelines. With due efforts from authority to facilitate the process in the last month alone 5,000 forms have been uploaded taking the number up to 18,000, Mr. Deshmukh added.

Shri. Mahesh Pathak, Member, MahaRERA is optimistic that the number of stressed and lapsed projects will come down going forward. We have developed objective criteria, SOPs and hired professional agencies to help with the monitoring process. Effective monitoring will ensure that fewer projects will face stress and get lapsed,” Mr. Pathak maintained.

Voicing developers concerns with regard to RERA compliance Mr. Ashok Chhajer, Chairman, Arihant Superstructures Ltd suggested a balanced approach wherein a buyer of a delayed project could be paid rent for the alternate accommodation, by the developer. This will lower the burden on the developer and help him achieve early completion of the project, Mr. Chhajer suggested.

Mr Dinesh Doshi, President, NAREDCO Progressive Neral Karjat said, Change is the only constant and real estate regulation has evolved over last many years with industry working closely with the regulator (RERA).

Mr. Gautam Thacker, Chairman, NAREDCO Progressive Neral Karjat welcomed the regulator’s approach of protecting the interest of every stakeholder. The real estate industry plays a critical role in nation-building, working on the governments goal of housing for all. MahaRERA has strengthened the industry while prioritizing the interest of home buyers, Mr. Thacker added.


Leave a Reply

Your email address will not be published.


OpenAI Appoints Pragya Misra as Government Relations Head in India

OpenAI, the renowned developer of ChatGPT and a frontrunner in artificial intelligence research, has taken a significant step in expanding its global footprint by hiring its first employee in India. Pragya Misra, appointed as the government relations head, will play a pivotal role amid India’s ongoing elections, which are crucial for shaping AI regulations in […]

Read More

From Retirement to Revitalization: The Growth of Senior Living in India

The world’s elderly population is surging and India is expected to accommodate upto 17 per cent of the world’s elderly population by 2050, said a report by CBRE South Asia Pvt Ltd. In India, the segment is witnessing substantial growth, driven by favorable demographics, rising chronic conditions, and increasing awareness. And with the rising number […]

Read More

Tata’s Strategic Moves in India’s EV Market: A Closer Look

  Tata Motors, a stalwart in India’s automotive sector, is making strategic maneuvers to capitalize on the evolving landscape of electric vehicles (EVs). With the recent announcement of importing Jaguar Land Rover (JLR) luxury electric cars under a new government policy, Tata is positioning itself at the forefront of the country’s electric mobility revolution. The […]

Read More