Developers were given a 90-day window to register their new and ongoing projects, which ends on July 31.
Developers in Maharashtra have started registering with the Maharashtra Real Estate Regulatory Authority (Maha RERA). Gautam Chatterjee, chairman, Maha RERA, said there will be no extension for developers and firms on the deadline of registering before July 31. No developer or real estate agent will be allowed to sell their projects or advertise about it without the Maha RERA registration from August 1, Chatterjee said. Developers and real estate agents should not take this lightly, else it will be their loss, he added. Developers were given a 90-day window to register their new and ongoing projects, which ends on July 31. Maharashtra was one of the few states ready to implement RERA and we were in a state of readiness since April ’17, so there no question of extension, Chatterjee said. So far, two new and 44 existing projects of Maha RERA have been registered in Mumbai, Thane, Pune, Nagpur, Raigad and Jalgaon. Around 20 are in the process of registering. By July 31, at least 4,000 developers and agents should get registered.An immediate impact of RERA has been that prices have come down. CIDCO has seen a 20% reduction in cost of land. Chatterjee hopes costs will come down over a period of time. Sectors such as telecom had seen a reduction in costs after regulations came into effect and this is expected in real estate, too. To ally fears and address concerns, the Pune Metropolitan Region Development Authority organised a meet for developers with the Maha RERA team, explaining the new laws and stressing on its importance.
He acknowledged there will be concerns and issues when you move from an unregulated to a regulated regime and it must be disquieting for developers but this was an way to bring in transparency, financial discipline and consumer centricity which would be good for the sector. Disclosure of all information and compliant behaviour is something no one can contest and delinquency will be punished so play the game by the rules of the game, he said. He was hopeful of all developers and agents joining in with the developers body, CREADAI and the PMRDA creating special help desk to guide developers to register. Pune alone has 400 large and medium developers while There are around 2,000 smaller developers.