Maharashtra leads nation as RERA completes two years

Two years of RERA, and Maharashtra leads the nation. In Maharashtra, the number of the registered project stands at 20,718, while the number of agents registered stands at 19,699. This is the highest in the country, not only this, of all the ruling passed by MahaRERA, 79% were in favour of home buyers.

RERA was brought in to bring in transparency in the real estate sector, and help home buyers get possession of their delayed projects and if not possession then interest on their money for the delay.

One of the biggest, and arguably the most called for, reforms in the real estate industry in India was the implementation of RERA nearly two years ago. “A quick look at the rulings given by MahaRERA, arguably the most advanced state in implementing RERA, at the end of 2018, tells us that nearly 5,000 complaints were received and over 3,100 orders passed. Just till the end-2017, 79% rulings were in the favour of buyers. That should give us an estimate of the speed and the extent of buyer-protection that RERA offers. It is evident that as various states establish the authorities; and as these state authorities come to function at optimal efficiencies, real estate will be a radically transformed industry,” said Gulam Zia, Executive Director – Valuation & Advisory, Retail & Hospitality, Knight Frank India.

Maharashtra still leads with 20,718 projects and about 19,699 RERA-registered real estate agents, Gujarat comes second – 5,317 RERA-registered projects and 899 registered agents and agencies, Karnataka – 2530 projects and about 1342 RERA-registered real estate agents; Andhra Pradesh has 307 RERA-registered projects, while West Bengal is the only state with its own real estate law WBHIRA.

Anuj Puri, Chairman, Anarock Property Consultant, said, “Even while buyers have been continuously fretting about the dilution of the rules notified, they are bestowing their faith in the law and coming forward in bulk to raise their complaints against faulty developers for myriad reasons including project delays. For instance, MahaRERA has received as many as 6,631 complaints (as on April) since inception, out of which the state authority claims to have disposed of more than 64% of the complaints.”

Even developers claim that RERA has promoted transparency in the real estate Industry. Farshid Cooper, Managing Director, Spenta Corporation, said, “With the onset of RERA, crucial objective have set in motion by ensuring operational rules and creation of institutional infrastructure. It has definitely promoted transparency, trust and growth in the real estate sector. In the last two years, RERA has helped in augmenting long term growth by attracting increased foreign and local investments. The RERA Act has definitely provided the platform for sustainable growth.”

Source: DNA India

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