3 / 3
Diwali Delight: Maharashtra Witnesses Surge in Real Estate with 823 New Projects Registered by Maharera
As the festive lights begin to illuminate the streets, Maharashtra’s real estate sector is experiencing a radiant glow of its own. In the spirit of Diwali, the Maharashtra Real Estate Regulatory Authority (Maharera) has granted registration numbers to a staggering 823 new projects. This surge, encompassing 645 approvals in October and an additional 178 till November 13, reflects the dynamism in the state’s construction and development landscape.
Meeting the Diwali Demand: Maharera’s Swift Approvals
Anticipating the high demand during the festive season, Maharera has diligently processed registrations across various regions in the state. The breakdown reveals a robust distribution, with 382 projects in Konkan (including Mumbai), 257 in Pune, 77 in Nagpur, 57 in Nashik, 33 in Ch. Sambhajinagar, and 17 in Amravati. This strategic approach ensures that the real estate market is well-prepared to cater to the diverse needs of Maharashtra’s populace during the Diwali celebrations.
Developer Compliance: Key to Successful Registration
While the numbers speak of growth, Maharera emphasizes the importance of adherence to necessary documentation and approvals for successful registration. Developers are urged to consult the Maharera website for guidelines and ensure a seamless registration process. Six self-regulatory organizations actively support their members through dedicated representatives at the Maharera headquarters, streamlining the registration journey.
Maharera’s Commitment to Quality: A Robust Verification Process
Maharera’s commitment to investor protection is evident in its stringent verification process. The authority ensures the establishment of a separate bank account for project investors, verifies legal ownership of the land, and validates permits issued by local planning authorities for construction initiation. The recent requirement of the Construction Commencement Certificate (CC) since June 19 adds an additional layer of scrutiny, reinforcing Maharera’s dedication to maintaining high standards.
Continuous Improvement: Maharera’s Open House Sessions
Recognizing the need for continuous improvement, Maharera conducts weekly Open House sessions, where developers or their representatives actively participate to rectify any errors. This proactive approach contributes to the meticulousness of the registration process and reflects in the low customer complaint rate, currently standing at less than 4%. Maharera remains steadfast in its commitment to further reduce this ratio through ongoing enhancements.
Division-wise Applications and Approvals in October – November:
October:
- Amravati: Applications Received – 22, Approved – 16
- Ch. Sambhajinagar: Applications Received – 48, Approved – 27
- Konkan: Applications Received – 558, Approved – 298
- Nagpur: Applications Received – 105, Approved – 59
- Nashik: Applications Received – 102, Approved – 47
- Pune: Applications Received – 373, Approved – 198
- Total: 1208 Applications, 645 Approved
November:
- Amravati: Applications Received – 8, Approved – 01
- Ch. Sambhajinagar: Applications Received – 17, Approved – 06
- Konkan: Applications Received – 192, Approved – 84
- Nagpur: Applications Received – 36, Approved – 18
- Nashik: Applications Received – 31, Approved – 10
- Pune: Applications Received – 130, Approved – 59
- Total: 414 Applications, 178 Approved
