Pune Tops the Charts as MahaRERA Registers Over 4,000 Projects in FY 2023-24
In a significant development for the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has reported a substantial uptick in project registrations during the fiscal year 2023-24. Pune emerges as the frontrunner, leading the tally of registered projects, signaling positive momentum in the region’s real estate landscape.
According to officials, MahaRERA has successfully registered a total of 4,332 projects out of 5,471 applications received in the last fiscal year. The remaining applications are currently under review, underscoring the rigorous scrutiny process implemented by the regulatory authority.
Pune has emerged as the top performer, with 1,172 projects registered, followed by Thane with 597 projects and Mumbai Suburban with 528 projects. The pending proposals are undergoing meticulous scrutiny, as officials remain committed to upholding transparency and preventing fraudulent practices within the real estate sector.
Last year, MahaRERA took proactive measures to enhance its verification process following instances of fraud, such as the Kalyan-Dombivli case. Local authorities were mandated to verify developers’ commencement certificates via email or by integrating their websites with MahaRERA, ensuring thorough scrutiny before project registrations are approved.
To further streamline the registration process, MahaRERA made it mandatory for developers to obtain a copy of the commencement certificate from the concerned planning authorities. This decision, effective from June 19 last year, prioritizes due diligence and prevents the issuance of registration numbers until all necessary validations are completed.
An official emphasized the meticulous scrutiny process, stating, “All project proposals undergo validation by respective local authorities, which inherently takes time.” Currently, 1,139 projects are under scrutiny, with authorities diligently reviewing each proposal at legal, financial, and technical levels.
To expedite the process and ensure timely project completion, MahaRERA maintains stringent checks at various stages. Once developers rectify any errors and address deficiencies in their projects, registration numbers will be issued promptly, fostering transparency and accountability in the real estate sector.
Region-wise analysis reveals the Mumbai Metropolitan Region (MMR) as the leader, comprising Mumbai, Mumbai Suburban, Thane, Raigad, and the Konkan Region, with 1,976 new projects approved. Pune region, encompassing Pune, Kolhapur, Solapur, Sangli, and Satara in Western Maharashtra, closely follows with 1,415 projects, highlighting the robust real estate activity in these areas.
As MahaRERA continues to uphold stringent regulatory standards, the surge in project registrations signifies a positive outlook for the real estate sector, fostering investor confidence and facilitating sustainable growth.
