Pune, 29th July 2023: The Real Estate Regulatory Authority (RERA) has emerged as a pivotal force in bringing unprecedented transparency to the real estate sector. Speaking as the Chief Guest at the Special General Body Meeting of CREDAI Pune Metro held at J W Marriott on Senapati Bapat Road, Ajoy Mehta, IAS, and Chairman of MahaRERA, highlighted the transformative impact of RERA on the real estate industry.
Before the advent of RERA, the real estate sector suffered from a lack of transparency, leaving buyers uncertain about developers’ permissions and project timelines. However, RERA changed the game by legally establishing the buyers’ right to timely project completion, empowering them with more information and safeguards.
Mehta shared valuable statistics that demonstrate the positive impact of RERA. In projects launched before RERA, MahaRERA received complaints against 23% of the projects, whereas in projects launched post-RERA, complaints were received against only 3.5% of projects. This reduction in grievances showcases how RERA has been instrumental in enhancing accountability and addressing buyer concerns.
Mahesh Pathak, IAS, Member 1 MahaRERA, along with the office bearers of CREDAI Pune Metro, including newly elected President Ranjit Naiknavare, Shrikant Paranjape, Manish Jain, Ashwin Trimal, and Aditya Javdekar, attended the event, highlighting the unified support from industry stakeholders for RERA’s positive influence.
Ranjit Naiknavare addressed the gathering and emphasized the growth potential of the real estate sector, which currently contributes to 6% of the national GDP and is projected to reach 13% in the next 8-10 years, amounting to approximately USD 1 Trillion. He praised RERA for its transformative impact, ushering in transparency, integrity, customer focus, and financial discipline to the industry.
Ajoy Mehta stressed the necessity of a regulatory body like RERA due to the real estate sector’s vast scale in terms of customers and finances. With approximately 14 lakh home buyers in Maharashtra still waiting for the delivery of their homes, RERA’s role in safeguarding their interests and protecting investments of Rs. 1.6 Lakh Crore is crucial.
Maharashtra has taken the lead in RERA registrations, setting an example for the rest of the country. The efforts of the MahaRERA team, led by Chairman Ajoy Mehta, in orchestrating this industry-wide transition were commended by Manish Jain, Vice President of CREDAI Pune Metro.
Aditya Javdekar, Vice President of CREDAI Pune Metro, highlighted the city’s real estate market’s substantial growth potential, which could reach up to 1 Lakh Crore by 2030.
Ashwin Trimal, Honorary Secretary of CREDAI Pune Metro, underscored CREDAI’s proactive approach in supporting developers with RERA registrations and compliance, along with resolving consumer issues through the CREDAI-RERA reconciliation forum.
The collaboration between CREDAI Pune Metro and MahaRERA has been instrumental in fostering a transparent and disciplined real estate industry, prioritizing consumer interests while safeguarding developer rights, as highlighted by Akhil Agarwal from the RERA Committee of CREDAI Pune Metro.
RERA has undoubtedly become a game-changer for Pune’s real estate segment, instilling a new era of transparency and trust among buyers and industry stakeholders alike.
