Maharashtra has seen the maximum response in project registrations with its real estate regulatory authority, according to a new report from Crisil. The state is one of the eleven in India which have notified a Real Estate Regulatory Authority (RERA) which is in line with the Centre’s Act, said the report. The others include Punjab, Himachal Pradesh, Uttarakhand, Delhi, Goa, Tamil Nadu, Assam, Odisha, Jharkhand and Bihar. “Effective implementation of a well-drafted RERA framework is an important condition to improve buyer confidence, and thus demand revival,” said the report.
“While deviation from the model Act is a cause for concern, the slow progress of states in operationalising RERA and making available details of registered projects widely is even more disconcerting. For example, many states are yet to form a permanent RERA authority. In addition, only a handful of state RERA websites are operational and have started publishing project information online,” said the report.
According to the report, unlike other states where details of very few projects are online, Maharashtra has seen a tremendous response in both registration of projects as well as disclosure on the regulatory authority’s web site. It is also one of the few regulatory web sites which have detailed information on projects including name, type of project, land area, apartment type, carpet area, date of completion, sold status, contractor details, relevant scanned documents and details of real estate agents involved. As of mid-February, there were 15,281 registered projects in Maharashtra. That compares with 2,310 in Uttar Pradesh, the second in the list, 1,639 in Gujarat and 1,637 in Madhya Pradesh.
That’s owing to the close monitoring and active management by the authority. The report said that this can be seen from the fact that the Maharashtra real estate regulator has fined as many as 1,716 developers for delayed registration. Moreover, the state has also started the process of formation of a conciliation forum to speed up dispute resolution between buyers and property developers.