Saturday, July 20, 2024
spot_img
HomeUncategorized2023 sees highest ever housing project completions in Maharashtra in six years

2023 sees highest ever housing project completions in Maharashtra in six years

[ad_1]

Mumbai: The completions of housing projects registered with MahaRERA touched the highest ever since its inception in 2017 and nearly doubled even as the housing regulator cracked the whip and put in place stringent processes for registrations, legal and financial scrutiny in 2023.

MahaRERA, the real estate regulator of Maharashtra, has put in place a three-tiered scrutiny process which ensures that real estate developers disclose legal disputes and litigations on land ownership, encumbrances on the projects, legal title reports,(HT File / Representative Photo)

A total of 3,927 housing projects were completed in 2023 compared to 1,749 in 2022, and 50% or 1,552 projects were located in the Konkan region which includes Mumbai. The quantum of completed projects has jumped up from an average of 2200-2300 project completions annually.

Amazon Sale season is here! Splurge and save now! Click here

MahaRERA was the first state RERA authority which began functioning on May 1, 2017 when the Act came into existence to monitor ongoing real estate projects which have not obtained the Occupancy Certificate. In 2017, only 404 projects reached completion stage followed by 1,595 in 2018. From 2019 onwards, each year an average of more than 2,000 projects were completed including 2,232 in 2019, 2,573 in 2020, 2,326 in 2021.

Due to the Covid-19 impact when construction had come to standstill in two waves of the Coronavirus, several projects faced challenges, and only 1,749 projects reached completion including 780 in Konkan region which includes Mumbai.

Ajoy Mehta, Chairman, MahaRERA said, “At MahaRERA, we are constantly striving to ensure that the housing projects are completed on time and home buyers’ hard earned investments stay protected. MahaRERA has started Micro Monitoring Cell to keep a check on the ongoing projects.”

“This is why MahaRERA insists on Quarterly Progress Report (QPR). This enables to identify any defaults in the project timeline. MahaRERA has initiated strict Legal, Financial and Technical scrutiny on submission of registration applications to avoid any problems in the completion of projects. MahaRERA is constantly fine-tuning and is committed to ensure that the project is completed within the stipulated time.” he said.

MahaRERA has put in place a three-tiered scrutiny process

The Authority has put in place a three-tiered scrutiny process which ensures that promoters disclose legal disputes and litigations on land ownership, encumbrances on the projects, legal title reports, formats of allotment letters, and any deviations from the model RERA agreement for sale.

Also Read: MahaRERA freezes accounts of 248 projects for non-compliance

Similarly, it scrutinises declarations on financial encumbrances, submission of asset based Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) report, declarations of bank accounts. It also scrutinises proper submission of layout and building approval plans, Commencement Certificates (CC), total approved floors, number of flats, construction area by the planning authorities.

According to industry sources, the stringent scrutiny has made the registration process more stringent and longer, with the monitoring cell raises questions till they are satisfied with the self-disclosures by the promoters.

One project one registration

On Thursday, MahaRERA issued a fresh circular stating that each housing project on a piece of land should only possess one registration number.

“It is noticed by the Authority that promoters apply for registration of their real estate project to be executed on a particular project land even when there is a subsisting pending application submitted for registration on the same land or when there already exists a real estate project being executed on the same land,” the circular said.

Also Read: MahaRERA moots system for monitoring quality of housing projects

This will not be allowed. It has asked all promoters applying for registration to complete declaration cum undertaking disclosing details of the City Survey number, Final plot no, Hissa No, Survey no stating that there is no subsisting pending application being executed on the same land.

Reacting to the circular, advocate Anil D’souza, Secretary, Bar Association of Maha RERA Advocates said it was high time that MahaRERA issued this guideline.

“We represent litigants on two such projects, one in Malad and one in Mahim, where multiple registrations have been done on the same plot of land, with the same CTS nos, by two different sets of developers and both procured MahaRERA registration number. Due to this, both parties are claiming their rights as authentic developers to the plot and trying to develop the plot, and oust the other one. Obviously both developers have huge commercial interests due to new sale-purchases,” he said.

D’souza said the members of the society which has gone into redevelopment and the new flat purchasers in these projects are the true sufferers. “Society members have vacated the plot, their homes are demolished and they are now living in rental accommodations paying the rent out of their own pockets. Similarly, suffering are the new flat purchasers who have invested their money, with huge home loans, and this project is locked in litigation,” he said.

[ad_2]

Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments