The Maharashtra Real Estate Regulatory Authority (MahaRERA) has reported significant progress in the completion of a record breaking 3,927 housing projects in 2023 as against a count of just 1,749 in 2022.
According to a press note, for three consecutive years from 2019 to 2021, over two thousand housing projects were completed (per year) across Maharashtra. There were a total of 2,232 projects completed in 2019; 2,573 in 2020 and 2,326 in 2021. In 2022, the real estate sector was hard hit by the impact of Covid-19 pandemic, due to which only 1,749 projects could be completed.
MahaRERA chairman Ajoy Mehta says that the real estate regulatory body is constantly striving to ensure that the housing projects are completed on time and home buyers money stays protected. “MahaRERA has started Micro Monitoring Cell to keep a check on the ongoing projects. This is why we insist on Quarterly Progress Reports (QPRs) as it enables us to identify any default in the project timelines.
Process of strict legal, financial and technical scrutiny
According to him, MahaRERA has initiated a process of strict legal, financial and technical scrutiny on submission of registration applications in order to avoid any issues in project completions.
The Konkan region, which includes Mumbai, Mumbai Suburbs, Thane, Palghar, Raigad, Ratnagiri, Sindhudurg, etc. saw the highest number of project completions in the State at 1,552 projects.
This was followed closely by the Pune Division with 1,372 projects – these included projects in Satara, Kolhapur, Solapur and Sangli. Nashik Division which includes Nashik, Ahmednagar, Dhule, Jalgaon and Nandurbar saw 500 projects being completed. Nagpur Division comprising Nagpur, Chandrapur, Bhandara, Gadchiroli, Gondia and Wardha saw 318 completed projects.
In 2022, the real estate sector faced a setback due to the impact of Covid-19, resulting in only 1,749 completed projects. These included 780 projects in the Konkan division, followed by 583 projects in Pune, 210 in Nashik, 74 in Nagpur, 73 in Sambhaji Nagar, 26 in Amravati and 3 projects in Dadra Nagar Haveli, the press note added.
Since its establishment in 2017, MahaRERA has been instrumental in overseeing the completion of housing projects in the State. The year-wise breakdown of completed projects since 2017 is as follows:
Year: Projects
2017: 404
2018: 1,595
2019: 2,232
2020: 2,573
2021: 2,326
2022: 1,749
2023: 3927
