Only 23% (7,249) real estate projects registered with MahaRERA are completed of the total 30,857, according to the data collated by the regulatory authority. According to the real estate experts, Covid-19 led to the construction slowdown but the situation is likely to improve if there are no further lockdowns. Reportedly, MahaRERA has invoked force majeure amid the second wave of Covid-19, giving extension to project registrations by six months.
While the real estate projects have been delayed, sale of existing units/fresh sales is recording an upward trend. In fact, 7,000 property deals were registered in Mumbai in August 2021 alone, which is higher than August 2020 Experts said that this was because investors are anticipating higher profit margins.
Anand Gupta, chairperson, Housing and RERA Committee of Builders Association of India (BAI), said that incomplete/abandoned projects should be handed over to contractors by MahaRERA, so that buyers who have invested in those projects are benefited and contractors will also get work. “This will bring more transparency and trust in the industry and among homebuyers,” Gupta said.
MahaRERA from next year will introduce learning and certification course for estate agents in a bid to bring in consistency in trade practices. MahaRERA, which was established for speedy dispute redressal, has disposed of more than 65% cases of the total 15,240 complaints so far.
