It is hardly five years since the Maha Rera has been formed, and nearly 6,000 cases are pending, said Ajoy Mehta, chairman of MahaRera, during a function held at Navi Mumbai on Thursday. Mehta stressed transparency to bring down the number of complaints from home buyers.
Mehta was attending "The Big Lead: Navi Mumbai’s Revolution"- a real estate event to explore the potential of Navi Mumbai. The knowledge-sharing event was organized by CREDAI MCHI Navi Mumbai Youth and MCHI Raigad wherein the Free Press Journal was the media partner.
Mehta said that MahaRera is working on legal, technical, and financial aspects and analysing the reason behind a large number of complaints.
During the event, Mehta informed that the MahaRera is seriously working on projects that have lapsed and buyers are feeling cheated. "We have already appointed a senior person to work on it. We will see how we can find a way for projects that have been lapsed and where the developer has not filed a return," said Mehta, adding that they have already set up a mechanism to check such projects.
"Before a project gets lapsed, we issue a warning and check the reasons behind it. It could be funds, legal or any other thing," said Mehta.
Rajesh Prajapati, a senior member of MCHI CREDAI said that Navi Mumbai is poised for a big leap. "This is the first of its kind event that had happened in Navi Mumbai," said Prajapati.
Meanwhile, Subhankar Mitra, Managing Director, Colliers Advisory Services, informed that around 150 projects will be completed by 2025 in Navi Mumbai and around 19,587 inventories will be available.
"Quality of life, economic ability, and sustainability differentiate Navi Mumbai from other cities," said Mitra, adding that IT, logistics, and data centre among others are key drivers for creating demand.