Of the 16,300 projects registered with MahaRERA, over 13,000 are ongoing projects. Also, in this one year, 1,800 projects have been completed. On its first anniversary, MahaRERA has assured developers and home buyers to further reduce registration and dispute-redressal time to expedite the processes.
Addressing the gathering of developers, bankers and consumer representatives, Hardeep Singh Puri, Union Minister of State (Independent Charge) for Housing and Urban Poverty Alleviation, lauded the efforts of MahaRERA and its chief in putting in place a robust system and ensuring compliance through different methods. He also asked the developer community to accept the new reality.The Minister, a former diplomat, said there is a ‘crying need for attention’ because of the way this sector has been functioning over the last 70 years.RERA would ensure accountability towards allot tees and their interests will be protected. It will ensure fair play, infuse transparency and reduce frauds. It aims to increase professionalism and pan-India standardization, along with establishing symmetry of information between the promoter and the allot tees.