At least four real estate projects are getting registered every day in the Real Estate Regulatory Authority (RERA) this year in the state.
If the number of registration of projects is anything to go by to understand the real estate scenario in Madhya Pradesh, the projects registered in the past three months this year in MP, is more than the total number of projects registered in the year 2020-2021.
RERA officials said, along with big cities, applications are being received for project registration from small towns like Dindori, Jhabua, Katni, Alirajpur, Rajgarh, Betul and Shajapur. As a result of this, there has been an expected increase in the project registration work of RERA this year as compared to last year.
The number of registered projects in the year 2020-2021 was 232 while 352 projects have been registered so far this year. This is 50% more than the previous year. Due to the second and third wave of corona in the financial year 2021-2022, the office work has also been adversely affected.
RERA Secretary Neeraj Dubey has informed that about 1,706 registrations were done after a brief examination in the already ongoing projects at the time RERA Act came into force.
Around 1,116 and a total of 2,822 projects have been registered in the subsequent four years. The average of new project registrations for four years is about 279, while in the fifth year alone the number of registrations has increased to 352.
To ensure compliance of the provisions of the Act, the authority has issued notices to the colonizer in about 42 cases and also imposed fines. It may be mentioned that such action has been taken for non-compliance of the orders passed in favor of the allottees. The registration of a project has also been cancelled, officials added.