The Maharashtra Real Estate Regulatory Authority (MahaRERA), has granted registration to 4,332 new realty projects out of 5,471 applications received during the financial year 2023-24, said the regulatory body.
Of the total approved projects, Pune had the highest number of registrations with 1,172 approved projects followed by Thane with 597, Mumbai suburban with 528, Raigad with 450, Nagpur with 336, Nashik with 310 projects and so on.
Region-wise, the Mumbai Metropolitan Region (MMR) comprising Mumbai, Mumbai Suburban, Thane, Raigad and also known as Konkan Region had the highest number at 1,976 new projects, MahaRERA said in a statement.
Pune, Kolhapur, Solapur, Sangli and Satara in Western Maharashtra had second highest approvals with 1,415 projects, followed by Vidarbha with 437 projects and within Vidarbha, Nagpur had 336 projects.
Northern Maharashtra saw 347 new projects, out of which Nashik had 310 projects, and Marathwada with 149 new projects, including 117 from Aurangabad. Additionally, there are 8 projects in Dadra Nagar Haveli.
To ensure timely completion of projects and to avoid grievances from homebuyers, prior to sanctioning registration, MahaRERA scrutinises every project thoroughly at three levels – legal, financial, and technical.
Apart from this, owing to irregularities in the Kalyan-Dombivali area, while seeking MahaRERA registration, it has been made mandatory to get a copy of ‘Commencement Certificate’ (CC) from the concerned planning authorities.
This communication is shared via a pre-determined designated email address on the side of planning authorities as well as MahaRERA. This decision has come into effect from June 2023 and registration number is not issued until the due diligence is done.
Despite initial efficiency, delays in receiving approval emails, and resolution of proposal errors from concerned developers have led to the approval of registration numbers for 4,332 out of 5,471 projects. Remaining 1,139 projects are under scrutiny. Once the developers of these 1,139 projects rectify errors, registration numbers will be issued to them, MahaRERA said.