In a significant achievement for the Maharashtra Real Estate Regulatory Authority (MahaRERA), the year 2023 witnessed an unprecedented surge in the completion of housing projects. After facing challenges in 2022 due to the Covid-19 pandemic, MahaRERA reported a remarkable turnaround, with a record-breaking 3,927 housing projects successfully completed across the state.
The real estate sector in Maharashtra has been on a steady path of recovery, showcasing resilience and adaptability in the face of unprecedented challenges. The completion of 3,927 projects in 2023 marks a substantial improvement compared to the previous year’s count of 1,749 completed projects, which were adversely affected by the disruptions caused by the pandemic.
Breaking down the regional distribution of completed projects, the Konkan region emerged as the leader with 1,552 successfully completed housing projects. This region encompasses key areas such as Mumbai, Mumbai Suburbs, Thane, Palghar, Raigad, Ratnagiri, and Sindhudurg.
Following closely is the Pune division, contributing significantly with 1,372 completed projects. The Pune division includes cities like Satara, Kolhapur, Solapur, and Sangli.
Other divisions that contributed to the impressive completion numbers include Nashik (500 projects), Nagpur (318 projects), Sambhajinagar (123 projects), and Amravati (56 projects).
Ajoy Mehta, Chairman of MahaRERA, emphasized the authority’s commitment to ensuring the timely completion of housing projects. He stated, “At MahaRERA, we are constantly striving to ensure that housing projects are completed on time, and homebuyers’ hard-earned income stays protected.” Mehta highlighted the establishment of a Micro Monitoring Cell and the implementation of Quarterly Progress Reports (QPR) as proactive measures to monitor and track ongoing projects effectively.
MahaRERA’s insistence on a QPR enables users to identify potential delays in project timelines, allowing for prompt corrective actions. The authority has also implemented strict legal, financial, and technical scrutiny on the submission of registration applications to avoid complications in project completion.
Since its inception in 2017, MahaRERA has played a pivotal role in overseeing and regulating the real estate sector in Maharashtra. The notable increase in completed projects in 2023 reflects the authority’s commitment to creating a transparent, accountable, and resilient real estate ecosystem in the state.
As Maharashtra’s real estate continues its positive trajectory, MahaRERA stands as a beacon of effective regulation and collaborative efforts to foster a thriving real estate market.