By Staff Reporter
In a significant move to safeguard the interests of homebuyers and elevate the quality of housing, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has unveiled plans to introduce a pioneering act. Ajoy Mehta, the chairman of MahaRERA, made this announcement at the National Real Estate Development Council ( NAREDCO ) Maharashtra Real Estate Forum in Mumbai.
The proposed act is a response to the growing demand for high-quality homes in Maharashtra. Mehta emphasized that it is imperative to ensure that developers fulfill their promises to homebuyers, particularly in a state where millions await their dream homes. With approximately 1.4 million homes currently under construction and a staggering 16 million citizens in need of housing, the government recognizes the paramount importance of the real estate sector.
The cornerstone of this new regulation will be a renewed emphasis on timely construction, delivery, and housing quality. Mehta stressed the need for homes to be delivered as per the agreed-upon timelines and with the assured level of quality. The act is currently in the discussion stage but holds the promise of resolving disputes arising from quality issues and ensuring the seamless delivery of housing.
At the event, Atul Save, the Minister of Housing for the Government of Maharashtra, reaffirmed the government’s commitment to addressing real estate sector issues to fulfill the housing needs of every citizen.
Additionally, NAREDCO Maharashtra announced the launch of the RealTech Fund (RTF), featuring an initial corpus of Rs 50 crore. This fund aims to attract technology innovations in the real estate sector, further enhancing the overall quality and efficiency of the industry.
The event also saw the release of a report titled “Unlocking Opportunities with Infrastructure Development” by NAREDCO and JLL India. The report forecasts that residential sales value in Mumbai is set to exceed Rs 2 trillion by 2030. It also notes a shift towards increased market activity in the upper, mid, and premium segments.
In summary, MahaRERA’s proactive step towards introducing an act to monitor and ensure the quality of homes in Maharashtra is poised to benefit both homebuyers and the real estate sector as a whole. It reflects the government’s commitment to providing quality housing for all citizens in the state.