MahaRERA: Housing Quality In State To Be Monitored

Addressing the Real Estate Forum, 2023 in Mumbai organised recently by NAREDCO Maharashtra, Ajoy Mehta, Chairman, Maharashtra Real Estate Regulatory Authority (MahaRERA), said, "In Maharashtra, 1.6 crore citizens are waiting for homes and about 14 lakh homes are under construction. Hence, the Government recognises the importance of the real estate sector and good housing. While the foundation of regulation will remain the same, more emphasis will be laid on the issue of timely construction, delivery and quality of housing, as well, in order to make good housing available to all.

He announced that MahaRERA will propose a discussion paper on quality guidelines for realty projects in the state. These directives will help monitor the quality of housing with a view to safeguard interests of homebuyers.

The Forum was inaugurated by Atul Save, Minister of Housing, Government of Maharashtra in the presence of Dr. Sanjay Mukherjee, Metropolitan Commissioner, MMRDA; Valsa Nair Singh, Additional Chief Secretary, Ministry of Housing, Government of Maharashtra and Pravin Darade, Secretary, Ministry of Environment, Government of Maharashtra. Dr Niranjan Hiranandani, Vice Chairman, NAREDCO National, termed Maharashtra’s strides in ensuring ease-of-doing-business, transparency through RERA implementation and infrastructure development phenomenal.

He said, “Housing and infrastructure development in the state has grown significantly. With more urban infrastructure projects underway, the state and the city of Mumbai needs housing for all. The state's real estate sector's aspiration is to give a home to every person. We need a further slew of pro-housing initiatives like reducing stamp duty and registration charges to boost housing demand.”

Sandeep Runwal, President, NAREDCO Maharashtra, announced the launch of a RealTech Fund (RTF) with an initial corpus of Rs 50 crore to propel technology innovations in the real estate sector and inculcate entrepreneurship.

During the event, NAREDCO Maharashtra unveiled two new state chapters; Karad in Satara district, and Akola. The event also saw the launch of a NAREDCO – JLL research report titled, ‘Unlocking Opportunities with Infrastructure Development’ which conveys that the residential sales value in Mumbai is projected to exceed Rs 2 lakh crore by 2030. It further states that mid-segment projects still account for most of the market activity in Mumbai. However, with changing customer preferences, there is an increased focus on upper mid and premium segments. Mumbai has been the fastest-moving city in terms of its home purchase affordability index score and became an affordable market with its threshold hitting 100 in 2021.