MahaRERA mechanism to bring transparency into real estate sector

The aim of the MahaRERA mechanism is to bring transparency in the sector to help the homebuyer, its chairperson Ajoy Mehta said. He was speaking at a function organized by National Real Estate Development Council (NAREDCO) on RERA Updates and Insights in Navi Mumbai.

Only when the real estate industry survives will the homebuyer gain. We will hold workshops organised by MahaRERA and NAREDCO to help developers gain clarity over compliances, he said.

While builder and NAREDCO vice-chairperson Niranjan Hiranandani said MahaRERA must speed up the process of giving approvals, Sanjay Dutt of Tata Realty and Infrastructure said institutional funds were flowing into the real estate industry at a good pace.

The industry is likely to attract investments of Rs 3 lakh crore over the next three to four years, Dutt claimed. The Real Estate Regulatory Authority has helped the real estate sector gain respect due to regulations and professionalism, including the option for exit through deregistration of a project, NAREDCO president Rajan Bandelkar said.

Meanwhile, Sanjay Deshmukh, MahaRera nodal officer for lapsed projects, urged developers to improve the quality of the uploaded data. Around 75-80 per cent of participants were falling short on quarterly filing timelines, he said.