Key Points
MUMBAI: Over 1.6 crore citizens are waiting for delivery of 41 lakh homes in the pipeline which has an estimated investment of 14 lakh crore, said Maharashtra Real Estate Regulatory Authority (MahaRERA) chairperson Ajoy Mehta emphasising why regulation was required from the government, and warned that Authority will not hesitate to use its powers to ensure developers comply with the statutory disclosures regarding their projects...
Mehta was addressing a a group of young developers during his talk on The RERA ERA - Journey of 6 years of Rebuilding Trust & Credibility organised by CREDAI-MCHI and its youth wing at a city hotel on Tuesday night.. Mehta, who retired as Chief Secretary and also served as the BMC municipal commissioner, said when the government enacted RERA to regulate real estate sector in 2017, the average overhang in delivery of housing units in Delhi was 47 months, while in Mumbai and Pune it was 27 months, and 20 months respectively. 66 per cent of litigation was related to land and property, he said explaining the scenario in 2016-17 when demonetisation, and GST had also hit the real estate industry...
It mandates monitoring of the expenditure, timely delivery as per the registered agreement, 2/3rd consent of home buyers for any change in sanctioned plans, quarterly audit of the funds, a model agreement which provides level playing field to both developers and home buyers, and defect liability till five years..
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