Pune: The establishment of 'RERA' is not aimed at regulating the construction, and real estate industry, but to encourage those who do good work in this sector and to curb the irregularities. This is the main objective and this work is being done in an excellent way by 'Maharera', said Deputy Chief Minister Devendra Fadnavis today at a meeting organized by the All India Forum of Real Estate Regulatory Authorities (AIFORERA) at the Conrad Hotel, which was attended by the chairpersons and members of 15 RERA authorities from across the country, along with the president of Maharera and the chairman of the forum, Ajay Mehta.
Deputy Chief Minister Devendra Fadnavis said that Maharashtra is the birthplace of 'RERA'. For the past 25 years, there has been a demand for a regulatory system for the real estate industry in Mumbai, which is the hub of the industry. The state government also thought seriously about this issue. Therefore, the central government's RERA law was used to establish 'Maharera' in the state.
Citizens in places like Mumbai and Pune invest their life savings to buy a home. If there is any fraud, it is a huge setback. There were many complaints about this issue. However, due to the establishment of 'RERA', there has been a significant reduction in complaints, said Deputy Chief Minister Devendra Fadnavis.
The citizens, as well as organizations such as CREDAI-MCHI, have been consulted by the state government on this law. Therefore, 'Maharera' has been able to work in cooperation with the developers and construction industry without any opposition. The important thing is that due to the reduction in fraud complaints, homebuyers are also satisfied. The advertisements for housing projects mention 'pre-built' and 'super-built' areas, which have caused problems for customers in the past. However, now that the 'Maharera carpet area' is mentioned in the advertisements, there is no room for fraud, he said.
40% of the construction projects registered under RERA in the entire country are registered under the 'Maharera' project. This shows the effective implementation of this law in Maharashtra, as stated by Mr. Fadnavis.
The Deputy Chief Minister stated that all work related to 'Maharera' should be dependent on technology, as no discrimination should be made. The online system for approval has led to transparency and speed in granting approvals and projects. The Mumbai Trans Harbour Link project has led to the development of the third Mumbai. As this happens, the capacity to become economically self-sufficient is also being developed. The Deputy Chief Minister also stated that the focus should be on developing new ecosystems.
If information about good practices in the regulation of these areas is shared, and discussions are held on the subject of challenges, regulatory areas will work better. For this purpose, the meeting of the 'AEFO RERA' regulatory body will be appropriate, as stated by Mr. Fadnavis.
