Gautam Chatterjee, the MahaRERA Chairperson expects registration of nearly 3,000 housing projects with the Maharashtra Real Estate Regulatory Authority [MahaRERA] every year. Chatterjee predicted this in a function organized by CREDAI a day ago. Until now, 16,000 housing projects have been registered under MAhaRERA as it has become compulsory for the developers/realtors to get their residential/commercial projects registered with the authority which came into existence on May 01st 2017.
The MahaRERA Chairperson also said that no developer/realtor can come up with the ad campaign or a project launch until the same is not registered with us. He also said that the Authority aims at getting nearly, 3,000 projects registered with them every year.
On the occasion, S Choklingam, the State Settlement Commissioner and Director of Land Records stated that the necessary amendments are under process in the Land Title Act. He also said that the department is making the system better and also plans to offer digital property cards to the owners. Whereas Gautam Chatterjee warned the developers/realtors of legal action if they won’t get the projects registered under MahaRERA.
Interestingly, Maharashtra is the first state to offer the leave and license agreements registration at home online. Hence, it is important to check the records of land which includes huge time but the authority is working towards making this process easier.
In the financial year 2017-18, the State Government earned revenue of Rs 25,000 crores from the department, S Choklingam said. A real estate expert was also present that the function and expressed concern over the real estate sector. According to the expert, CREDAI must take some initiatives to boost this industry as the property market is the second largest employment provider after the agricultural industry.