In a significant development aimed at enhancing housing quality in Maharashtra, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced plans to introduce new legislation. Ajoy Mehta, Chairman of MahaRERA, made this announcement during the National Real Estate Development Council (NAREDCO) Maharashtra Real Estate Forum held in Mumbai.
The proposed legislation seeks to protect the interests of homebuyers and elevate housing quality standards. Given the construction of approximately 1.4 million homes and the substantial demand of 16 million citizens for housing, the government acknowledges the pivotal role of the real estate sector. Mehta stressed the importance of ensuring that developers uphold their commitments to homebuyers.
Focus on Timely Construction and Quality
The new regulation will place a renewed emphasis on punctual construction, delivery timelines, and housing quality. Mehta emphasised the necessity for homes to be handed over as agreed upon and with the promised level of quality. Although the act is currently in the discussion stage, it holds the potential to resolve disputes arising from quality issues and ensure the seamless delivery of housing.
Government's Dedication to Housing Needs
At the same event, Atul Save, the Minister of Housing for the Government of Maharashtra, reaffirmed the government’s commitment to addressing issues within the real estate sector to fulfil the housing requirements of all citizens.
RealTech Fund to Foster Innovation
Additionally, NAREDCO Maharashtra announced the launch of the RealTech Fund (RTF) with an initial corpus of Rs 50 crore. This fund aims to encourage technological innovations in the real estate sector, further enhancing overall quality and efficiency.
Report Forecasts Residential Sales Growth
The event also featured the release of a report titled “Unlocking Opportunities with Infrastructure Development” by NAREDCO and JLL India. According to the report, residential sales value in Mumbai is projected to exceed Rs 2 trillion by 2030. The report also highlights a shift toward increased market activity in the upper, mid, and premium segments.
In summary, MahaRERA’s proactive move to introduce a new act for monitoring and ensuring housing quality in Maharashtra is set to benefit both homebuyers and the real estate sector. This initiative will help in providing quality housing for all residents of the state.
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