RERA brought transparency in Real Estate Segment: MahaRERA Chairman

The introduction of RERA has not only brought transparency in the real estate segment but also made timely completion of projects a buyers’ right, averred Ajoy Mehta, IAS and chairman, MahaRERA, on Saturday.
Speaking as a chief guest at the special general body meeting of CREDAI Pune Metro here, he said, “In projects launched pre-RERA, MahaRERA has had received complaints against 23 per cent of the projects, whereas in projects launched post RERA, complaints have been received against 3-5 per cent of projects only.”

Emphasising the benefits of RERA, he informed that “Before RERA came, there was a lack of transparency in the real estate sector. The buyers did not even know if the developer had all the necessary permissions to start the project. Timely completion was a privilege earlier, not a right. However, post the introduction of RERA, it is a legal right.” Mehta further said that a regulatory body like RERA was needed for the real estate sector because of its sheer magnitude of scale in terms of customers and financials.

“Almost 60 per cent of the resources of middle-class home buyers are utilised for buying a home. Today, in Maharashtra, about 14 lakh home buyers are waiting for the delivery of their homes. The investments that have gone in these projects are to the tune of Rs 1.6 lakh crore,” he added. Mahesh Pathak, IAS, member 1 MahaRERA, office-bearers of CREDAI Pune Metro including Ranjit Naiknavare newly elected president, Shrikant Paranjape, Manish Jain, Ashwin Trimal and Aditya Javdekar were also present on the dais on the occasion. While, representatives of other associations related to real estate and about 200 members of CREDAI Pune Metro were present for the meeting.