Complaints in real estate sector come down to 3.5% from 23% post MahaRERA

PUNE

The complaints against developers have come down post Maharashtra Real Estate Regulatory Authority’s (MahaRERA) enactment2, the data shared by the regularity authority shows.

“ln projects launched pre- RERA, MahaRERA had received complaints against 23% of the projects, whereas, in projects launched post MahaRERA, there are only 3.5% complaints,” said Ajoy Metha, MahaRERA chairman on Saturday.

Mehta further emphasised 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% of the resources of middle-class home buyers are utilised for buying a home,” he noted during the special general body meeting of CREDAI Pune Metro.

Currently, in Maharashtra about 14 Lakh home buyers are waiting for the delivery of their homes. The investment in these projects is around ₹ 1.6 lakh crore.

Mehta said that transparent measures like making builders publish quarterly reports were one of the reasons behind the drop in the number of disputes. The builders were also directed to publish the approved plan in public on their websites to improve transparency and educate consumers to bring down the disputes.

According to MahaRERA authorities, 36 per cent of real-estate projects which were launched before the setting up of the real estate regulatory authority in the state were mired in various disputes. MahaRERA has received complaints related to various violations of the projects both pre and post-introduction of the RERA Act. Under the act, developers are required to furnish project status, the financial position of the project, booking numbers, annual reports, quarterly reports, and other details.