Only 5% builders registered with MahaRERA till now

Only 499 projects have been filed with Maharashtra Real Estate Regulatory Authority (MahaRERA) till July 13^th amongst the estimated 10,000 ongoing projects, which makes the count below 5%. According to MaharaRERA officials, out of the 499 applications filed, 295 projects have been issued certificates. With the deadline for registration of ongoing projects nearing, July 31, the RERA officials are hopeful that the registrations will be completed by the month end, failing which the developers will be fined 10% penalty. The officials noted that the momentum in registering applications is picking up with nearly 70-80 applications daily instead of 2-3 applications earlier. The registration process would not take more than an hour if the developer has all the documents in place. CREDAI Maharashtra estimated that there are only 3,000-5,000 ongoing projects as against the figure estimated by RERA of about 10,000. It was also optimistic that all its members will register before the deadline.