Since the enactment of the Maharashtra Real Estate Regulatory Authority (MahaRERA), the number of complaints against developers has seen a substantial decline, as per data shared by the regulatory authority.
Prior to RERA, complaints were registered against 23% of real estate projects, whereas post-MahaRERA, this figure has reduced to only 3.5%.
Ajoy Mehta, Chairman of MahaRERA, highlighted the necessity of a regulatory body like RERA for the real estate sector, given its massive scale in terms of customers and financial involvement. He mentioned that nearly 60% of middle-class homebuyers’ resources are utilized in purchasing a home.
To promote transparency and reduce disputes, MahaRERA introduced measures like quarterly reports published by builders and the public display of approved plans on their websites. These initiatives have contributed to the decline in disputes.
Currently, around 14 lakh homebuyers in Maharashtra are awaiting the delivery of their homes, with approximately ₹1.6 lakh crore invested in these projects. Before the establishment of MahaRERA, 36% of real estate projects were entangled in various disputes. MahaRERA continues to address complaints related to violations, both pre and post-RERA implementation, by requiring developers to furnish essential project details and status updates.
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