MahaRERA soon to bring an act to monitor quality housing

by Priya Jadhav

NAREDCO Maharashtra launches INR 50 crore RealTech Fund (RTF) to propel technology innovations in the real estate sector 

Mumbai, 15th September, 2023: MahaRERA (Maharashtra Real Estate Regulatory Authority), a real estate regulatory body, is planning to soon introduce an Act to monitor quality of housing with a view to safeguard interests of homebuyers in order to get houses of good quality as promised by the developers, announced Mr Ajoy Mehta, Chairman, MahaRERA while addressing the Real Estate Forum, 2023 inaugurated today in Mumbai. JLL were the knowledge partners at the event.

Mr Mehta said, "In Maharashtra, 1.6 crore citizens are waiting for homes and about 14 lakh homes are under construction. Hence, the Government recognises the importance of the real estate sector and good housing. While the foundation of regulation will remain the same, more emphasis will be laid on the issue of timely construction, delivery and quality of housing, as well, in order to make good housing available to all. MahaRERA will soon bring an Act to monitor the quality of construction and housing. This enactment will resolve disputes arising from quality issues. More than an impediment, it will ensure seamless delivery of housing." He added, "If we are giving the RERA number, the house must be delivered on the day and with the quality promised. The enactment is currently at a discussion stage."

The Real Estate Forum, 2023 organised by NAREDCO Maharashtra was inaugurated today at the hands of Mr Atul Save, Minister of Housing, Government of Maharashtra in the presence of Mr Ajoy Mehta, Chairman, MahaRERA; Dr Sanjay Mukherjee, Metropolitan Commissioner, MMRDA; Smt Valsa Nair Singh, Additional Chief Secretary, Ministry of Housing, Government of Maharashtra and Mr Pravin Darade, Secretary, Ministry of Environment, Government of Maharashtra. Also present were Mr Sandeep Runwal, President, NAREDCO, Maharashtra, Dr Niranjan Hiranandani, Vice Chairman, NAREDCO and Mr Rajan Rajan Bandelkar, President, NAREDCO National. 

Appreciating NAREDCO Maharashtra's efforts to organise the Real Estate Forum, Mr Atul Save, Minister of Housing, Government of Maharashtra said, "The Government understands the importance and contribution of the real estate sector in the State's development. The Government aims to ensure good housing to every person in the State and in order to achieve this; it will sort out any issues of the real estate sector."   

Welcoming the real estate sector fraternity to the mega Real Estate Forum, 2023, Mr Sandeep Runwal, President, NAREDCO Maharashtra said, "When the real estate sectors in countries like China, USA are struggling, India's real estate sector is a global bright spot. In Maharashtra, infrastructure projects are driving growth of the State while the RERA is evolving well to bring transparency and quality in functioning of development. In these interesting times, we foresee seamless growth of the State's real estate sector with conducive policies from the Government and issues getting addressed in real time." Mr Runwal further announced the launch of an ambitious  RealTech Fund (RTF) with an initial corpus of Rs 50 crore to propel technology innovations in the real estate sector and inculcate entrepreneurship. 

Dr Niranjan Hiranandani, Vice Chairman, NAREDCO National lauded India's prominence globally as an emerging economy and the real estate sector's contribution in the growth story. Calling Maharashtra’s strides in ensuring ease-of-doing-business, transparency through RERA implementation and infrastructure development phenomenal, Dr Hiranandani said, "Housing and infrastructure development in the state has grown significantly. With more urban infrastructure projects underway, the State and the city of Mumbai needs housing for all. The State's real estate sector's aspiration is to give a home to every person. We need a further slew of pro - housing initiatives like reducing stamp duty and registration charges to boost housing demand."  

Mr Rajan Bandelkar, President, NAREDCO National said, "The earlier decade was for Information and technology, telecommunications, but now it is of the real estate sector; mainly due to the Central and State Government's focus on housing for all and making commensurate policies." 

During the event, NAREDCO Maharashtra unveiled two new State Chapters of Karad (in Satara District) and Akola. NAREDCO Maharashtra also announced another flagship event Homethon, 2023 to be scheduled on 24, 25 & 26th November, 2023. The event also saw the launch of a NAREDCO – JLL Research Report titled: Unlocking Opportunities with Infrastructure Development. According to the report, residential sales value in Mumbai is projected to exceed INR 2 lakh crore by 2030.

The report further states that mid-segment projects still account for most of the market activity in Mumbai. However, with changing customer preferences, there is an increased focus on upper mid and premium segments. Mumbai has been the fastest-moving city in terms of its home purchase affordability index score and became an affordable market with its threshold hitting 100 in 2021.