MahaRERA to step up regulatory oversight of housing projects in the State.

Maharashtra Real Estate Regulatory Authority (MahaRERA) plans to make regulatory oversight of residential projects more stringent and intends to ensure that home-buyers get their houses within the stipulated time while having access to information about the status of the project during construction.

Former BMC Commissioner Ajoy Mehta, who took over as the chairman of MahaRERA in 2021, has been cracking down on erring developers to protect the interests of home-buyers. The Mumbai Metropolitan Region accounts for half of the residential market in the country in terms of value, while the State also has the highest number of stalled and lapsed projects in the country.

Mehta has made it mandatory for all developers across the State to update the status details of their projects on the regulator’s website every three months, while they also file annual financial statements with the regulator.

HBL