Only 2 builders register with RERA in 1 week

Mumbai: In the first week since the introduction of the state housing regulator Maharashtra Real Estate Regulatory Authority (RERA), a mere two real estate developers have approached the regulator and got their projects registered. In addition, around 100 real estate agents also have registered with the regulator.

Officials at RERA feel that developers have been slow to approach them as many are still trying to understand the law. Also, whatever the developer submits to RERA in writing would become binding and hence they could be taking time, said an official.

The two developers who are the first to register with Maharashtra RERA, and who have projects in Titwala, are Mayfair Housing and Raunak Group.

Under the RERA, all new and ongoing projects that are yet to get occupation certificate (OC) will have to register with the housing regulator. RERA aims to protect the interests of homebuyers by penalising builders for delays in the projects, and also states that the builder must provide quarterly reports of the progress of the project. It also mandates that the builders must keep 70 per cent of the amount collected in a separate account and disallows any diversion of funds to other projects.

Vasant Prabhu, secretary, RERA, said, “We have approved two projects and are going to hand over the certificates to these developers by tomorrow. Also, we have approved around 100 estate agents. In addition, around 1,000 real estate agents and around 400 developers have made their account online with RERA. That means they have started the process of registering themselves and their project.”

RERA is said to be a pro-buyer Act and under it, all housing projects are to be registered. The Act is said to make the process of buying and selling of houses “transparent” with buyers able to register complaints against builders online.