MahaRERA Sparks Debate on Real Estate Quality Guidelines
MahaRERA (Maharashtra Real Estate Regulatory Authority) is set to introduce a discussion paper outlining quality guidelines for real estate projects within the state. The objective is to enhance oversight over housing quality and safeguard the interests of homebuyers, ensuring the availability of high-quality homes. Ajoy Mehta, Chairman of MahaRERA, made this announcement during his address at the Real Estate Forum 2023 in Mumbai. JLL served as the knowledge partners for the event.
Mehta stated, “In Maharashtra, there are 1.6 crore citizens waiting for homes, and approximately 14 lakh homes are currently under construction. Recognizing the significance of the real estate sector and the importance of quality housing, the government intends to place greater emphasis on timely construction, delivery, and housing quality while upholding the foundational principles of regulation to make quality housing accessible to all.”
The Real Estate Forum 2023, organized by Naredco Maharashtra, was inaugurated by Atul Save, Minister of Housing for the Government of Maharashtra. The event featured prominent figures including Ajoy Mehta, Chairman of MahaRERA; Dr. Sanjay Mukherjee, Metropolitan Commissioner of MMRDA; Valsa Nair Singh, Additional Chief Secretary in the Ministry of Housing for the Government of Maharashtra; and Pravin Darade, Secretary in the Ministry of Environment for the Government of Maharashtra. Also in attendance were Sandeep Runwal, President of Naredco Maharashtra; Dr. Niranjan Hiranandani, Vice Chairman of Naredco; and Rajan Bandelkar, President of Naredco National.
Runwal highlighted India’s real estate sector as a global bright spot, particularly in contrast to the struggles faced by real estate sectors in other countries such as China and the USA. He emphasized that infrastructure projects in Maharashtra are driving the state’s growth, and the implementation of RERA is enhancing transparency and quality in the development sector.
During the event, Runwal announced the launch of the ambitious RealTech Fund (RTF) with an initial corpus of Rs 50 crore. This fund aims to promote technological innovation in the real estate sector and foster entrepreneurship.
Dr. Hiranandani emphasized the need for pro-housing initiatives to meet the growing demand for housing in the state. He highlighted the importance of reducing stamp duty and registration charges to boost housing demand.
Naredco Maharashtra used the event to introduce two new State Chapters in Karad (Satara District) and Akola. They also announced the upcoming flagship event, Homethon 2023, scheduled for November 24th, 25th, and 26th, 2023. Additionally, the event featured the launch of a Naredco – JLL Research Report titled “Unlocking Opportunities with Infrastructure Development.” The report projects that residential sales value in Mumbai will exceed INR 2 lakh crore by 2030. It also notes the increasing focus on upper mid and premium segments due to changing customer preferences, with Mumbai becoming an affordable market as of 2021.