GoRERA Blog

Mumbai homebuyers remain chary of new purchases, irrespective of which end of the budget spectrum they are at. Unsold inventory in the so-called city of dreams for 1-, 2-, and 3-BHK homes remains at 49, 50, and 51 per cent, respectively, a new report from real estate consultancy JLL India shows. Worse, the report, which looks at projects registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA), projects that unsold inventory in various parts of the city will rise in 2018 compared to 2017. According to the report, Thane Municipal Corporation and adjacent areas are performing better than Mumbai, with the least number of unsold units at 15 per cent for projects scheduled to be ready by end of 2017. The bad news is that the number is likely to be more than double to 38 per cent for projects that will be completed by 2018. The data, as of July 31, 2017, shows unsold inventory in Andheri at 36 per cent in 2018, compared to 28 per cent in 2017. Chembur is likely to

Mumbai:  Maharashtra RERA authorities, in a meeting held on Friday, decided to increase the penalty for registration of ongoing projects registered from September 1-30 to Rs 2 lakh or an amount equivalent to double the registration fee, whichever is more, subject to a ceiling of Rs 10 lakh. The order was issued by MahaRERA chief Gautam Chatterjee and members Bhalchandra Kapadnis and Vijay Satbir Singh. The RERA authorities had set a penalty of Rs 1 lakh till August 16, and as per the order on Friday, the same amount will be levied till August 31. The Real Estate Regulation Act prohibits ongoing unregistered projects from advertising and selling with effect from August 1. MahaRERA has stated that delaying the registration of the ongoing projects would jeopardize the interest of allottees of the said projects since the details of such projects would not be available in public domain for scrutiny and further filing of complaints. The order issued on Friday also states that