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Few builders register with RERA (295 projects have been issued certificates by the authority)

With just about a fortnight left for developers to register ongoing projects with Maharashtra Real Estate Regulatory Authority (MahaRERA), less than 5% of them have registered with the authority, according to MahaRERA officials.


The deadline for registration of ongoing projects with RERA is July 31.


With an estimated 10,000 plus ongoing projects in the state, only 499 applications have been filed with MahaRERA till July 13, out of which 295 projects have been issued certificates by the authority. Despite having a working RERA website and a regulator from May 1, 2017, the registrations have been low but RERA officials are hopeful that the registrations will be completed by month end, failing which developers will be slapped with 10% penalty. MahaRERA secretary Vasant Prabhu told TOI that the developers will have to register their projects or face huge penalty.


"The developers are taking time to register but over the last three days we are receiving nearly 70-80 applications daily, instead of two-three applications earlier. The momentum is likely to increase in the next few days and we have all the technical services ready to tackle excess applications,'' stated Prabhu.


He further added that if the builders have their documents in place, the process of registration should not take more than an hour.


Chairman and regulator MahaRERA Mr. Gautam Chatterjee had earlier stated that developers were getting used to coming in public domain and having all their documents uploaded, so it was bound to take time.




SOURCE : TOI

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