RERA registrations to hit project launches

The launch of as many as 5,000 new units in Mumbai may get delayed due to the initial teething problems arising from the implementation of the new RERA regulations. Under the newly instituted state Real Estate Regulatory Act (state RERA), the pace of registrations for ongoing projects in the state of Maharashtra has slowed down. As per the data available with Maharashtra RERA website, only 35 projects have been registered so far.

The speed of new launches primarily depends on how soon builders become RERA-compliant. As per market reports, registrations would pick up pace only after July 15. According to a leading research agency, slow down in sales in Mumbai and across India is imminent due to lack of project registration and slackened new launches.

Around three-fourth of the total projects registered in Mumbai belongs to the suburban area and not a single project in the main city has been listed. The registrations are slowed down mainly because of the confusions among builders regarding calculations of carpet area, columns, deck area and differences between definitions of various terms in RERA and Maharashtra Ownership Flats Act (MOFA). The government has been providing timely clarifications, but builders are taking their own time to implement them on their end.

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