Maharashtra was the first state to implement the Real Estate Regulation Act a year ago. It now has about 16,000 projects registered under the new law that protects home buyers against mis-selling and delays.
These comprise about 80 percent of the real estate projects in the state, said Pankaj Kapoor, managing director of real estate research company Liases Foras. So the data is largely representative of the residential property market in Maharashtra, a state that contributes the most to the nation’s economy.
A substantial chunk of the RERA-registered projects, about 42 percent, is in semi-rural or rural areas, according to data on the MahaRERA website. The rest are in urban areas, including metros like Mumbai and Pune.
Mumbai and its extended suburbs – including Thane, Navi Mumbai, Panvel, Vasai-Virar, Karjat, Badlapur, Mira-Bhayander, Ambarnath and Kalyan-Dombivali – contribute the highest proportion of RERA-compliant projects. That’s expected because the region is India’s second largest real estate market.
The Pune district contributes the maximum number of RERA-registered projects followed by Mumbai. Just five districts, also including Thane, Raigarh and Palghar, account for more than three-quarters of all the projects in the state. Nandurbar, Washim, Beed, Gadchiroli and Hingoli contribute the least – six or less each.
This article was first published on Bloomberg Quint.
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