Industry speak: Reaction to Maharashtra RERA draft rules and regulations


Accommodation Times News Service

Maharashtra has notified the rules for Real Estate (Regulation and Development) Act, 2016. The draft is open to question and suggestions till 23rd December, 2016 either through email or in post, which may be received by the Principal Secretary, Housing Department, Mantralaya, Mumbai 400 032.  Maharashtra becomes seventh state to notify RERA rules and regulations. Here’s how industry reacted to it:

Manish Sinha, Head, QuikrHomes: “The draft laws under RERA by the Maharashtra government has many positives that will help in setting up a better environment for real estate sector in the state. Mumbai Metropolitan Region (MMR) is currently sitting on nearly 4 lakh under-construction inventory, out of which 25 per cent comes from the Thane region. With this recent move, the sector is expected to see an uptake in demand as buyers will now benefit from timely possession and security of invested money.

It has followed the Centre’s RERA Act closely and that will now shift the focus from new launches to the execution of already launched projects. However, it will be interesting to see the projects where possession has already been offered to the buyers.”

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