MahaRERA to introduce an act to monitor quality of homes in the state

It is being done with a view to safeguard the interests of homebuyers to get homes of good quality as promised by the developers

Maharashtra Real Estate Regulatory Authority (MahaRERA) is planning to introduce an act to monitor the quality of homes in the state, Ajoy Mehta, chairman of the body, said on Friday while addressing the National Real Estate Development Council (NAREDCO), Maharashtra Real Estate Forum, 2023 in Mumbai, on Thursday.

Mehta said it is being done to safeguard the interests of homebuyers to get good-quality homes as the developers promised.

"In Maharashtra, 16 million citizens are waiting for homes and about 1.4 million homes are under construction. Hence, the government recognises the importance of the real estate sector and good housing. While the foundation of regulation will remain the same, more emphasis will be laid on the issue of timely construction, delivery and quality of housing, as well, in order to make good housing available to all," he said.

 

"MahaRERA will soon bring an act to monitor the quality of construction and housing. This enactment will resolve disputes arising from quality issues. More than an impediment, it will ensure seamless delivery of housing."

He said that a home must be delivered on the decided day and with the promised quality. The enactment of the act is currently at the discussion stage.

At the event, Atul Save, minister of housing, government of Maharashtra, said, "The government understands the importance and contribution of the real estate sector in the state's development. The government aims to ensure good housing to every person in the state and to achieve this; it will sort out any issues of the real estate sector." 

Sandeep Runwal, president of Naredco Maharashtra, also announced the launch of an ambitious RealTech Fund (RTF) with an initial corpus of Rs 50 crore to attract technology innovations in the sector.

At the event, Naredco and JLL India also released a report titled, "Unlocking opportunities with infrastructure development".

According to the report, residential sales value in Mumbai is projected to exceed Rs 2 trillion by 2030, in value terms. In the current year, it is expected to touch Rs 1 trillion.

The report further stated that mid-segment projects still account for most of the market activity in Mumbai. However, there is an increased focus on upper, mid and premium segments.