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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has reported that in 2023, a record-breaking 3,927 housing projects were successfully completed, showcasing a remarkable improvement from the previous year's count of 1,749 completed projects. This is a significant progress after facing a setback in 2022 due to the Covid-19 pandemic.
For three years from 2019 to 2021, each year has seen over two thousand housing projects being completed across Maharashtra. A total of 2,232 projects were completed in 2019; 2,573 in 2020 and 2,326 in 2021. In 2022, the real estate sector was hard hit by the impact of Covid-19 pandemic, due to which only 1,749 projects could be completed.
"At MahaRERA, we are constantly striving to ensure that the housing projects are completed on time and home buyers' hard earned income stays protected. MahaRERA has started Micro Monitoring Cell to keep a check on the ongoing projects. This is why MahaRERA insists on Quarterly Progress Report (QPR). This enables us to identify default in the project timeline," said Ajoy Mehta, Chairman, MahaRERA.
The Konkan region, which includes Mumbai, Mumbai Suburbs, Thane, Palghar, Raigad, Ratnagiri, Sindhudurg, etc. saw the highest number of project completions in the state at 1,552 projects.
This was followed closely by the Pune Division with 1,372 completed projects - these included projects in Satara, Kolhapur, Solapur and Sangli. Nashik Division that includes Nashik, Ahmednagar, Dhule, Jalgaon and Nandurbar saw 500 projects being completed.
Nagpur Division comprising Nagpur, Chandrapur, Bhandara, Gadchiroli, Gondia and Wardha saw 318 completed projects. Sambhaji Nagar including - Sambhajinagar, Jalna, Beed, Nanded, Latur, Hingoli, Parbhani, saw 123 projects. Followed by Amravati Division including Amravati, Akola, Buldana, Yavatmal and Washim with 56 completed projects. 6 projects were completed in the Daman Division.
In 2022, the real estate sector faced a setback due to the impact of Covid-19, resulting in only 1,749 completed projects. These included 780 projects in the Konkan division, followed by 583 projects in Pune, 210 in Nashik, 74 in Nagpur, 73 in Sambhaji Nagar, 26 in Amravati and 3 projects in Dadra Nagar Haveli.
Since its establishment in 2017, MahaRERA has been instrumental in overseeing the completion of housing projects in Maharashtra. Apart from Quarterly Progress Report (QPR), MahaRERA has initiated strict Legal, Financial and Technical scrutiny on submission of registration applications to avoid any problems in project's completion. “MahaRERA is constantly fine-tuning and committed to ensure that projects are completed within the stipulated time”, says Chairman Ajoy Mehta.
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