Maharera Reports Highest Projects Completion Since Its Establishment
The completions of housing projects registered with MahaRERA touched the highest ever since its inception in 2017 and nearly doubled even as the housing regulator cracked the whip and put in place stringent processes for registrations, legal and financial scrutiny in 2023. A total of 3,927 housing projects were completed in 2023 compared to 1,749 in 2022, and 50% or 1,552 projects were located in the Konkan region which includes Mumbai. The quantum of completed projects has jumped up from an average of 2200-2300 project completions annually. MahaRERA was the first state RERA authority which began functioning on May 1, 2017 when the Act came into existence to monitor ongoing real estate projects which have not obtained the Occupancy Certificate. In 2017, only 404 projects reached completion stage followed by 1,595 in 2018. From 2019 onwards, each year an average of more than 2,000 projects were completed including 2,232 in 2019, 2,573 in 2020, 2,326 in 2021.
Tags : MahaRERA housing regulator real estate projects Occupancy Certificate