The Maharashtra RERA has ensures transparency, but has also hits developers hard. As expected, the number of launches dropped in Q1 2017 by 24% with 4,900 launches as compared to 6,500 unit launches in Q1 2016, according to a just-released research report by Colliers Research.
While the Modi government’s historic move — approval of Real Estate Regulation and Development Act (RERA) – ushered in a hopeful era of transparency and regulation in the real estate sector, it has brought developers, promoters and real estate agents in an unfamiliar environment, where they are trying to adjust to the new directives. The Maharashtra government is one of the frontrunners to notify the rules related to RERA and create a website. Even though the government is still ironing out several details, an online mechanism is already in place for registration of real estate projects and real estate agents. The rules stipulate that all new under construction projects must register with the authority by July 31, 2017. After that date, developers without registration won’t be allowed to advertise or sell projects in the market anymore. In the wake of such requirement, developers and agents have both geared up for the registration process.
However, as expected, the number of launches dropped in Q1 2017 by 24% with 4,900 launches as compared to 6,500 units in Q1 2016. This drop may continue for a short term as developers are adjusting to the new RERA rules.
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