Real Estate

‘Realty sector set to grow in Maharashtra, but RERA may make it tough for small players’

Radheshyam Jadhav Pune | Updated on January 04, 2019 Published on January 04, 2019

Small and unorganised developers will find it difficult to survive in the next couple of years, even as the realty sector in Maharashtra is set to witness healthier growth, Shantilal Kataria, President, Credai – Maharashtra, has told BusinessLine.

He added that the Maharashtra Real Estate Regulatory Authority (MahaRera) played a significant role in boosting the confidence of buyers by empowering them against errant developers, but at the same time it poses a major survival threat to small players.

Kataria said MahaRera is a game changer, but with hitches. “Consumer is king because of the new rules. But in the long run, it may be difficult for small and unorganised developers to survive due to MahaRera” he said.

Transparency

“Major transformations have happened in the real estate industry in the last two years. These transformations have created a transparent business environment and strengthened the market sentiments. Last year was a mixed basket for the real estate sector. But we expect better growth for Indian realty in 2019. The sector registered a 16 per cent rise in housing sales last year, and there are encouraging signs that this momentum will continue into 2019,” said Kataria.

The government’s push for affordable housing will also facilitate growth, he said.

Credai – Maharashtra has signed a memorandum of understanding with the State government to construct about 5 lakh houses in 50 cities under the ‘ Housing for All’ scheme. Credai is focusing on tier-II, III and IV cities to develop infrastructure this will generate employment opportunities, too.

RERA registration

As many as 19,217 projects in the State are registered with MahaRera and the Authority has received 5,000 complaints against developers.

As of November 30, 2018, 34,674 real estate projects and 26,882 real estate agents have been registered by the respective RERA Authorities across the country.

Published on January 04, 2019
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