Only 10% projects have signed up with RERA

The Real Estate Regulatory Authority (RERA) has estimated that there are over 20,000 projects that are ongoing in the city, but with the July 31 deadline looming, mid-day has found that not even 10 per cent of the projects have been registered with t

The Real Estate Regulatory Authority (RERA) has estimated that there are over 20,000 projects that are ongoing in the city, but with the July 31 deadline looming, mid-day has found that not even 10 per cent of the projects have been registered with the authority. With the government stating that there would be no time extensions, the city builders’ association has decided to request state authorities to be lenient with them.

Nearly 4,000 real estate agents have become RERA compliant since yesterday, but only 1,300 projects have been registered and over 1,000 registrations are pending.

RERA, which came into effect on May 1, has given 90 days to developers to register their ongoing projects and brokers have been told to sign up with the body by July 31, after paying Rs 10,000 as registration fees. In the meantime, agents have been barred from marketing any project that does not possess a RERA certificate.

Mayur Shah, who recently took over as chief of the Maharashtra Chamber of Housing Industry (CREDAI-MCHI), said they will be requesting the government to grant some time to developers to register themselves. RERA, however, is refusing to budge.

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