MahaRERA Sets New Benchmark, Surpassing 50,000 Project Registrations in Eight Years

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has achieved a significant milestone, surpassing 50,000 project registrations within just eight years since its inception. Established under the Real Estate (Regulation and Development) Act, 2016, MahaRERA has become a key player in regulating the state's rapidly evolving real estate sector.

According to the latest data released, Maharashtra continues to lead the country with the highest number of registered real estate projects, a feat unmatched by any other state. The state has registered 50,162 housing projects, with around 50% of them located in the Mumbai Metropolitan Region (MMR) and Pune alone, making these regions the heart of the state’s real estate boom.

A National Comparison

When compared to other states, Maharashtra's dominance is clear. Tamil Nadu ranks second with 27,609 project registrations, while Gujarat follows closely with 15,322 residential projects. Collectively, Maharashtra accounts for nearly 35% of the country’s total registered housing projects, which stands at 1,44,617 as reported by the Ministry of Housing and Urban Affairs.

This surge in registrations not only reflects Maharashtra's dynamic housing market but also highlights the state’s significant role in India’s broader real estate landscape.

Regional Distribution of Registered Projects

The data reveals that the Konkan region, which includes the MMR, holds the highest concentration of residential projects with a total of 23,770 projects. Other regions also show robust growth, with Pune registering 15,932 projects, North Maharashtra with 4,621, Nagpur with 2,764, Chhatrapati Sambhajinagar with 1,886, and Amravati with 957 projects.

The Pune district stands as the leader in terms of individual project numbers within Maharashtra, with 12,788 projects. Thane follows with 6,746 projects, while Mumbai suburbs and Raigad have registered 5,907 and 5,360 projects, respectively. These areas collectively contribute significantly to the real estate development that has transformed Maharashtra into one of India’s top economic drivers.

Since its formation in May 2017, MahaRERA has steadily grown in stature, becoming a robust regulatory authority overseeing the state’s real estate development. The authority was established to ensure transparency, accountability, and protection of homebuyers’ rights in the face of an often opaque and fragmented real estate sector.

Manoj Saunik, Chairman of MahaRERA, noted that the growing demand for housing across Maharashtra signals the broader economic and social progress the state is witnessing. He pointed out that while the real estate sector was earlier focused primarily on the MMR and Pune regions, the momentum has now spread to other parts of the state, indicating a more balanced and widespread growth trajectory.

He also highlighted the authority’s commitment to reducing grievances in the real estate market. "MahaRERA is dedicated to ensuring that homebuyers have minimal complaints and issues related to their properties," Saunik added.

Challenges in Project Completion and Complaints

Despite the impressive number of project registrations, only about 17,000 projects have been officially completed. MahaRERA maintains that the actual completion number could be higher, as many developers have not updated the completion status with the authority.

Additionally, MahaRERA has seen a significant number of complaints related to project delays, poor construction quality, and non-fulfillment of promises by developers. Since its establishment, the regulator has received over 28,000 complaints. Of these, over 21,000 have been addressed with orders passed, while 1,235 cases have been resolved through conciliations.

While the regulator has made significant strides in resolving disputes, there are concerns regarding developers who delay project completions or fail to comply with the regulatory requirements. As the sector continues to grow, MahaRERA’s ability to resolve these issues efficiently will be crucial to maintaining the confidence of homebuyers and investors.

MahaRERA’s Role in the National Context

MahaRERA's success in managing and regulating the real estate market has made it a model for other states and union territories. The authority also oversees real estate projects in the union territories of Daman and Dadra Nagar Haveli, with over 230 projects registered over the past eight years.

This comprehensive regulatory framework has paved the way for the formalization of the real estate sector in Maharashtra, ensuring that homebuyers have access to vital information and a trusted platform for addressing grievances.

As Maharashtra continues to grow as a hub for real estate development, the role of MahaRERA will only become more critical. The authority's success in managing such a large volume of projects serves as a benchmark for other states in India. Moving forward, it will be essential for MahaRERA to maintain its focus on improving transparency, accelerating project completions, and minimizing consumer grievances to sustain its leadership in the national real estate market.

With the real estate sector expanding rapidly across the state, MahaRERA’s future role in regulating and shaping this growth will be key to maintaining Maharashtra's position as a real estate powerhouse in India.