The Maharashtra government stated that it will consider including redevelopment projects into the Maharashtra Real Estate Regulatory Authority (MahaRERA). In order to make the required changes in this regard, the State said that the RERA Act, 2016,’s scope would need to be investigated.

The issue of bringing residential redevelopment projects under the purview of the Maharashtra Real Estate Regulatory Authority (MahaRERA) has not yet been resolve, despite the State government’s ruling that consent of 51% of the residents would be require to move forward with the redevelopment of housing societies. It is crucial to remember that in the past, redevelopment was only achievable with the support of 70% of the population.

 

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Why is redevelopment necessary to include in MahaRERA?

Consumer advocacy groups claim that a 2016 modification to the Real Estate. (Regulation and Development) Act will allow redevelopment projects to be register under the Act. As developers presently register only the new developments, such projects often incur delays. Redevelopment project developers will be held accountable and the work will be finish within a certain amount of time if included in MahaRERA.

Additionally, because residents of housing societies would be consider as allottees with rights equivalent to those of homebuyers. The modification will encourage more housing societies in the State to engage in redevelopment.

What is the State’s current redevelopment situation?

Currently, there are over 1 lakh cooperative housing societies registered in the State, of which roughly 40% require redevelopment. Moreover, the Maharashtra Housing and Area Development Authority and the Slum Rehabilitation Authority (SRA) oversee about 15,000 housing projects (MHADA).

 

The addition of redevelopment projects may further enhance the real estate environment. As MahaRERA has been actively making progress towards increasing transparency in the State’s real estate market.

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