Maharashtra facing sluggish progress of ongoing projects after arrival of RERA. 5,000 new units launched in Mumbai suffering inactivity, upshot of RERA.Registration is still slow with only 35 registrations yet.
Pace depends over the compliance of builders with rules under the Act. It is believed that there would be boost in the rate of registration after 15th of July. Delayed registration and slackened new are resulting drop of sales in Mumbai and across India as well.
Lack of interest in the main city is visible with no registrations yet. 75% of the total registered projects happen to be from suburban area.
Confusion of builders regarding the jargons of RERA and Maharashtra Ownership Flats Act (MOFA) happens to be another reason for delay. Government provided timely clarifications about the terms but developers taking their own time to act.
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