With the deadline for registration under RERA coming to a close on July 31, Maharashtra seems to be one of the front runners, registering 10,852 projects.

Maharashtra was one the first states to have notified the rules under the Real Estate Regulatory Authority (RERA) Act and also appoint an authority to oversee the same.

As per available data, Madhya Pradesh has received around 700 applications while Karnataka has received around 900 applications for projects. Rajasthan has received around 200 applications for project registration while Gujarat has about 400 projects. Chennai has received close to 100 applications for registrations.

Yesterday, Maharashtra Chief Minister Devendra Fadnavis confirmed via Twitter that that the State had received RERA applications for 6,748 projects.

“Most of the developers waited till the end moment to ensure that all the specifics are met as per RERA. Hence, there has been an overwhelming response for RERA registration in last three-four days.

“However, there are some ambiguities under RERA which we feel should be revisited in order to protect the interest of the industry. RERA’s restriction on sale of any project without registration will adversely affect the business cycle and can cripple the entire industry,” Jaxay Shah, President, CREDAI National said.

As per the clause in the RERA Act, if a project is not registered under RERA by July 31, then the builder is liable to be penalised up to 10 per cent of the project cost. Several States have sought an extension of deadline for RERA registrations.

Ashish R Puravankara, MD, Puravankara Ltd said, “It will be helpful if the Centre extends the deadline for RERA registration of ongoing projects, but currently, no extension has been given on the same. So we have abided by the timelines notified earlier by the concerned authorities . This is an entirely new requirement for the industry, which is time-consuming. Thus keeping in mind the exhaustive data going into the system, an extension in the timelines would be beneficial for all the stakeholders involved.”

Dharmesh Jain, CMD, Nirmal Lifestyle said, “we expect the transition to RERA regime to be smooth. There are some glitches and we hope that the authorities are looking into it”.

A total of 23 states and UTs have already notified their respective RERA rules.

“There will be no major change for those developers who have been compliant to the rule of law. For those who were operating outside the purview of legalities, such persons will have to fall in line. The impact of this system reboot will spill over to the market functionality and its performance in the short term. All the stakeholders will be naturally in the "wait and watch" mode - at least for the next quarter to absorb and streamline the operations,” Niranjan Hiranandani, President, NAREDCO (West).

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