The Maharashtra Real Estate Regulatory Authority (MahaRera) has disclosed a significant upswing in the completion of housing projects, reaching an unprecedented 3,927 projects in 2023, a substantial surge from the 1,749 projects concluded in the preceding year, 2022. This substantial increase showcases the resilience and recovery of the real estate sector in Maharashtra post the challenges induced by the COVID-19 pandemic.
The trajectory of project completions in the state has demonstrated marked progress over the years. In 2017, a mere 404 projects achieved completion, escalating to 1,595 in 2018. The subsequent three years, from 2019 to 2021, witnessed a consistent annual completion of over 2,000 housing projects, with 2,232, 2,573 and 2,326 projects respectively. However, the year 2022 faced a setback due to the pandemic, resulting in the completion of only 1,749 projects.
Breaking down the regional contributions, the Konkan region, encompassing prominent areas like Mumbai, Thane, Mumbai Suburbs, Palghar, Ratnagiri, Raigad and Sindhudurg, reported the highest number of project completions at 1,552. The Pune division, comprising regions such as Kolhapur, Satara, Sangli and Solapur, closely followed with 1,372 projects. The Nashik division, including Nashik, Dhule, Jalgaon, Ahmednagar and Nandurbar, witnessed the completion of 500 projects, while the Nagpur division, covering Nagpur, Bhandara, Gadchiroli, Chandrapur, Gondia, and Wardha, reported 318 completed projects.
In response to the challenges posed by the pandemic, MahaRERA has instituted a Micro Monitoring Cell to oversee ongoing projects. Emphasizing the importance of timely updates through Quarterly Progress Reports (QPRs), the authority aims to promptly identify and address any deviations from project timelines. Furthermore, MahaRERA has introduced rigorous legal, financial and technical scrutiny processes for registration applications, ensuring a meticulous evaluation to mitigate issues and ensure successful project completions.
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