Highest-ever Housing Projects Completed in 2023 since MahaRERA Establishment in Maharashtra

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has reported significant progress in the completion of housing projects in 2023 after facing a setback in 2022 due to the Covid-19 pandemic. In 2023, a record-breaking 3,927 housing projects were completed, showcasing a remarkable improvement from the previous year’s count of 1,749 completed projects.

From 2019 to 2021, each year has seen over two thousand housing projects being completed across Maharashtra. A total of 2,232 projects were completed in 2019, then 2,573 in 2020, and 2,326 in 2021. In 2022, the real estate sector was hit by the Covid-19 pandemic, due to which only 1,749 projects could be completed.

The Konkan region, which includes Mumbai, Mumbai Suburbs, Thane, Palghar, Raigad, Ratnagiri, Sindhudurg, etc, saw the highest number of project completions in the state at 1,552.

This was followed closely by the Pune division with 1,372 completed projects. These included projects in Satara, Kolhapur, Solapur, and Sangli.

The Nashik division which includes Nashik, Ahmednagar, Dhule, Jalgaon, and Nandurbar saw 500 projects being completed.

The Nagpur division comprising Nagpur, Chandrapur, Bhandara, Gadchiroli, Gondia, and Wardha saw 318 completed projects.

Sambhajinagar division, including Sambhajinagar, Jalna, Beed, Nanded, Latur, Hingoli, and Parbhani saw 123 projects completed.

It was followed by the Amravati division, comprising Amravati, Akola, Buldhana, Yavatmal, and Washim with 56 completed projects.

Six projects were completed in the Daman division.

Since its establishment in 2017, MahaRERA has been overseeing the completion of housing projects in the state. Its chairman, Ajoy Mehta, said, “At MahaRERA, we are constantly striving to ensure that the housing projects are completed on time and homebuyers’ hard-earned income stays protected. MahaRERA has started a Micro Monitoring Cell to keep a check on the ongoing projects. This is why MahaRERA insists on a Quarterly Progress Report (QPR). This enables the user to identify the default project timeline. MahaRERA has initiated strict legal, financial, and technical scrutiny on the submission of registration applications to avoid any problems in the project’s completion. MahaRERA is constantly fine-tuning and committed to ensuring that the project is completed within the stipulated time.”