Pune News : RERA brought transparency in the real estate segment : Ajoy Mehta

Share This News

CREDAI Pune Metro holds its first Special General Body meeting under newly elected President Ranjit Naiknavare

Pune, July 31 :  “Before RERA came in, there was a lack of transparency in the real estate sector. The buyers didn’t even know if the developer had all the necessary permissions to start the project. Timely completion was a privilege earlier, not a right. However, post the introduction of RERA, it is a legal right”, Ajoy Mehta, IAS and Chairman, MahaRERA said, emphasizing the significance of RERA for  the real estate sector. He was speaking as a Chief Guest at the Special General Body Meeting of CREDAI Pune Metro held at J W Marriott on Senapati Bapat Road.

“ln Projects launched Pre- RERA, MahaRERA has received complaints against 23% of the projects, whereas in Projects launched Post RERA, Complaints have been received against 3.5% of Projects only”, he informed underlining the benefits of RERA.

Mahesh Pathak, IAS, Member 1 MahaRERA, Office bearers of CREDAI Pune Metro including Ranjit Naiknavare – newly elected President, Shrikant Paranjape, Manish Jain, Ashwin Trimal and Aditya Javdekar were present on the dais on the occasion. Representatives of other associations related to Real Estate and about 200 members of CREDAI Pune Metro were present for the General Body Meeting.

While addressing the gathering Ranjit Naiknavare said, “The Real Estate sector is growing. Currently it contributes to 6% of the national GDP which is expected to touch 13% in the next 8-10 years, which translates into the value of about USD 1 Trillion. RERA has certainly transformed the industry as never before. It has brought transparency, account integrity, customer focus, and financial discipline to the sector. “

According to Ajoy Mehta, a regulatory body like RERA was needed for the real estate sector because of its sheer magnitude of scale in terms of customers and financials. Almost 60% of the resources of middle class home buyers are utilized for buying a home. Today in Maharashtra about 14 Lakh home buyers are waiting for the delivery of their home. The investments that have gone in these projects are to the tune of Rs.1.6 Lakh Crore.

Mahesh Pathak, IAS and Member 1 showcased how Maharashtra is leading the country with RERA registered projects.

“Best practises being introduced by Maharera and meticulous follow up on the same by the CREDAI Pune members will lead to a long term shift in the way the real estate industry is operating. Kudos to the MahaRERA team and the Chairman Ajoy Mehta for leading the industry through a transition which is unprecedented and in the interest of the consumer”, said Manish Jain, Vice President, CREDAI Pune Metro.

Aditya Javadekar, Vice President, CREDAI Pune Metro informed that currently the Pune real estate market size is about 50,000/- Crore and it has the potential to grow up to 1 Lakh Crore by 2030.

Ashwin Trimal, Secretary of CREDAI Pune Metro said, “CREDAI has formed a dedicated cell to help developers for RERA registrations and compliances.  The association also has a robust CREDAI – RERA reconciliation forum with over 11 benches to help consumers resolve their issues with developers. CREDAI is conducting Best Facility And Safety Awards to improve conditions of labour at site.”

“CREDAI Pune Metro and MahaRERA have always worked together for upliftment of the real industry by bringing transparency and discipline by giving consumer interests at top priority while safeguarding rightful developer rights”, opined Akhil Agarwal from the RERA Committee of CREDAI Pune Metro.

Podar Prep
Angel home decor
Podar Prep