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In a development that would significantly boost the real estate industry in Maharashtra, the state’s IGR has permitted 86 developers to register fresh projects from their own facilities. This indicates that the registration offices would witness less footfall.
Under the new operational system, developers would have access to the necessary software used by the registration department. One of the officials of the registration department stated that restrictions on travel and the impact of the pandemic promoted them to take this decision. This is likely to revive the condition of the real estate industry to some extent.
Maharashtra’s state inspector general of registration and stamps told that they want to increase the registration by builders. Given that this process would take place at their own facilities, the footfall at the respective office would be low.
Incidentally, the President of CREDAI (Confederation of Real Estate and Developers Association of India) was among the people who got access to the registration process for one of his projects. He added that the process was carried out seamlessly. No middlemen were involved in the registration process. Both the clients and the developers were happy with all the arrangements.
The CREDAI President of Pune also stated that it was necessary to make the registration process online, considering the current state of the industry. He also expressed happiness to find an increasing number of builders being encompassed by the new process.
An official of the registration department stated that they had previously tried this online process with some of the developers. Back then, they used a different software. The process also involved certain pre-conditions, like 500 flats could be registered and the necessity of a dedicated BSNL line. Presently, they would be able to cover more developers, as the conditions have been eased up.
The official also added that they would be monitoring the entire process from their office. Builders having access to the software would have to undergo additional checks. Meanwhile, the government has not made any announcement regarding the Ready Reckoner rate. In this context, it should be noted that the developers are requesting the authorities not to make any increment in this rate now. Usually, the new rates are announced in April. It was in September 2020 that the government announced the rates for the last time.
With these developments in the real estate sector of Maharashtra, the industry is likely to gain momentum in the coming months.
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