Maha RERA Registration process starts for real estate projects
‘Neelaya’, a residential Project by Naiknavare Developers becomes the first upcoming project to apply for registration under Maha RERA
Pune, May 25: City based Naiknavare developers, one of the most reputed real estate developers known for their work across various segments of real estate, especially the pioneering effort in affordable housing & Slum Rehabilitation Authority (SRA) projects has now added one more first to its credit by becoming the first real estate company in Maharashtra to apply for registration under Maha RERA for ‘Neelaya’, their upcoming residential project at Talegaon. It is an affordable housing project comprising of 1 & 2 BHK flats. The project further complies with Pradhan Mantri Awas Yojana (PMAY) and Income Tax exemption guidelines of the Government of India.
Commenting on this development, Hemant Naiknavare, Director of Naiknavare Developers said, “We understand that requirements of pre-launch detailing have increased after Maha RERA came into effect. All the details related to the project need to be disclosed. RERA may pinch initially to the real estate players, developers, financers, suppliers and others who are bound to follow the new rule. However, once on-site speed of construction improves, buyers will heave a sigh of relief which will surely benefit the developer as well in terms of winning the trust of their customers. The ultimate success of RERA will depend upon the quick and amicable solution given to the concern raised by the customer.”
Adding to this, Ranjit Naiknavare, Director said, “Uploading ongoing projects may take longer time since there is requirement of detail information to be disclosed about the project. There is also need of bringing the existing lenders/investors on board. RERA has a distinctive disbursement model which mandates withdrawal of revenues in proportion and using it for on-site progress of construction.” He mentioned that all ongoing projects of the Company including SRA projects in Pune and Mumbai will be registered one by one sequentially in June and July under Maha RERA.
