As per the Inspector General of Registration and Controller of Stamps (IGR) department, property registrations in Maharashtra in the first five months of the financial year 2017-18 registered a 28 percent hike as compared to the last year.
About 158,051 property registrations were recorded in April-August 2017 as against 2,01,764 property registrations reported during the same period in the last financial year.
Experts state that the implementation of the Real Estate (Regulation and Development) Act (RERA) was the primary reason for the increase in registration numbers.
Jaxay Shah, Presient, Confederation of Real Estate Developers' Associations of India (CREDAI), has stated that the high number of registrations of ongoing projects under Maharashtra real estate regulatory authority (MahaRERA) would push up the demand for properties among homebuyers in the coming months.
MahaRERA officials share that about 12,500 ongoing projects, covering over 15.5 lakh properties in the state, have aoolied for registration under RERA.
Credits : 99acres.com
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Source - 99acres.com
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