In a noteworthy rebound from the challenges posed by the Covid-19 pandemic in 2022, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has marked a substantial achievement in the completion of housing projects in 2023. The authority reported the completion of 3,927 projects, showcasing resilience and determination in the face of adversities. This surge in project completions reflects a positive trend, signaling the real estate sector's recovery and contributing to the fulfillment of housing commitments across the state.
In a significant upturn, 3,927 housing projects were completed in 2023, a substantial leap from the previous year's count of 1,749. This surge highlights the resilience of the real estate sector and its commitment to meeting housing needs.
Over the three-year span from 2019 to 2021, Maharashtra consistently witnessed the successful completion of over two thousand housing projects each year. Specifically, 2,232 projects were completed in 2019, followed by 2,573 in 2020, and 2,326 in 2021. This sustained trend underscores the ongoing development and progress in the state's real estate landscape.
"At MahaRERA, our relentless commitment lies in ensuring timely completion of housing projects, safeguarding the financial interests of home buyers. The establishment of the Micro Monitoring Cell exemplifies our proactive approach to monitor ongoing projects closely. The Quarterly Progress Report (QPR) requirement is a crucial tool that allows us to promptly identify any deviations from the project timeline," emphasized Ajoy Mehta, Chairman of MahaRERA.
The year 2022 witnessed a significant downturn in the real estate sector, primarily attributed to the far-reaching effects of the Covid-19 pandemic. Consequently, only 1,749 projects were completed during this period. Notably, the Konkan region, encompassing Mumbai, Mumbai Suburbs, Thane, Palghar, Raigad, Ratnagiri, Sindhudurg, etc., emerged as the leader in project completions, with a notable count of 1,552 projects.
This was followed closely by the Pune Division with 1,372 completed projects – these included projects in Satara, Kolhapur, Solapur and Sangli. Nashik Division that includes Nashik, Ahmednagar, Dhule, Jalgaon and Nandurbar saw 500 projects being completed.
The year 2022 posed challenges for the real estate sector, marked by the impact of the Covid-19 pandemic, leading to the completion of 1,749 projects. Among these, the Konkan division took the lead with 780 completed projects, followed by 583 in Pune, 210 in Nashik, 74 in Nagpur, 73 in Sambhaji Nagar, 26 in Amravati, and 3 projects in Dadra Nagar Haveli.
Despite the hurdles faced in 2022, the real estate sector in Maharashtra witnessed a rebound in 2023, with a significant surge in completed projects, reflecting the resilience and adaptability of the industry.
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