MahaRERA registers 27 new housing projects in Nagpur district ahead of festive season

Ahead of Dussehra and Diwali, there is good news for Maharashtra's real estate sector. The Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved 27 new residential projects in Nagpur district and issued them registration numbers.

An investment of about Rs 774 crore is proposed in these 27 projects, which plan to build around 2,456 residential units.

Across Maharashtra, MahaRERA has cleared 435 new projects. An estimated Rs 23,719 crore will be invested in them, paving the way for 32,981 new homes.

The authority has also approved extensions of the deadlines of 210 older projects at the request of developers. Amendments to the proposals of 609 projects have also been approved.

In the Vidarbha region, 32 new projects have been approved in all, and Nagpur leads among them. According to district-wise figures, an investment of Rs 774 crore is proposed for 27 projects in Nagpur.

In Amravati city, four projects plan to build 196 residential units, with an investment of Rs 34 crore. One project has been approved in Akola, with Rs 13 crore proposed for 30 residential units.

Pune and the Mumbai metropolitan region account for the largest share of the new registrations. In the Mumbai Metropolitan Region (MMR), 201 projects have been approved, in the Pune region 140, in Thane 70, and in Mumbai city and its suburbs 63. In the Khandesh and Marathwada regions, 24 new projects have been cleared.

Under MahaRERA rules, developers must apply for an extension if a project is not completed on time. The regulator's permission is also required for changes to construction plans. These processes are meant to increase transparency in projects and protect the interests of homebuyers.

The approvals granted in the festive season are expected to boost activity in the state's residential construction sector. However, the actual investment and the number of homes will depend on how these projects progress on the ground.