Dhaval Ajmera, Secretary, CREDAI-MCHI and Director, Ajmera Realty & Infra India Limited
Mumbai…May 8, 2024…In April 2024, Mumbai
witnessed a remarkable spike in property registrations, marking the
second-highest number in over a decade. This surge signals a burgeoning
optimism towards property ownership, driven by the collaborative endeavors of
CREDAI-MCHI and the transformative influence of MahaRERA regulations.
Noteworthy initiatives such as the CREDAI-MCHI Property Expo held in January
have played a pivotal role in fueling this momentum, offering innovative
incentives like zero stamp duty and registration fees.
The efficacy of CREDAI-MCHI's
initiatives is evident in the unprecedented surge in property registrations in
Mumbai. April witnessed a staggering 11,500 registrations, marking the fourth
consecutive month where registrations surpassed the 10,000 mark. Notably, there
has been a discernible shift in property preferences, with a substantial
increase in registrations for apartments under 500 sq ft, indicative of
evolving consumer trends. Furthermore, the surge in e-registrations in April
2024 can be attributed to the concerted efforts of CREDAI-MCHI in collaboration
with the Department of Registration and Stamp.
Mr. Dhaval Ajmera, Secretary,
CREDAI-MCHI said, “In the wake of MahaRERA's transformative influence, the
surge in property registrations in Mumbai exemplifies the collaborative spirit
between CREDAI-MCHI and regulatory authorities. Our concerted efforts,
exemplified by initiatives like the CREDAI-MCHI Property Expo, have not only
fueled this momentum but also underscored our commitment to innovation and
consumer-centric solutions. As Secretary of CREDAI-MCHI, I'm proud to witness
the tangible impact of our endeavors, paving the way for a vibrant and
resilient real estate landscape in Maharashtra.”
The 31st edition of the CREDAI-MCHI
Property Expo, themed "Zero is our Hero," attracted over 24,716
genuine homebuyers and more than 185 property bookings ranging from Rs. 60
lakhs to Rs. 10 crores, underscoring the robust demand in
the market. As Maharashtra's real estate regulatory act, MahaRERA, commemorates
its seventh anniversary, it is essential to acknowledge its pivotal role in
transforming the real estate sector. With over 45,000 real estate projects and
47,000 real estate agents registered under its purview, MahaRERA has
significantly enhanced transparency, accountability, and consumer protection.
The collaborative efforts between MahaRERA and industry stakeholders like
CREDAI-MCHI have been instrumental in ensuring a seamless transition and
effective implementation of regulatory frameworks, thereby fostering a
conducive environment for sustainable growth in Maharashtra's real estate
sector.
ABOUT CREDAI-MCHI
CREDAI-MCHI is an apex body
comprising members from the Real Estate Industry in the Mumbai Metropolitan
Region (MMR). With an impressive membership of over 1800+ leading developers in
MMR, CREDAI-MCHI has extended its reach throughout the region, establishing
units in various locations such as Thane, Kalyan-Dombivli, Mira-Virar, Raigad,
Navi Mumbai, Palghar-Boisar, Bhiwandi, Uran-Dronagiri, Shahapur-Murbad, and
most recently in Alibag, Karjat-Khalapur-Khopoli, and Pen. Being the only
Government-recognized body for private sector developers in MMR, CREDAI-MCHI is
dedicated to promoting the industry’s organization and progress.
As a part of CREDAI National, an apex
body of 13000 developers across the nation, CREDAI- MCHI has emerged as a
preferred platform for regional discussions on housing and habitat by
establishing close and strong ties with the government. It is committed to
breaking barriers to create a strong, organized, and progressive real estate
sector in the MMR. The vision of CREDAI-MCHI is to empower the Real Estate
fraternity of the Mumbai Metropolitan Region as it preserves, protects, and
advances the right to housing for all. To continue being a trusted ally,
guiding their members, supporting the Government on policy advocacy, and
assisting those they serve through the ever-evolving real estate fraternity.