mumbai the number of residential launches in mumbai have dropped 24 during the first quarter of 2017 with 4900 launches as compared to 6500 units a year ago showed a colliers international india report the property consultant believes the drop may continue for a short term as developers are adjusting to the new real estate regulatory act rules the developers have been selling projects and units based on the marketing plan and layouts and super builtup areas often represent a loading on the nature of amenities a project offers layout plans approved given applicable fsi norms and rules have differed from sale plan and chargeable areas of projects this poses challenges as the developer now has to upload on website to enable sales all sanctioned and approved plans and the buyer can do diligence and be privy to artificial markups in such super built up areas that sometimes go as high as 4060 higher than carpet area said ravi ahuja executive director office services investment sales colliers international india according to ahuja there is hesitation of under construction projects sold prior to rera to follow set of rules prescribed under rera the provisions of rera state that developerspromoters cannot make a sale without registration of their project buyers should also be aware that they cannot file a complaint against developers who are not registered before entering a sale agreement developers failing to register by the end of july may receive a noncompliance notice the act has also specified penalties for noncompliance of registration norms for both the project and the agent in fact as per market sources the maharera authority has already served notice to a real estate agent for a misleading advertisement there is still a lot of uncertainty on some rera provisions and they will only be resolved once there is a precedent currently maharashtra is one of the few states that have started the application of rera and we expect all the other states to follow suit however it is very likely that the implementation process and norms will differ from state to state