MahaRERA Bid to Revive Stalled and Lapsed Housing Projects
MahaRERA is working out ways to revive more than 2,800 stalled and lapsed housing projects worth Rs 78,684 crore in the state. With a dedicated team to identify the factors leading to the projects getting either stalled or lapsed, the Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to find solutions for their revival. MahaRERA has set up a dedicated vertical under retired IAS officer Sanjay Deshmukh to look into the stalled and lapsed projects. "MahaRERA was planning to check the phase of construction in each of the lapsed projects, resend notices to the developers and work with self-regulatory authorities such as Confederation of Real Estate Developers' Associations of India (Credai) or Maharashtra Chamber of Housing Industry (MCHI) to help these projects revive," Deshmukh said "Data provided by developers revealed that out of 4,554 lapsed projects, around 1,500 have zero bookings. We are planning to re-check this data, as it has been updated over a period from 2017," he said. In the first phase of the exercise, 2,809 lapsed projects will be evaluated for their construction phase. MahaRERA has categorised the construction phase in three categories - 0%-30%, 30%-60% and 60-90% - and collaborated with the developers' bodies to find the builders registered with them to ensure revival and completion of the projects. "In a recent case, MahaRERA took help of an association of allottees under a relevant section of the Real Estate Regulatory Act to appoint a new developer and take forward a lapsed project," Deshmukh said.
Tags : Confederation of Real Estate Developers' Associations of India (Credai) Maharashtra Chamber of Housing Industry (MCHI) the Maharashtra Real Estate Regulatory Authority (MahaRERA) IAS officer Sanjay Deshmukh