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MahaRERA plans to help kickstart Rs 78,000-crore stalled, lapsed housing project
Dated on: Monday 27th June 2022The Maharashtra Real Estate Regulatory Authority (MahaRERA) is attempting to resurrect stalled and lapsed housing initiatives worth more than Rs 78,000 crore, accounting for roughly one-fifth of such projects in the country.
The regulator has formed a special team to investigate the problems with the stalled projects and devise solutions to help them get back on track. This is the first time in the country that a state-specific real estate regulator has organised a special team to resurrect dormant projects.
Sanjay Deshmukh, a veteran IAS officer, will lead the new term.
Out of the 36,000 projects registered in Maharashtra over the last five years, 4,500, or around 12%, have lapsed, and the state regulatory body's new vertical will assist in resolving the concerns surrounding these projects. Unplanned credit backlogs, issues with the approval procedure, and significant price rises in raw materials have all contributed to the postponement of these projects.
"Transparency will be critical in hastening the regulatory process." "We would want sophisticated IT enablement to establish a better Address Resolution Protocol (ARP) that will assist in offering end-to-end solutions," stated Ajoy Mehta, Chairman of MahaRERA. "However, that will require regulatory oversight to monitor the complexities of the projects, and it will become necessary for buyers to play a key role in providing clarity to RERA as well."
"With the assistance of MahaRERA and all other stakeholders, there must be a consensus to jointly agree to take a hit in the interest of doing business and, if necessary, to work through joint ventures and other measures to achieve a common goal," stated Boman Irani, President of CREDAI-MCHI. Certain initiatives will be implemented in the next six months to help lay the groundwork for the industry, and particularly MahaRERA, to expedite the resurrection of these delayed projects.
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