The state regulatory body’s new vertical is planning to help solve the issues around lapsed projects. Out of 36,000 projects registered in the last 5 years, 4,500 projects have lapsed.
MahaRERA is planning to help revive housing projects worth more than Rs 78,000. They are about one-fifth of such projects in the country.
The Maharashtra Real Estate Regulatory Authority has set up a team to identify the issues related to these projects and provide the solution that would help to revive them.
The Maharashtra Real Estate Regulatory Authority is the first real estate regulator that has formed a special team for reviving stuck projects.
Retired IAS officer Sanjay Deshmukh will be the leader of the new team.
These projects are mainly on hold because of unplanned credit backlogs, problems with the approval process, and large price increases in raw materials.
Ajoy Mehta, Chairman, MahaRERA informed “Transparency will be the key to helping fast track the process of regulation. For this, we would need intelligent IT enablement to create a better Address Resolution Protocol (ARP) that will help in providing end-to-end solutions.”
“However, that will need to be supported by regulatory oversight for monitoring the intricacies of the projects, and it will become imperative for the buyers to play a key role in providing clarity to RERA as well,” he added.
Boman Irani, President, CREDAI-MCHI shared “With the support of MahaRERA and all other stakeholders, there needs to be a consensus to mutually agree to take a hit in the interest of conducting business and, if required, to collaborate through joint ventures and other methods for obtaining a common objective.”
The Maharashtra Real Estate Regulatory Authority will be implementing certain measures in the next six months to help set up the building blocks for the industry.
Developers informed that the recent intervention by the government of India in reducing the import duties for steel and cement products has had a positive impact on the sector, and the cost remains inflated in comparison to 2020-21.