MahaRERA Seeks to Restart Around 3000 Real Estate Projects That Have Paused

This is definitely goods news for real estate industry in Maharashtra.
MahaRERA intends to rehabilitate over 2,800 delayed and abandoned housing projects at a whopping cost of Rs 78,684 crore. It has established a separate vertical under the direction of former IAS officer Sanjay Deshmukh to probe the matter. The authority intends to examine the building phase of each abandoned project.

To aid in the revival of these projects, the authority intends to examine the stage of construction in each lapsed project, resend notices to the developers, and collaborate with self-regulatory authorities such as Confederation of Real Estate Developers' Associations of India (Credai) or Maharashtra Chamber of Housing Industry (MCHI).

In the first phase of the exercise, 2,809 lapsed projects will be evaluated for their construction phase. The authority has categorised the construction phase into three categories – 0 percent to 30 percent, 30 percent to 60 percent, and 60 percent to 90 percent – and collaborated with developers' bodies to identify builders registered with them in order to ensure the revival and completion of the projects. A relevant portion of the Real Estate Regulatory Act was also used in order to choose a new developer and move ahead with a stalled project.