MahaRERA Launches Action Plan for Lapsed Projects in Maharashtra
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is taking bold steps to address the issue of lapsed projects within the state. In an effort to enhance transparency and accountability, MahaRERA has enlisted the expertise of an agency to compile detailed reports on these projects. With a staggering 4,154 lapsed projects identified in 2022, the agency's employees are set to conduct on-site visits, meticulously documenting each project's status through authenticity reports complemented by photographic evidence. This undertaking is anticipated to drive essential actions against these projects, beginning with Pune, Mumbai, Nashik, and Nagpur—cities accounting for 80% of registered projects. The reports will be electronically submitted to MahaRERA, supplementing the authority's mission to monitor developer activities.
Moreover, MahaRERA's compliance cell is poised to provide up-to-date, comprehensive project status reports, complete with imagery, essential evaluations, and prior assessments. In line with the Ministry of Housing & Urban Affairs' recent directive, all states have been urged to track lapsed projects, necessitating consistent scrutiny, revitalization efforts for dormant projects, and unwavering follow-ups for quarterly and annual updates from developers. Central to this initiative is real-time access to accurate project status, vital for categorising projects that warrant revival potential: ranging from completed projects with occupancy certificates, possession-claimed projects without such certificates, and those progressing sluggishly or halted altogether. The consistent submission of quarterly and annual reports by developers and the provision of exhaustive project details have been highlighted as pivotal factors by a MahaRERA official, emphasising the drive towards a more robust real estate sector.
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