MahaRERA (Maharashtra Real Estate Regulatory Authority) is set to appoint investigators to visit real estate projects starting February, to ensure that developers have not declared higher costs than they actually incurred on the project. Post the visit, investigators will have to submit a report which will include details such as stages of construction, target date of completion approved by RERA, target date set by the developer, and the opinion of the investigators as to when they feel the project can be completed. This move comes after MahaRERA identified 300 large real estate projects (worth over Rs 500 crore each), where a significant amount had been spent but very little work was completed.
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MahaRERA (Maharashtra Real Estate Regulatory Authority) is set to appoint investigators to visit real estate projects starting February, to ensure that developers have not declared higher costs than they actually incurred on the project. The investigators will initially visit 40-45 such real estate projects and will prepare a report on the actual progress of the construction work and other related matters pertaining to the project site. The report will include details such as stages of construction, target date of completion approved by RERA, target date set by the developer, and the opinion of the investigators as to when they feel the project can be completed. This move comes after MahaRERA had prepared a list of 300 large real estate projects (worth over Rs 500 crore each), where a significant amount had been spent but very little work was completed.
According to MahaRERA officials, the majority of projects that need to be investigated are in the Mumbai Metropolitan region and Pune and include a mix of lapsed and ongoing projects. Some of the 300 construction sites that the inspectors will visit are among the 4,500-plus lapsed projects in Maharashtra. The initiative for reviving lapsed projects is being undertaken by the lapsed projects vertical of the MahaRERA.
On 22 June 2022, MahaRERA Chairman Ajoy Mehta had announced the formation of a dedicated vertical for lapsed real estate projects. The aim of this vertical was to get such projects moving either by getting the existing developer to take it forward, or by getting buyers to take over the project, or by roping in a new developer.
"We have verticals for grievances, complaints, registrations, adjudication, and administration. Similarly, this vertical will be for stalled projects. Of 4,500 stalled projects, 1,500 do not have any bookings. In terms of apartments, only 1.72 lakh of 3 lakh apartments that are stuck have been booked. My priority is stalled projects where money from homebuyers is involved. The approximate worth of stuck projects is expected to be Rs 78,000 crore. We will tackle the money of banks and financial institutions stuck in such projects at a later stage," Mehta was quoted as saying in an interview with ET Realty.
MahaRERA officials have also issued more than 5,000 notices to developers for their failure to upload details like financial disclosures, CA certificates, and architect certifications on its website, along with other compliance issues. This move by MahaRERA is aimed at reviving stalled projects and ensuring that the rights of homebuyers are protected.
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