MahaRERA has partnered with a real estate intelligence agency to boost its real-time monitoring of ongoing projects, particularly those showing signs of financial stress or not meeting regulatory criteria. This collaboration will provide on-the-spot photos and progress updates, especially in areas like Mumbai Metropolitan Region, Pune, and Nagpur. The move comes after concerns were raised about major projects in the state where expenditures surpassed progress. This initiative aims to increase transparency and ensure developers uphold their commitments and standards.
MahaRERA has recently enlisted the expertise of a real estate intelligence agency, aiming to strengthen its compliance cell's oversight on real estate projects. This collaboration seeks to ensure real-time tracking of projects, especially those showing signs of financial strain, not regularly submitting required reports, or failing to meet the regulatory standards.
This newly commissioned intelligence agency will offer MahaRERA a concurrent system to inspect the "current status of various projects," supplying on-the-spot photographs and updates on various stages of project completion. This robust verification method will empower MahaRERA to swiftly identify and rectify any discrepancies, especially from developers providing misleading or incomplete information.
The agency’s involvement enhances the monitoring capabilities of MahaRERA's compliance cell as the agency's vast database, combined with their technical acumen in assessing project progress, will significantly enhance our real-time monitoring capabilities.
In the initial phase, the intelligence agency's focus will predominantly cover areas like the Mumbai Metropolitan Region (MMR), Pune, Nashik, Aurangabad, and Nagpur. These regions account for over 80% of the state's projects. Among their top priorities will be lapsed projects and those previously flagged for concerns, particularly projects not regularly submitting progress and compliance reports.
According to the MahaRERA official, the scope of the projects under scrutiny will be comprehensive. They will be looking into projects ranging from those that have already provided occupancy certificates to homebuyers, to projects where buyers might have prematurely taken possession without these certificates. Slow-moving or completely halted projects will also be under our radar. Based on the agency's findings, MahaRERA will classify the projects and take the necessary measures.
Previously, an auditing firm engaged by MahaRERA had sounded the alarm on 313 significant state projects, each with investments surpassing Rs 50 crore. The primary concerns involved instances where project promoters had expended more than 75% of the projected total costs, yet the actual work done was below 50%. Moreover, for some projects, the looming deadline for completion is a mere six months away, yet the work achieved is still under the halfway mark.
In conclusion, MahaRERA's collaboration with the real estate intelligence agency represents a proactive step towards enhancing transparency and accountability in the real estate sector. Through real-time monitoring, the authority aims to safeguard home buyers' interests and ensure that developers adhere to their commitments and regulatory standards.
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