The Maharashtra Real Estate Regulatory Authority (MahaRERA) is taking a proactive approach in reviving lapsed housing projects in the state. The authority has reached out to six developers' organizations seeking suggestions and assistance in bringing 624 lapsed projects back to life. These include 309 from Mumbai, 220 from Pune, 20 from Nagpur, 29 from Aurangabad and 41 from Nagpur. The six developers' organizations are the National Real Estate Development Council (NAREDCO), CREDAI-MCHI, CREDAI Maharashtra, the Builders Association of India, the Marathi Bandhkaam Vyavasik Association, and the BrihanMumbai Developers' Association.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is taking a proactive approach in reviving lapsed housing projects in the state. The authority has reached out to six developers' organizations seeking suggestions and assistance in bringing 624 lapsed projects back to life. These lapsed projects, which are a part of the total 5,776 lapsed projects in the state, are classified into four categories based on the level of intervention required for their revival.
These organizations will form teams to connect with the developers of the lapsed projects and provide a report of possible solutions to revive the projects within three months. The groups will help their registered members revive the lapsed projects in the first phase, followed by the developers not registered with any of the six organizations. The representatives of the organizations stated that the aim of the entire exercise is to help developers complete their projects and bring relief to the homebuyers.
However, homebuyers are seeking a clear timeline for the initiative as it would provide a sense of certainty and security. Notices have been sent to the builders of the lapsed projects asking them to update their data and pay the required fees in order to re-register with the MahaRERA. The authority has also held a meeting with the developers' organizations seeking their assistance in assessing accurate data of the lapsed projects.
The revival of lapsed projects is a crucial step in addressing the growing concern of unfinished projects and improving the real estate market in the state. This initiative by the MahaRERA in collaboration with the developers' organizations is a positive step in the right direction and could set a precedent for other states facing similar issues. The authority should also keep a close watch on the status of the projects taken up for revival to ensure that they are completed in a timely and efficient manner.
In conclusion, the revival of lapsed projects will not only bring relief to the homebuyers but also provide a much-needed boost to the real estate market in the state. The proactive approach taken by the MahaRERA, and the support extended by the developers' organizations will go a long way in ensuring the successful completion of these projects.
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