Maharashtra's Housing Minister, Atul Save, has announced a plan to review and revive 7,500 stalled realty projects in the state, based on recommendations from a committee led by former NITI Aayog CEO Amitabh Kant. The government aims to expedite the approval process for new developers to take over stalled projects, ensuring that homebuyers' investments are protected and lapsed plans are revitalized. This proactive approach addresses the concerns of both homebuyers and the real estate industry, reflecting the government's commitment to economic growth and timely project revival.
Maharashtra's Housing Minister, Atul Save, has announced a comprehensive plan to address the issue of stalled real estate projects in the state. The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to undertake the review and revival of approximately 7,500 legacy stalled realty projects within the next two weeks. This initiative, as emphasized by Save, has been inspired by the recommendations made by a committee led by former NITI Aayog CEO, Amitabh Kant.
The committee, in its report submitted to the Ministry of Housing and Urban Development back in August, underscored the need for state intervention or the formulation of a rehabilitation policy to resuscitate projects that have encountered significant roadblocks. This move signifies the government's commitment to ensuring that homebuyers' investments are safeguarded and that stagnant real estate ventures are given a new lease on life. To achieve this, Save has articulated his intention to meticulously assess each of these projects in collaboration with MahaRERA.
In anticipation of this ambitious effort, MahaRERA has already compiled a comprehensive list of lapsed projects dating back to 2017. According to Save, this list comprises around 7,500 projects that have either lapsed or remain stalled without showing any significant progress.
Notably, this proactive approach has been driven not only by the government's dedication to economic growth but also by the demands of consumer advocacy groups. These groups have called upon all states to put forward their own revival plans, emphasizing that it has been four months since the Kant committee's report was submitted. The urgency of the situation has made it imperative for states to act swiftly in addressing the plight of both homebuyers and the real estate industry as a whole.
The move to revive these stalled projects is not only a testament to the government's commitment to addressing the concerns of the real estate sector but also a testament to its desire to foster economic growth and alleviate the suffering of homebuyers who have invested their hard-earned money in these ventures. The involvement of financial institutions and developers' bodies in this endeavour is expected to provide much-needed support and expertise to ensure the successful revival of these projects.
Furthermore, the government is set to expedite the clearance of proposals from new developers who wish to take over stalled projects. This step is particularly significant as it aims to minimize the adverse impact on homebuyers while breathing new life into projects that have languished for too long. The government's willingness to streamline the approval process for new developers underscores its commitment to ensuring that these projects are revitalized in a timely and efficient manner.
In conclusion, the Maharashtra government, under the leadership of Housing Minister Atul Save, is taking decisive action to revive and review a significant number of stalled real estate projects. Inspired by the recommendations of the Kant committee, this initiative reflects the government's dedication to safeguarding homebuyers' investments, stimulating economic growth, and bolstering the real estate sector. As the government partners with financial institutions, developers' bodies, and consumer advocacy groups, it is poised to bring about a positive transformation in the state's real estate landscape.
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