MahaRERA is going to concentrate on the most delayed housing projects in Maharashtra

By Abhay Harish Shah , Realty Quarter

The state has established Maharashtra Real Estate Regulatory Authority also known as MahaRERA in March 2017. MahaRERA is authorised to regulate and promote the real estate sector. All the real estate projects (Commercial & Residential) situated in Maharashtra has to be registered with the real estate regulatory. The developers or promoters in the State are not allowed to sell, book or advertise their projects unless they are registered with MahaRERA.
A few days back the Maharashtra Real Estate Regulatory Authority (MahaRERA) has completed its 2 years of their amendment and is now going to concentrate on the most delayed housing projects which are not getting completed and is been stuck due to numerous reasons.
Already, the regulators have listed 60-70 pending projects in the state mainly in Mumbai, Pune, and Thane. They have evaluated some plans which will help the members of such projects and are going to guide them in forming an association which will help to complete the project quickly.
MahaRERA came to a solution with Standard Operating Procedure (SOP) in which homebuyers can get rights to remove a developer in the case the project is getting delayed. Those projects can be handed over to an expert panel for completion and the regulator will monitor the progress. This step could be initiated only if at least 51% of the homebuyers affected by the delayed project gave their consent. Meanwhile, once the revocation orders are issued, the developer will lose all rights to the project
In the past 2 years, there are more than 20,000 projects which are been registered with MahaRERA in the state, out of which only 4,500 projects are seen to be completed.
Few of these projects have been already sent issuance of orders and even recovery warrants which allows the revenue authorities to auction the property and return the money to the homebuyers.
Mr Vasant Prabhu (MahaRERA Secretary) said “The March order was issued to help those affected projects in which homebuyers are stuck with the project for a longer period of time and developers are not able to complete due to an insufficiency of the fund. As per the current assessment is done by the authorities, they found 60-70 projects in three cities and now they are planning to reach out to the complainants as well as the remaining members”.