MahaRERA hires an intelligence service to obtain current project information.

MUMBAI: To assist its compliance cell in gathering first-hand information regarding real estate projects that are lapsed, financially precarious, or those that have not been submitting quarterly reports or complying with regulatory compliances, MahaRera has appointed a real estate intelligence agency.

MahaRera will be given a separate method by the agency to verify the “real-time status of the project,” which will include onsite images and a progress bar. The organization will work with MahaRera to take corrective action against any project whose developer gives inaccurate information or gives no information at all.

The compliance cell at MahaRera keeps track of the development of residential and commercial projects that have been registered with it. To support the work of the cell, we appointed this agency.

The agency not only has a substantial database and status of state real estate projects but also the technological know-how to evaluate the development of any project, according to a MahaRera representative.

In the beginning, the agency planned to give information about the regions where more than 80% of the state’s projects are located, including the Mumbai Metropolitan Region (MMR), Pune, Nashik, Aurangabad, and Nagpur, among others.

The agency may be required to check on the status of projects that have expired, been flagged, or haven’t been providing progress and compliance reports on a quarterly and annual basis.

The projects could include both those where homebuyers received their homes with occupancy certificates and those where they may have taken possession of their homes without them. Additionally, some projects can be moving very slowly or have stopped altogether.

Classifications can be formed and appropriate action pursued after the agency delivers the exact status, the source added.

Up to 313 significant projects in the state that require investments of more than Rs 50 crore have been identified by MahaRera after an auditing firm it employs expressed concerns about some of the projects.

The project’s promoters spending more than 75% of the expected total expenditure when less than 50% of the work has been accomplished are examples of red flags. In certain cases, the project’s completion date is only six months away yet less than half of the work has been accomplished.