The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken an important step towards ensuring the timely completion of real estate projects. An impaneled team consisting of experts, primarily valuers from the commissioner of income tax and Insolvency and Bankruptcy Board of India, will visit project sites where developers have declared costs higher than incurred on projects that are progressing at a slow pace. The aim of this exercise is to bring transparency to the real estate sector and to make sure that the developers are adhering to the rules and regulations set by RERA.
The inspections will start with the lapsed projects, followed by other projects that have complaints. A "lapsed" project is defined as one where the developer has failed to adhere to the timeline mentioned at the time of registration. Once a project is declared "lapsed," the developer cannot advertise for it. In Maharashtra, there are over 4,500 lapsed projects. The expert team will focus on these projects initially, where a significant amount has been spent but very little work has been completed. The investigators will prepare a report on the actual progress of the construction work and other related issues pertaining to the project. The report will include details such as stages of construction, target dates of completion approved by the authority and set by the developer, and the investigators' opinion on their observations on the possible project completion date.
Letters of intimation will be sent to developers before the site visits. The entire process is to ensure that the developers complete projects on time and to make sure that the real estate sector is more transparent. Consumers are happy with the measures taken by MahaRERA, as they believe it will lead to a better monitoring system and ensure transparency in the sector. Lekha Kuber, who had invested in a lapsed project, said that the site inspection report will provide a true picture of the progress of a project.
Developer bodies also feel that checks for those who are defaulting are necessary. National Real Estate Development Council (NARDECO) member and Secretary Abhay Kele said that this is a welcome move to ensure strict adherence to compliance with RERA rules. This will also ensure project completion on time, making it a win-win situation for the real estate industry.
In conclusion, the measures taken by MahaRERA are a step in the right direction to bring transparency to the real estate sector and to ensure that projects are completed on time. The expert team will inspect project sites, prepare reports, and provide a true picture of the progress of the project. This will make the real estate sector more transparent and will help in creating a win-win situation for both the consumers and the developers.
Dated of source: 25/01/2023