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In a positive development for affected home buyers, MahaRERA launched its new vertical for stalled projects on 22nd June.
- Projects with registration lapses are covered.
- Also, an independent resolution team shall try and get these projects back on track.
😎 36,000 MahaRERA registrations in the last 5 years, valued at INR. 8.69 lakh crore.
😳 Of these, 4,500 projects have seen registration lapses. They are cumulatively valued at INR 78,000 crore.
😅 1,500 of these projects have not received bookings. The same is true for 1.28 lakh housing units out of 3 lakh+ units stuck in various stages.
😬 60% of such projects are located in the MMR region alone.
What the authority’s doing
🔼 Blueprints for project completion and continuation upon the fulfillment of specific conditions. This vertical will focus only on stalled projects, especially those where homebuyers have already deposited money.
🔼 Retired IAS officer Sanjay Deshmukh has been appointed at MahaRERA for taking care of stalled projects. He has confirmed his intentions to enable stalled projects on a war footing.
What developers want (for a change)
Collective collaboration amongst stakeholders for overcoming hurdles and getting 26,000+ stuck projects off the ground. In short, it's all hands on deck.
Basically everyone's agreeing to take the interim hit, while planning to rectify the situation through JVs and other measures.
Interim credit assistance and interest waivers from the State Government could also help, though this remains on the wish list.
Let’s hope it becomes a reality. 🤞