MahaRERA intends to resurrect more than 2,800 abandoned and lapsed housing projects with an astounding 78,684 crore investment. To look into the matter, it has established a special vertical run by veteran IAS officer Sanjay Deshmukh. To assist in the revival of these projects, the authority intends to examine the stage of construction in each of the abandoned projects, resend notices to the developers, and collaborate with self-regulatory organisations like the Maharashtra Chamber of Housing Industry (MCHI) or the Confederation of Real Estate Developers’ Associations of India (Credai).
2,809 abandoned projects will be evaluated for their construction phases in the first stage of the exercise. The authority has divided the construction phases into three categories: 0-30%, 30-60%, and 60-90%, and it has worked with the developer organisations to identify the builders who are registered with them in order to ensure the revival and completion of the projects. It also required assistance from an association of allotters in accordance with a pertinent provision of the Real Estate Regulatory Act to name a new developer and move a stalled project forward.
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