MahaRERA Launches Verification of 3,699 Lapsed Real Estate Projects in Maharashtra
Pune: In a significant move to address the issues surrounding the completion of real estate projects, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has launched a verification drive for Occupancy Certificates (OCs) of 3,699 lapsed projects across the state. This initiative is aimed at ensuring that these projects are completed and handed over to homebuyers in a timely and compliant manner.
The verification process will cover a wide range of projects, including residential complexes, commercial buildings, and mixed-use developments. MahaRERA has instructed all project developers to submit their latest progress reports, along with any pending documents, to facilitate a smooth verification process.
MahaRERA's Acting Chief Executive Officer, Smt. Pragati Khandare, stated, “This verification drive is crucial for the transparency and accountability of the real estate sector in Maharashtra. We are committed to ensuring that homebuyers receive their units as per the agreed timelines and that developers adhere to regulatory norms.”
Homebuyers who have invested in these projects have long faced delays and uncertainties. The verification drive is expected to bring some relief to these buyers by providing them with clear updates on the status of their investments. MahaRERA has also set up a dedicated helpline and online portal for homebuyers to submit their queries and concerns.
Developers who fail to provide the required documents or meet the deadlines will face penalties as per the provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA). This includes fines, suspension of projects, and, in severe cases, cancellation of project registrations.
The drive comes amid growing concerns over the slow pace of project completions in Maharashtra. According to industry experts, the verification process will help identify the bottlenecks and address them effectively. It is also expected to boost investor confidence in the real estate market.
Real estate analysts have welcomed the initiative, stating that it aligns with the broader goal of improving the overall health of the sector. “This verification drive will not only help in completing the existing projects but also set a benchmark for future projects. It will ensure that developers are accountable and that homebuyers are protected,” said Mr. Anuj Puri, Chairman of Anarock Property Consultants.
MahaRERA has also urged homebuyers and stakeholders to actively participate in the verification process by providing any relevant information or raising any issues they might have. The authority has assured that all grievances will be addressed promptly.
The verification drive is expected to be completed within the next six months, after which MahaRERA will release a comprehensive report outlining the findings and recommendations. This report will serve as a crucial document for policymakers and industry stakeholders to further strengthen the regulatory framework in the real estate sector.
In conclusion, the verification drive by MahaRERA is a significant step towards ensuring transparency, accountability, and timely completion of real estate projects in Maharashtra. It is expected to benefit both homebuyers and developers, while also contributing to the overall stability and growth of the real estate market.
