MahaRERA to revive Rs 78,000 cr stuck and lapsed housing projects
Real Estate

MahaRERA to revive Rs 78,000 cr stuck and lapsed housing projects

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is looking to revive stuck and lapsed housing initiatives totalling over Rs 78,000 crore in value, making up for about a fifth of such projects in India.

The regulator has set up a dedicated team to identify the problems related to the stuck projects and come up with solutions that would enable them to revive them.

This is the first time, anywhere in the nation, a state-specific real estate regulator has created a special team for reviving stalled projects.

Out of the 36,000 projects recorded in the last five years in Maharashtra, 4,500 projects, or about 12%, have lapsed, and the state regulatory body’s new vertical will support solving the problems around these projects.

Some of the main things that have driven these projects to be put on hold are unplanned credit backlogs, issues with the approval process, and price growth in raw materials.

Transparency will be the key to supporting fast-track the process of regulation. For this, the authority would require intelligent IT enablement to make a better Address Resolution Protocol (ARP) that will aid in providing end-to-end solutions, said Ajoy Mehta, Chairman, MahaRERA.

However, that will require to be backed by regulatory oversight for monitoring the complexities of the projects, and it will become crucial for the buyers to play a key role in delivering clarity to RERA as well.

For developers, in case they are unable to provide on a certain project, Mehta recommended submitting deviation sheets to their respective state RERAs to enable them to provide solutions and revive the stuck project.

Confederation of Real Estate Developers' Associations of India-Maharashtra Chamber of Housing Industry (CREDAI-MCHI), President, Boman Irani, told the media that there needs to be a consensus to mutually agree to take a hit in the interest of conducting business and, if needed, to collaborate through joint ventures (JV) and other techniques for getting a common objective with the support of MahaRERA and all other stakeholders.

To assist set up the building blocks for the industry, and especially MahaRERA to fast-track the revival of these stuck projects, the regulator will be executing certain measures in the following six months.

Image Source

Also read: MahaRERA to extend nearly 1,540 lapsed projects

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is looking to revive stuck and lapsed housing initiatives totalling over Rs 78,000 crore in value, making up for about a fifth of such projects in India. The regulator has set up a dedicated team to identify the problems related to the stuck projects and come up with solutions that would enable them to revive them. This is the first time, anywhere in the nation, a state-specific real estate regulator has created a special team for reviving stalled projects. Out of the 36,000 projects recorded in the last five years in Maharashtra, 4,500 projects, or about 12%, have lapsed, and the state regulatory body’s new vertical will support solving the problems around these projects. Some of the main things that have driven these projects to be put on hold are unplanned credit backlogs, issues with the approval process, and price growth in raw materials. Transparency will be the key to supporting fast-track the process of regulation. For this, the authority would require intelligent IT enablement to make a better Address Resolution Protocol (ARP) that will aid in providing end-to-end solutions, said Ajoy Mehta, Chairman, MahaRERA. However, that will require to be backed by regulatory oversight for monitoring the complexities of the projects, and it will become crucial for the buyers to play a key role in delivering clarity to RERA as well. For developers, in case they are unable to provide on a certain project, Mehta recommended submitting deviation sheets to their respective state RERAs to enable them to provide solutions and revive the stuck project. Confederation of Real Estate Developers' Associations of India-Maharashtra Chamber of Housing Industry (CREDAI-MCHI), President, Boman Irani, told the media that there needs to be a consensus to mutually agree to take a hit in the interest of conducting business and, if needed, to collaborate through joint ventures (JV) and other techniques for getting a common objective with the support of MahaRERA and all other stakeholders. To assist set up the building blocks for the industry, and especially MahaRERA to fast-track the revival of these stuck projects, the regulator will be executing certain measures in the following six months. Image Source Also read: MahaRERA to extend nearly 1,540 lapsed projects

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?