MahaRERA to revive stalled housing projects

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is working out ways to revive more than 2,800 stalled and lapsed housing projects worth Rs 78,684 crore. With a dedicated team to identify the factors leading to the projects getting either stalled or lapsed, MahaRERA is set to find solutions for their revival. MahaRERA has set up a dedicated vertical under retired IAS officer Sanjay Deshmukh to look into the stalled and lapsed projects. MahaRERA was planning to check the phase of construction in each of the lapsed projects, resend notices to the developers and work with self-regulatory authorities such as Confederation of Real Estate Developers' Associations of India (Credai) or Maharashtra Chamber of Housing Industry (MCHI) to help these projects revive.