MahaRERA to Adopt Strict Monitoring on Projects in Process

MahaRERA or the Maharashtra Real Estate Regulatory Authority is all set to adopt strict vigil to ensure completion of 88% of 16,300 registered projects by 2022.

Recently, Vasant Prabhu, MahaRERA Secretary, has shared this information a day before the one year of implementation is completed. He said, “Officials can keep track on the project status online after getting registered with MahaRERA. Once the developer submits completion form (Form 4), the project is deemed completed. We have got 1800 forms so far and the rest of them should come by 2022. MahaRERA offers extension for one year only, when it comes to extension.”

MahaRERA will focus on the matter of unauthorized constructions in second year. Officials added, “The concerned authorities assured that they are going to report unauthorized developments to the area collector. The unregistered developers will also face strict action by the authority according to the act.” In this regard, Prabhu further added that authority will be focusing on districts with only few registrations, including Beed, Gadchiroli, and Hingoli. He added, “We will start awareness programs for the developers operating in these areas.”

MahaRERA has started a platform or conciliation forum by the members of developing authorities like CREDAI and Mumbai Grahak Panchayat. Chairman and Managing Director of Knight Frank India, Shishir Baijal added, “Only one of 10 states presented their will to execute the Act. The rest will follow the suit very soon. The resurrection of real estate in India relies on long-term benefits of those reforms.”