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.

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