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
Infrastructure Urban

Budget 2025: Key Highlights

On February 1, 2025, Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2025-26 in Parliament. This marks the eighth budget by Sitharaman, making her the first finance minister in India’s history to present so many budgets. It is also the first budget of Prime Minister Narendra Modi’s third term.Sitharaman emphasised that the budget focuses on driving growth towards a “Viksit Bharat” (Developed India), with the country maintaining its position as the fastest-growing major economy. She outlined the government’s commitment to inclusive development, im..

Next Story
Infrastructure Urban

Budget 2025-26: Industry reactions

Union Finance Minister, Nirmala Sitharaman announced Budget 2025-26 today. The government has planned a number of strategic initiatives which will drive inclusive growth, boost economic growth and provide an impetus to to India’s competitive edge on the global stage.Here’s what industry has to say about various announcements and initiatives announced in the budget:Real Estate“The Union Budget 2025 is a game-changer, reinforcing India's commitment to inclusive and sustainable urban growth. The SWAMIH Fund 2 with Rs 15,000 crore will accelerate the completion of stalled housing projects, b..

Next Story
Infrastructure Urban

Budget 2025: Key Announcements Impacting Real Estate

Key takeaways for the real estate sector include:• Income tax relief for the middle class: The finance minister announced zero income tax for individuals earning up to Rs 12 lakh annually, providing a major consumption boost. This move is also expected to strengthen demand for affordable housing. Additionally, the new income tax bill will retain nearly 50 per cent of existing provisions while introducing personal tax reforms and rationalising TDS and TCS regimes by streamlining rates and thresholds.• Tax benefits for residential property investors: Investors can now claim nil valuation for..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000