Starting in February, a mahaRERA-empanelled team will tour locations where developers have claimed expenses higher than those actually incurred on slowly moving projects.
The team will be made up of professionals, notably valuers from the Insolvency & Bankruptcy Board of India and the Commissioner of Income Tax. The lapsed projects will be inspected first, then additional projects with complaints.
On Tuesday, a top-ranking representative of the Maharashtra Real Estate Regulatory Authority (MahaRERA) stated the team would visit such project sites and submit findings. The official stated that after this, MahaRERA will proceed with the required inspection.
When the developer violates the deadline specified at the moment of registration, the project is deemed “lapsed.” Once a development is deemed “lapsed,” the concerned developer is not permitted to promote it. In the state, 4,500 projects have been abandoned.
“Before such site visits, letters of notification will be provided to developers. The professionals will initially concentrate on abandoned projects, where substantial funds have been expended but little has been accomplished “added the official.
MahaRERA recently made the decision to permit developers to request an extension of projects that have already expired without the approval of 51% of the units’ homebuyers. However, homebuyers were concerned that MahaRERA’s choice would cause projects to continue to go behind schedule.
A senior MahaRERA official further stated, “For the in-person site visits, the investigators have already been appointed. We are putting together a structure for letters of notification to be sent to the developers prior to visiting the sites. We will send notification letters to real estate developments for which in-person inspections should be made as soon as the format is ready.”
In Mumbai, MMRDA, and Pune, the majority of the developments that necessitate investigation are located.
Over 4,500 abandoned projects have already been listed by the authorities. According to the MahaRERA representative, “the entire procedure is to assure that the developers execute projects on time.”
Lekha Kuber, who had funded a project whose registration had expired, claimed that “the site audit report will offer up a true image of a project’s status.”
