MahaRERA will keep strict vigil on projects in progress
PUNE: The Maharashtra Real Estate Regulatory Authority(MahaRERA) will adopt a stringent monitoring system to ensure that 88% of the 16,300 projects registered with it are completed by 2022.
MahaRERA secretary Vasant Prabhu shared this information with TOI on Monday, a day before the authority completes one-year of implementation. “After registering with MahaRERA, officials can monitor the completion of the projects online. The project is deemed completed after a developer submits Form 4 (completion form). So far, we have received 1,800 forms and the remaining should come through by 2022. In case of extension, MahaRERA allows extension for only one year,” he said.
The issue of unauthorized constructions is an area that MahaRERA will focus on in the second year. “The authorities concerned have assured us that they would report unauthorized constructions to the respective collector. The developers not registering with the authority will face action as per the act,” officials said.
On the way forward, Prabhu said the authority will focus on districts with project registrations in single digits, such as Gadchiroli, Beed and Hingoli. “We will conduct awareness programmes among developers in these areas,” he said.
MahaRERA has started a conciliation forum, a platform formed by the members of the Mumbai Grahak Panchayat and developer bodies, such as Credai. “It was seen that just one of the 10 states showed political will in executing the Act. However, we feel that the rest will soon follow suit. The resurrection of Indian real estate rests on long-term benefits of such reforms,” Shishir Baijal, chairman and managing director, Knight Frank India, said.
Source : The Times Of India
