By Staff Reporter
The Maharashtra Real Estate Regulatory Authority (MahaRera) has joined forces with a real estate intelligence agency to enhance its compliance monitoring efforts. The collaboration aims to provide MahaRera’s compliance cell with up-to-date information about real estate projects that might be facing lapses, financial stress, or non-compliance with regulatory standards.
This real estate intelligence agency will function as a parallel mechanism to monitor the “real-time status of projects.” It will offer insights into project progression, including on-site photos and completion stages. By doing so, MahaRera will be better equipped to take corrective actions against developers providing false information or failing to fulfill their reporting obligations.
The MahaRera official mentioned that the agency boasts a comprehensive database of real estate projects within the state of Maharashtra, particularly in key regions like the Mumbai Metropolitan Region (MMR), Pune, Nashik, Aurangabad, and Nagpur. This partnership will initially focus on scrutinizing lapsed projects, flagged projects, or those failing to submit regular quarterly and annual progress reports.
The official further emphasized the varied nature of projects, ranging from those that have obtained occupancy certificates to those facing stalled progress. The intelligence agency’s role is pivotal in providing accurate project statuses, which will aid in appropriate classifications and subsequent actions.
Notably, MahaRera had previously red-flagged 313 large projects in the state with investments exceeding Rs 50 crore, following concerns raised by an auditing firm. Instances of projects exceeding expenditure estimates but falling short in terms of work completion have prompted the need for such real-time monitoring mechanisms.