Breathing New Life into Maharashtra's Real Estate The MahaRERA Success Story

In the real estate realm, "stalled projects" are those that have ceased construction entirely, contrasting with "delayed projects" which progress slowly due to various factors. The difference often lies in the builder's inability to meet the completion and property transfer obligations outlined in the sales agreement.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made remarkable strides in reinvigorating the real estate sector of Maharashtra. With a significant push towards the completion of stalled projects, MahaRERA has successfully brought 4,000 out of 7,000 projects across the finish line in the past year, a testament to its commitment to revitalize the market.

MahaRERA's approach extends beyond mere oversight. The authority has taken decisive action against 15% of these projects, initiating deregistration due to their stagnant status, emphasizing MahaRERA's dedication to ensuring accountability and momentum in the sector.

Self-Regulatory Organizations (SROs) have been instrumental under MahaRERA's leadership, serving as the backbone for policy formulation, dispute conciliation, and notably, the drive to complete stalled projects. This collaborative effort has been key to achieving the past year's significant turnaround in project completions.

MahaRERA's strategy has been laser-focused on projects nearing completion, particularly those with 70% of the work already done. This targeted approach has not only facilitated project extensions but also enabled the successful acquisition of occupation or commencement certificates, heralding a new dawn for Maharashtra's real estate landscape.