Construction Industry News
The Maharashtra Real Estate Regulatory Authority (MahaRERA) aims to revive stalled and dilapidated housing initiatives worth a total of more than Rs 78,000 crore, accounting for about a fifth of such projects in India.
The regulator has set up a special team to identify the issues related to the stalled projects and come up with solutions that would allow them to revive them.
This is the first time anywhere in the country that a state-specific real estate regulator has set up a dedicated team to revive stalled projects.
Of the 36,000 projects registered in Maharashtra in the past five years, 4,500 projects, or about 12%, have been abandoned, and the new vertical body of the state regulatory agency will support the resolution of the issues surrounding these projects.
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