The Housing Minister of Maharashtra, Atul Save, has announced that the Maharashtra Real Estate Regulatory Authority (MahaRERA) will be reviewing and reviving 7,500 legacy stalled real estate projects within the next two weeks. This initiative will be carried out in collaboration with financial institutions and developers’ bodies.
Save stated that this action aligns with the recommendations made by a committee led by former NITI Aayog CEO Amitabh Kant. The committee proposed state intervention or a rehabilitation policy to revive stagnant projects and submitted its report to the Ministry of Housing and Urban Development in August.
Furthermore, Save emphasised the government’s commitment to expediting the approval process for proposals submitted by new developers working on stalled projects. This effort aims to prevent financial losses for homebuyers and ensure the revival of expired plans. Save also mentioned his intention to personally assess each of these projects in coordination with MahaRERA.
The MahaRERA authority has already compiled a list of projects that have lapsed since 2017. According to Save, approximately 7,500 projects have either lapsed or stalled without making any progress. Consumer bodies have urged all states to present their revival plans, especially considering that it has been four months since the Kant committee report was submitted.