Recognising the irregularities committed at 300 real estate projects worth Rs 500 crore, Maharashtra Real Estate Regulatory Authority (MahaRERA)Â will start its investigations with site visits from February 2023 where initially they will visit around 45 projects.
These projects in scrutiny have all declared expenses that do not match with the project status on the site. Majority of these projects which include both lapsed projected and ongoing projects are located in the Mumbai Metropolitan Region (MMR) and Pune. As part of its due diligence, MahaRERA found that erring realtors in the compliance documents have mentioned expenses that are not directly proportional to the work done on the project.
Under the investigation, MahaRERA will investigate the investment required for each stage of the project construction and compare accordingly. This will then be compared with the expenses declared by the developer and will logically conclude on the malpractice involved. This procedure will also help MahaRERA gauge on whether home buyers will get the projects as promised on time or will it become a cause of worry for them. Based on this MahaRERA will proactively take decisions that will be of benefit to the home buyers. This exercise will also help in MahaRERA’s initiative in reinstating lapsed projects. The state regulatory body had identified 2,800 lapsed projects worth Rs 90,000 crore in December 2022.
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