Housing Min To Help Revive Stuck Realty Projects, Real Estate News, ET RealEstate
PUNE: State housing minister Atul Save has said Maharashtra Real Estate Regulatory Authority will take up 7,500 legacy stalled realty projects registered with it for review and revival with the help of financial institutions and developers’ bodies over the next fortnight.
He said the move is as per the suggestions of a committee under former NITI Aayog CEO Amitabh Kant. It called for state intervention or a rehabilitation policy to revive projects that are stuck and submitted its report to the ministry of housing and urban development in August.
“Also, the government will expedite clearance of proposals from new developers of stalled projects so that homebuyers who have invested do not suffer and the lapsed plans are revived,” he said, adding that he would evaluate each of such projects with Maharashtra Real Estate Regulatory Authority (MahaRERA).
The authority has already gathered the list of lapsed projects from 2017 and Save said there are about 7,500 that are lapsed or stalled without any progress.
Also, consumer bodies have demanded that all states put forward revival plans, since it is four months since the Kant committee report was submitted.