Maharashtra’s housing ministry is helping restart 7,500 stuck building projects, bringing hope to homebuyers and the real estate sector.
Maharashtra’s housing minister, Atul Save, has uncovered a plan that promises to rescue 7,500 legacy stalled realty projects. These projects, registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA), have long been stuck, leaving both developers and homebuyers in distress. With the cooperation of financial institutions and developer’s bodies, the ministry is determined to bring these projects back to life over the next fortnight.
Save’s approach follows recommendations from a committee led by the former NITI Aayog CEO, Amitabh Kant. This committee strongly advocated for state intervention or the implementation of a rehabilitation policy. Their report was submitted to the Ministry of Housing and Urban Development in August, emphasising the urgency of the situation.
One of the key elements of this plan is to expedite the clearance of proposals from new developers willing to step in and rescue the stalled projects. Save is resolute in ensuring that the unfortunate situation of homebuyers who have invested their money is addressed promptly. These lapsed projects will be evaluated in collaboration with MahaRERA, aiming to set them back on track.
The magnitude of the challenge cannot be underestimated. MahaRERA has already identified around 7,500 projects that have either lapsed or remained stuck without significant progress since 2017. A comprehensive approach is needed to get these projects off the ground, revitalising the real estate landscape in Maharashtra.
Moreover, consumer bodies have raised their voices, urging all states to propose revival plans. It has been four months since the Kant committee’s report was submitted, and the need for action has never been more pressing. Homebuyers who have put their trust and savings into these projects deserve hope.