Real-Estate oversight like never before, MahaRERA partners with the intelligence agency for proper monitoring and accurate insights.
MahaRERA taking a significant step, has joined hands with a real estate intelligence agency to ensure more transparency and accountability in the real estate sector.
This team will help MahaRERA keep a close watch on projects that might be in trouble or not following the rules.
The appointed intelligence agency will work like a secret detective for MahaRERA. Furthermore, the team will offer a parallel mechanism to monitor the project’s real-time status, including checking on projects to check compliance and even taking pictures of the projects to get updates regarding work done. By doing so, MahaRERA aims to foster a transparent system for identifying potential issues early and preventing any disparity.
The agency’s main role is to help MahaRERA take corrective measures against all those projects where developers are either not providing true or no information. The agency’s compiled database and technical expertise equip MahaRERA with the tools required to assess the progress of a project with precision.
One of the MahaRERA officials said, “We already have a dedicated team that checks on every aspect of the projects, and now with this new collaboration, we can do an even better job. The agency’s ability to analyze the progress of the projects, combined with their massive project database, makes them a valuable partner in our mission.”
Initially, the team will focus on key areas like Mumbai Metropolitan Region (MMR), Pune, Nashik, Aurangabad, and Nagpur, where more than 80% of the projects in the state are located. The agency may also check the status of the lapsed projects, projects under financial stress or those that have failed to provide quarterly and annual progress and compliance reports.
The development comes after an auditing firm employed by MahaRERA raised concerns about a few projects. In response, MahaRERA marked 313 big projects in the state, each with an investment of more than Rs 50 crore. The concerns found that these projects have expended 75% of the total project budget, yet the completed work remains below 50%.