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The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to appoint valuers certified by the income-tax department or the Insolvency and Bankruptcy Board of India to carry out site visits of delayed real estate projects, said an official from the authority. The official added that the valuers would carry out inspections suo motu or based on complaints received.
“Home buyers largely come to MahaRERA complaining about the progress of real estate projects. Now, all these complaints will be investigated by the valuers,” the official said, adding that the reports of these valuers will be accepted, as they are professionally certified by the Union government.
According to MahaRERA, these certified valuation officers would carry out inspections at Mumbai Metropolitan Region, Pune, Nashik, Nagpur and Amravati. For other cities and districts, certified engineers having prior experience with government authorities like the PWD and MHADA, among others, would act as valuers.
The MahaRERA expects that these inspections would begin after two months, as tenders have to be floated for empanelment of valuation firms. Moreover, it would also have to issue showcause notices to the 4,389 delayed projects as on August 28.
“The first showcause notice will be issued to those projects where 60 per cent of the work is complete but the project has missed its deadline by one year as on July 2022,” said the official.
He added, “As there are chances that these projects would be completed early, such projects will be issued showcause notices at first. Developers will be asked why action under Section 7 of RERA Act should not be initiated.”
Section 7 of the RERA Act has a provision to appoint a new developer or hand over the incomplete project to an association of allottees.
“Then projects that are 30-60 per cent complete will be issued notices, followed by those that are 0-30 per cent complete. Also, notices will be sent to those developers against whom a large number of complaints have been received from home buyers,” the official said. As on August 28, 4,389 real estate projects, worth Rs 78,000 crore, have been delayed across the state, with the fate of 12,873 home buyers hanging in balance.
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