The Builders' Association of India (BAI) wants Maharashtra Real Estate Regulatory Authority (MahaRERA) to draw an action plan for 5,000 plus abandoned projects. Chairperson of Housing and RERA committee of BAI Anand Gupta said out of 20,675 registered incomplete projects, 5,000 project developers have not updated about the work progress carried out in last 4-5 years to the regulatory authority. Neither any complaints have been received from the homebuyers.
"These are abandoned projects and therefore, MahaRERA should cancel the registration of such projects. Besides, the pending work can be given to the 19,000 members of BAI. This will open up new opportunities in the real estate market and at the same time will generate adequate housing stock," Gupta asserted.
According to the records of MahaRERA, as of now 23 per cent of projects out of the total 27,082 projects registered have been successfully completed, while 20,675 registered projects are yet to be completed.
Gupta claimed, "MahaRERA should exercise its power to cancel the registration of abandoned projects expeditiously and also create awareness among homebuyers to take up the pending work. The MahaRERA by virtue can allot the pending project work to the contractors / developers of BAI or others, who are looking for work. Otherwise, the number of abandoned real estate projects will keep on increasing considering the current market condition and liquidity crisis."
Reportedly, MahaRERA in accordance with section 7 and 8 can revoke the registration of incomplete project and allow the stressed homebuyers to complete the pending work. The project affected homebuyers will have to create a funding account and carry out the incomplete building work.