Mumbai, August 10, 2023: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken a significant step towards ensuring the meticulous monitoring of housing and commercial projects registered under its jurisdiction across the state. To optimize the effectiveness of its Compliance Cell, MahaRERA has enlisted the expertise of an external expert system.
The primary objective of this initiative is to provide real-time and accurate status updates on a multitude of projects, accompanied by relevant images and essential reports, along with historical assessments. Initially, this endeavor will focus on key regions such as the Mumbai Metropolitan Region (MMR), Pune, Nashik, Aurangabad, and Nagpur, which collectively account for over 80 percent of the state’s projects.
The system’s advancement includes continuous monitoring of flagged projects, efforts to revive dormant or stalled projects, and consistent follow-ups to gather quarterly and annual updates from developers for publication on the official MahaRERA website. The compliance department bears critical responsibilities in ensuring the seamless progression of these projects.
To accomplish this, access to accurate and real-time project status information is imperative. This data will facilitate the categorization of projects for potential revitalization, including those successfully completed and delivered to homebuyers with occupancy certificates, projects where homeowners have taken possession without occupancy certificates, projects progressing at a slower pace, halted initiatives, and those where the developer has paused work partially.
An integral aspect of the process is the consistent submission of comprehensive quarterly and annual reports from developers, offering detailed project insights. To address concerns regarding the accuracy of the submitted data, MahaRERA currently lacks a verification mechanism.
Furthermore, establishing a mechanism to address non-compliance requires a robust and dependable data repository at MahaRERA’s disposal. By periodically furnishing this information, the proposed expert system aligns seamlessly with MahaRERA’s overarching goal of exercising precise control over projects, ultimately serving the best interests of consumers and stakeholders alike.
