The Maharashtra Real Estate Regulatory Authority (MahaRERA) has decided to red-flag stressed projects to enable the authorities to intervene and find solutions, Ajoy Mehta, the chairman of the authority, said on Friday. The retired IAS officer was speaking at a panel discussion organised by NAREDCO, a real estate apex body, at its first property exhibition at Mumbai’s Bandra Kurla Complex.
Mehta said, “We (MahaRERA) are developing a system wherein real estate projects that are on the verge of turning into stressed projects will be red-flagged, enabling the authority to intervene and figure out ways to stop them from getting lapsed.”
“As a regulator, our first aim is to ensure that projects do not lapse. This red flag will go out to all stakeholders, including regulator, developer and home buyer and inform them that the particular project is likely to run into trouble in these many days,” Mehta said, adding the system will be activated soon.
There are over 4,000 lapsed projects in Maharashtra that have missed their project completion deadline, as per the MahaRERA.