In order to safeguard the interest of home buyers, MahaRERA is now closely monitoring the financial status of these mega projects with the help of a renowned financial audit firm.
Many large and small housing projects are being carried out at various stages of construction in the state. MahaRERA has started taking steps for micro control of all projects. A large number of investors are involved in a large project in the housing sector.
Keeping in mind to what level the extent of consumers who may be affected the financial status of such projects, financial transactions related to the project, MahaRERA has appointed a well-known financial audit firm. MahaRERA, with the help of this financial institution, has started reviewing these projects with huge investment.
According to this, in the first report given by this organization, 313 projects have been flagged. Based on preliminary findings, show cause notices have been issued to these projects. The newly appointed investigators will visit the project site to ascertain the status of the work from those who do not receive a response within the stipulated time.
This financial audit organization has found these discrepancies by studying the information submitted by the developers themselves to MahaRERA. In spite of spending more than 75 percent on the project, the actual work of the project is less than 50 percent. While the deadline for handing over the project has reached 6 months, the actual work of the project has reduced by more than 50 percent. More than ten consumer complaints against the project are pending.
While accounting for these issues based on such points, their market credit rating, developer’s IBC list (Insolvency and Bankruptcy Code, 2016 Description). Assistance has been taken in selecting the project for audit. Due to this, the anomalies and errors in these 313 projects have been highlighted. These projects have been red flagged. Due to these issues, these projects may face problems in the future, so MahaRERA has started this meticulous audit.
The projects from which no response is received within the prescribed time are informed in writing. Thereafter the investigators appointed for this work having long experience in recovery system for Income Tax and Bank will visit the project site and inspect these projects.
When these investigators visit the project site, it is mandatory for the developer himself or his representative to be present with all the project information. In case of non-cooperation even after giving prior notice, the report given by the investigator will be treated as final and further action will be taken.
MahaRERA is constantly striving to ensure that the investment of home buyers and others investing in real estate remains safe. Some constructive steps are being taken for that. In it, MahaRERA has implemented a ‘project control system’ which does not exist in any authority in the country.
With the help of this system, activities such as weeding of 19539 projects, assistance of self-regulatory organizations of developers for revival of lapsed projects, appointment of an independent officer for recovery of warrants issued for compensation, certification and training for agents in this sector have already been started.
Apart from this, many important issues like standardized house purchase agreement, all information including Din (DIN) number made mandatory for developers while registering projects, coordination in CC-OC in Gram Panchayat area, banning middlemen and only representatives of developers, arrangement of counseling at MahaRERA office for both buyers and developers. is included.
Also Read: MahaRERA Inaugurates the First batch of Real Estate Agents Training
