MAHARASHTRA REAL ESTATE HAS PUT OUT AN EXPRESSION OF INTEREST FOR THE APPOINTMENT OF VALUERS
The Maharashtra Real Estate Regulatory Authority is all set to appoint valuers to inspect delayed as well as ongoing projects. These valuers or inspectors would be certified by the income tax department or the Insolvency and Bankruptcy Board of India and carry out site visits. Their reports will be accepted as they are professionals certified by the Union government. The Maharashtra Real Estate Regulatory Authority is all set to appoint valuers to inspect delayed as well as ongoing projects. These valuers or inspectors would be certified by the income tax department or the Insolvency and Bankruptcy Board of India and carry out site visits. Their reports will be accepted as they are professionals certified by the Union government.
These valuers or inspectors would be certified by the income tax department or the Insolvency and Bankruptcy Board of India and carry out site visits. Their reports will be accepted as they are professionals certified by the Union government, a MahaRERA official said.
The authority has put out an expression of interest for the appointment of valuers. They will first be appointed in the Mumbai Metropolitan Area, Pune, Nashik, Aurangabad, Amravati and Nagpur.
For other cities and districts, certified engineers who have prior experience with government authorities like the state public works department (PWD) or the Maharashtra Housing and Area Development Authority (MHADA), among others, would act as valuers.
“These investigators would go to the site and submit the actual position of work at site in the format enlisted by MahaRERA and also mention the approximate cost incurred on the construction. This will enable the authority to know if there is a mismatch between the physical progress and the expenditure reported,” said a senior official from MahaRERA.
“It will also enable us to understand and get an idea about the time that would be required to complete the project,” the official added.
The MahaRERA expects these inspections to begin after two months as tenders have to be floated for the empanellment of valuation firms. Housing federations and representatives from citizens groups said that while it is a good initiative, they are not sure if it would help speed up work, unless there is a penalty involved.
Housing federations and representatives from citizens groups said that while it is a good initiative, they are not sure if it would help speed up work, unless there is a penalty ingvolved. Ramesh Prabhu, the chairman of Maharashtra Society Welfare Association, said these valuers will keep a check on developers as they will not be able to use the amount collected for any other purpose.
“It will be a check on the amount collected and the work completed, so this will ensure the developer does not siphon off the money for any other purpose,” he said. Over 125 notices issued for non-compliance Senior officials from MahaRERA told TOI that more than 125 notices have been issued to developers for not complying with the authority’s rules or if their projects have lapsed. “Replies post showcause notices to developers are being assessed and are under examination,” an official said.
The notices have been issued to lapsed projects or those that will lapse in the next few months, and where 90% of the work is completed. Nearly 4,500 lapsed projects worth Rs 78,000 crore, were identified by the authority.
The official said that these developers will be asked why the authority should not initiate action under Section 7 of RERA Act against them. Section 7 of the Act has a provision to appoint a new developer or hand over an incomplete project to an association of allottees.
