The Maharashtra Real Estate Regulatory Authority (MahaRERA) on June 10 said that it has kept the registration of 1,750 lapsed real estate projects in Maharashtra under abeyance (temporary suspension) owing to delay in completion. These projects are spread across the state with 761 projects located in Mumbai Metropolitan Region (MMR) followed by 628 real estate projects in Pune.
Also Read: 5 orders passed by MahaRERA to safeguard homebuyers’ interests in Maharashtra
MahaRERA has also initiated steps to temporarily suspend another 1,137 real estate projects, the regulatory body said in a statement.
MahaRERA said in a statement that these projects will be banned from engaging in any banking transactions, advertising, marketing, registration and sales. It also urged homebuyers to be cautious while investing in any of these projects.
"From the start of the project to its completion, all project-related information should be made available to the homebuyer for a well-informed decision while buying a home. With this objective, MahaRERA, based on various regulatory provisions, is thoroughly monitoring the real estate sector at various levels. A dedicated Compliance Cell has been established for this purpose. It is mandatory to update the status of each project on MahaRERA’s website and insist on the submission of compliance reports within the stipulated timelines," said Ajoy Mehta, chairman, MahaRERA.
What is a lapsed project?
According to the Real Estate Regulatory Authority Act, 2016, developers have to register with respective RERA authorities in every state. Post registration, each project is given a specific timeline to complete the project between three to five years, depending on the size of the project. However, a project is termed as lapsed or stalled when the timeline given for completion is not met, and the developer has not applied for extension.
{{/usCountry}}According to the Real Estate Regulatory Authority Act, 2016, developers have to register with respective RERA authorities in every state. Post registration, each project is given a specific timeline to complete the project between three to five years, depending on the size of the project. However, a project is termed as lapsed or stalled when the timeline given for completion is not met, and the developer has not applied for extension.
{{/usCountry}}Also Read: MahaRERA mandates self-declaration of real estate project quality by developers
MahaRERA suspends registration of 761 projects located in MMR, 628 in Pune
According to the MahaRERA, registration of 761 lapsed projects has been suspended in MMR followed by 628 in Pune, 135 in North Maharashtra, 110 projects in Vidarbha that includes districts like Nagpur, Wardha, Chandrapur, 100 projects in Marathwada, including districts of Aurangabad now known as Sambhaji Nagar, Beed, Nanded, Jalna, Latur among others.
Further, 13 projects are from Dadra Nagar Haveli and three projects from Daman. The MahaRERA also has jurisdiction over these two union territories.
MahaRERA issues notices to real estate developers
According to MahaRERA, it had issued notices to developers of 6,638 real estate projects across Maharashtra. Of these, 3,751 projects have submitted proof of completion of the project or applied for extension of registration. Further, for the remaining 2,887 projects, MahaRERA has kept 1,750 in abeyance (temporary suspension) and initiated steps to suspend 1,137.
Also Read: Mumbai real estate: MahaRERA frames specs for old-age homes