Delayed possession: MahaRERA keeps registration of 1,750 lapsed real estate projects in abeyance

MahaRERA bans 1750 real estate projects from engaging in any banking transactions, advertising, marketing, registration and sales

Published on: Jun 10, 2024, 15:10:49 IST

By Mehul R Thakkar

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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.

MahaRERA said the projects are spread across the Maharashtra with the highest 761 projects located in Mumbai Metropolitan Region (MMR) followed by 628 real estate projects in Pune. (Satish Bate/HT Photo)

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.

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

ABOUT THE AUTHOR
Mehul R Thakkar
Mehul R Thakkar is a Mumbai-based journalist who closely tracks the city’s ever-evolving real estate landscape. He believes that Mumbai presents a unique reality that, while Mumbaikars deeply aspire to own a home in the city of dreams, many spend little actual time living in it due to long commutes and demanding work lives. With over 11 years of experience in journalism, I have reported across a wide spectrum of beats, including real estate, housing, infrastructure, aviation, and education. I have also extensively covered the workings of India’s wealthiest civic body, the Brihanmumbai Municipal Corporation (BMC), providing insight into the policy, governance, and urban planning decisions that directly influence Mumbai’s growth. Before joining Hindustan Times, I worked in fast-paced digital and print newsrooms, including Moneycontrol.com and Deccan Chronicle, as well as national dailies such as The Asian Age and DNA. Outside the newsroom, I am an avid weather tracker, a fan of spy thrillers in both books and films, and a keen follower of international affairs.Read More

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