Maharashtra RERA Lists 3,425 Projects as 'Lapsed' Across State

Earlier, 3,371 projects were listed in October, of which 210 received extension, and 200 more projects were added to the list, stated the authorities.

PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has listed 3,425 projects as lapsed for exceeding the completion deadline.

Earlier, 3,371 projects were listed in October, of which 210 received extension, and 200 more projects were added to the list, stated the authorities.

The MahaRERA has listed the projects with completion deadlines in 2017, 2018 and 2019 as expired or lapsed. Most of these projects are in Mumbai , Pune, Thane and Raigad. According to the rules, the developers of these projects have been prohibited from selling and marketing the projects before seeking extension of the respective completion date, which will require consent from 51% percent buyers.

As per the data, nearly 95 projects exceeded the deadline in 2017, 509 in 2018, 1,107 in 2019 and 994 projects in 2020. Many of these have even failed to meet the extension deadline of one year as per Section 6 of the Real Estate (Regulation and Development) Act (RERA).

In November, the developers were told to submit necessary documents to seek extension and continue with the projects. The Maharashtra Real Estate Regulatory Authority (MahaRERA) had put out a list of “expired” projects as the promoters had not applied for extension and not uploaded Form 4 from the architects on the website on completion of the projects. Developers of 99 projects submitted documents after a new circular was issued last month laying out conditions for regulating expired projects. Altogether 286 projects have been directed to seek extension.

“As many as 99 projects will be deleted in the next two days from the earlier list of 3,371. Others have been told to apply for extension till their date of occupancy certificate (OC). The names of the projects will be deleted from the ‘expired’ list only if the builders seek extension,” said MahaRERA officials. Representatives from welfare association said that it is good that the authority has flagged such projects as lapsed. This will help flat purchasers to make an effort to complete the project through promoters.

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Source: realty.economictimes.indiatimes.com