MahaRERA to start issuing notices to 'lapsed' projects from this month

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has declared 4,555 realty projects as "lapsed". In the first phase, MahaRERA will issue notices to developers registered with various developers' bodies, followed by those nearing construction.

PUNE: MahaRERA will start issuing showcause notices to developers of projects declared "lapsed" across the state in a phased manner from this month.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has declared 4,555 realty projects as "lapsed". In the first phase, MahaRERA will issue notices to developers registered with various developers' bodies, followed by those nearing construction. Next in line will be the projects that lapsed last year. The rest will get the notices after that.

The developers were expected to respond to the noticies within a month of receipt, a MahaRERA official said. The maximum number of "lapsed" projects is from Pune (1,216), followed by Mumbai (649).

A project is termed 'lapsed' when the developer fails to meet the completion deadline and does not apply for an extension. Once a real estate project is declared "lapsed', the developer cannot advertise, market, book, sell or offer to sell and invite persons to invest in it. Such a project cannot be registered by the revenue department.

The MahaRERA official said the standard text for the notices was ready and would be issued with project-specific details. The authorities have decided to issue notices to priority groups, followed by all 4,555 "lapsed projects". The official said, "Citizens should check for the details of the lapsed projects before going ahead with any of these projects. The developers receiving the notices will have to revert within 30 days,'' said the official.

In the five years ending June 22, 2022, the MahaRERA has registered over 36,000 projects worth Rs8.69 lakh crore. Of these, over 12% or 4,555 project registrations have lapsed. The amount involving these projects runs up Rs78,000 crore.

The Centre had directed the states to highlight the "lapsed" projects for enabling consumers to make an informed choice. "The list is on our website and citizens should check it before making any decision. Of the 4,555 lapsed projects, 1,499 have no booking. However, these developers revert to us as there is a possibility that the bookings could have happened last year. The list of lapsed projects is from 2017," the MahaRERA official said.

Another MahaRERA official said they had categorised projects on the basis of 30, 60, and 100 percent towards completion. With each project having different details, project-specific notices would be issued. MahaRERA chairman Ajoy Mehta had in June announced the formation of a dedicated vertical on the "lapsed" or "stalled" real estate projects.

Source: realty.economictimes.indiatimes.com

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