The Maharashtra Real Estate Regulatory Authority (MahaRERA) has kept the registration of 1,750 lapsed housing projects across the state in abeyance and has initiated measures to take similar action on additional 1,137 projects.
Of these 1,750 projects, the Mumbai Metropolitan Region has the highest number of 761 projects kept in abeyance. The Pune region, with 628 projects, has the second highest number of such projects, followed by North Maharashtra at 135, Vidarbha at 110, Marathwada at 100, Dadra Nagar Havel at 13, and Daman at 3.
The real estate regulator has urged homebuyers to be cautious while investing in any of these projects. The complete list of these suspended projects is available on MahaRERA’s website.
Mentioning the proposed date of the project’s completion is mandatory for developers applying for MahaRERA registration. If the project is completed after this declared project completion date, the developer will be required to submit an Occupancy Certificate i.e. Form IV to MahaRERA.
In case the project remains incomplete, the developer will have to initiate the registration renewal process. In the event of any challenges in starting the project, an application for the project’s de-registration is necessary.
If none of the above measures are taken by the developer, then such a project is declared as lapsed after its proposed completion date. Once a project is declared lapsed, its bank accounts are sealed. The developer is also barred from advertising, marketing the project, and selling and registering the flats in it.
Owing to such reasons, the MahaRERA had issued a 30-day show cause notice to developers of 6,638 projects across Maharashtra. Of these, 3,751 projects have either submitted an Occupancy Certificate or applied for renewal of registration, or filed for project cancellation.
Of the remaining 2,887 projects, MahaRERA has kept 1,750 in abeyance and initiated steps to suspend 1,137.