Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced 407 projects across the state 'lapsed' in 2021 after their validity of registration expired.
The lapsed list comprises approximately 23 projects in the Aurangabad division alone. According to the rules, a promoter must not advertise, market, book, sell or offer for sale, or invite people to buy any plot, apartment, or building in any of these projects. Consumer rights activist Vivek Velankar told the media that the buyers must check the MahaRera database before purchasing a property. Additionally, there must be official clarity on how buyers, who had booked flats or homes in the launch or pre-launch stage, can back out of such lapsed projects easily. The MahaRERA must prevail upon promoters to return the buyers’ money with interest. When contacted, the Confederation of Real Estate Developers Association of India (Credai) office-bearers told the media that they were looking at the 407 projects involved closely and recognising problems with them. The Credai is working with the officials to utilise the provision of sections 15 and 7 of the MahaRERA Act, wherein another developer takes over the project so that it is done and the buyers get their houses. They are committed to finding a solution to these projects and delivery of houses to the people who have invested in them, according to Manish Jain, the vice-president of Credai (Pune Metro). Image Source
