+
Maharashtra RERA blacklists 644 projects in the state
Real Estate

Maharashtra RERA blacklists 644 projects in the state

Maharashtra Real Estate Regulatory Authority (MahaRera) has blacklisted 644 projects for delays in completion as part of a statewide crackdown on rogue builders. MahaRera has made it illegal to sell, promote, or advertise homes in those developments.

About 80% of the homes in these developments have already been sold.

Anarock Property Consultants, a real estate consultancy firm that analysed the data, discovered that 16% of the 644 projects were expected to be completed by 2017, while 84% had a deadline of 2018.

With 274 (43%) of the 644 blacklisted projects, the Mumbai Metropolitan Region (MMR) is in first place, followed by Pune with 189 (29%). The remaining 181 projects (28%) are located in Nagpur, Aurangabad, Nashik, Kolhapur, Satara, Ratnagiri, and Sangli.

The move was dubbed a constructive transfer by Anuj Puri, chairman of the consultancy firm. MahaRera's move sends a strong message to errant developers who have been repeatedly delaying projects.

Homebuyers have been waiting for possession since 2017 and 2018, Puri told the media that, adding that each of these projects was built by local builders rather than a well-known or major developer.

Advocate Vinod Sampat told the media that it was now up to the flat owners to make a decision. Owners of flats must band together and decide on the project's future. They have the option to hire a new developer.

MahaRera has registered 29,884 real estate projects since its inception on May 1, 2017, with 7,245 of them completed.

Image Source


Also read: SC rules against unauthorised constructions in Aravali forest

Also read: DTCP razes two illegal colonies in Gurugram

Maharashtra Real Estate Regulatory Authority (MahaRera) has blacklisted 644 projects for delays in completion as part of a statewide crackdown on rogue builders. MahaRera has made it illegal to sell, promote, or advertise homes in those developments. About 80% of the homes in these developments have already been sold. Anarock Property Consultants, a real estate consultancy firm that analysed the data, discovered that 16% of the 644 projects were expected to be completed by 2017, while 84% had a deadline of 2018. With 274 (43%) of the 644 blacklisted projects, the Mumbai Metropolitan Region (MMR) is in first place, followed by Pune with 189 (29%). The remaining 181 projects (28%) are located in Nagpur, Aurangabad, Nashik, Kolhapur, Satara, Ratnagiri, and Sangli. The move was dubbed a constructive transfer by Anuj Puri, chairman of the consultancy firm. MahaRera's move sends a strong message to errant developers who have been repeatedly delaying projects. Homebuyers have been waiting for possession since 2017 and 2018, Puri told the media that, adding that each of these projects was built by local builders rather than a well-known or major developer. Advocate Vinod Sampat told the media that it was now up to the flat owners to make a decision. Owners of flats must band together and decide on the project's future. They have the option to hire a new developer. MahaRera has registered 29,884 real estate projects since its inception on May 1, 2017, with 7,245 of them completed. Image Source Also read: SC rules against unauthorised constructions in Aravali forest Also read: DTCP razes two illegal colonies in Gurugram

Related Stories

Gold Stories

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Next Story
Infrastructure Transport

UP Approves Two Expressways And Rs 240 bn Infrastructure Push

The Uttar Pradesh Cabinet approved a series of infrastructure and industrial investment proposals totalling Rs 240 billion (Rs 240 bn), including two major expressway projects, a manufacturing and logistics cluster in Sultanpur and incentives for 11 industrial projects across the state. The decisions, taken at a meeting chaired by Chief Minister Yogi Adityanath, underline the state government’s focus on expanding road connectivity around emerging industrial hubs while attracting manufacturing investment to districts beyond major urban centres. The approvals cover both greenfield expressway c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code