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