MahaRERA lists 1,824 housing projects as expired

03 Sep 2021 CW Team

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has listed down 1,824 housing projects across the state as ‘expired’ for exceeding completion deadlines set by the regulatory body.

The projects would now require approval from 51% buyers for obtaining an extension of the completion dates. 103 such projects overshot the completion deadline in 2017, 541 in 2018 and 1,180 in 2019.

According to Section 6 of the Real Estate (Regulation and Development) Act, many projects had failed to achieve even after an extension of one year.

As per the Act, the project developers are restricted from selling, advertising or marketing them before asking for an extension. Of the total 1,824 projects declared as expired by MahaRERA, extension applications of 350 projects have been presented.

MahaRERA had granted an extension to the deadlines till September for the projects that were supposed to be completed in March.

A MahaRERA official told the media that the remaining projects had deadlines before the pandemic year of 2020. Most of the projects are in Mumbai, Thane, Pune and Raigad. Another 1,500 projects might be under the scanner since their deadline got over in March 2021. The developers of these projects can now avail of a one-year extension under Section 6 of RERA.

Developers felt that the officials should take a considerate approach since the market had been down and there were challenges in getting documents within the deadline.

Anuj Puri, Anarock Property consultants chairman, told the media that the MahaRERA’s decision sent a strong signal to the errant developers delaying the projects.

Homebuyers have been waiting to get ownership of projects for the last three years.

Sunil Furde, CREDAI Maharashtra president, told the media that MahaRERA was correct in pointing out the status of the unfinished projects. However, many projects are displayed as incomplete due to technical errors.

He said projects of CREDAI members declared on the portal had been completed on time. The project completion certificate has been received from the municipal corporations before the listed dates. Some projects were achieved but the completion certificates were received later, he said.

Image Source

Also read: Out of 644 blacklisted realty projects in Maharashtra, 189 in Pune

Also read: More than 90 unfinished realty projects to shut down in UP: UP-RERA

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has listed down 1,824 housing projects across the state as ‘expired’ for exceeding completion deadlines set by the regulatory body. The projects would now require approval from 51% buyers for obtaining an extension of the completion dates. 103 such projects overshot the completion deadline in 2017, 541 in 2018 and 1,180 in 2019. According to Section 6 of the Real Estate (Regulation and Development) Act, many projects had failed to achieve even after an extension of one year. As per the Act, the project developers are restricted from selling, advertising or marketing them before asking for an extension. Of the total 1,824 projects declared as expired by MahaRERA, extension applications of 350 projects have been presented. MahaRERA had granted an extension to the deadlines till September for the projects that were supposed to be completed in March. A MahaRERA official told the media that the remaining projects had deadlines before the pandemic year of 2020. Most of the projects are in Mumbai, Thane, Pune and Raigad. Another 1,500 projects might be under the scanner since their deadline got over in March 2021. The developers of these projects can now avail of a one-year extension under Section 6 of RERA. Developers felt that the officials should take a considerate approach since the market had been down and there were challenges in getting documents within the deadline. Anuj Puri, Anarock Property consultants chairman, told the media that the MahaRERA’s decision sent a strong signal to the errant developers delaying the projects. Homebuyers have been waiting to get ownership of projects for the last three years. Sunil Furde, CREDAI Maharashtra president, told the media that MahaRERA was correct in pointing out the status of the unfinished projects. However, many projects are displayed as incomplete due to technical errors. He said projects of CREDAI members declared on the portal had been completed on time. The project completion certificate has been received from the municipal corporations before the listed dates. Some projects were achieved but the completion certificates were received later, he said. Image Source Also read: Out of 644 blacklisted realty projects in Maharashtra, 189 in Pune Also read: More than 90 unfinished realty projects to shut down in UP: UP-RERA

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