MahaRERA lists 1,824 housing projects as expired
Real Estate

MahaRERA lists 1,824 housing projects as expired

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

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?