MahaRERA Starts Scrutiny of Lapsed Projects

18 Dec 2024 CW Team

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken serious action regarding the irregularities of lapsed housing projects by initiating a thorough scrutiny and issuing notices to approximately 11,000 such projects across the state, including more than 5,230 in the Mumbai Metropolitan Region (MMR).

Notices have been sent to developers whose projects, registered since May 2017, failed to update their project status or related information after the initially stated completion date. These developers are now required to submit the Occupation Certificate (OC) or request an extension for the delivery date.

MahaRERA has already taken action by suspending or canceling project registrations, freezing bank accounts related to these projects, and restricting the sale and purchase of flats.

Chairman Manoj Saunik explained that under the Real Estate (Regulation and Development) Act, 2016, developers must submit quarterly progress reports. If developers fail to submit an OC or seek an extension, MahaRERA is forced to suspend or cancel their registration, effectively blocking any transactions related to those projects.

The MMR region has the highest number of lapsed projects, followed by Pune, Nashik, Nagpur, and others. Developers are expected to meet regulatory requirements to avoid further action.

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