MahaRERA to extend nearly 1,540 lapsed projects
Real Estate

MahaRERA to extend nearly 1,540 lapsed projects

The Maharashtra Real Estate Authority (MahaRERA) may provide an extension to about 1,540 or 34% of the total 4,483 lapsed projects, without any bookings, across the state.

A majority of such schemes are from Pune (363), followed by Raigad (233) and Mumbai (75). Projects without any bookings can be viewed for an extension. The remaining 2,943 projects will, yet, be examined as public money has been invested into them. For these projects to be achieved, 51% of buyers' consent will be needed for work continuation, as per MahaRERA official.

From the commencement of this year, MahaRERA has been listing out projects with expired terms to keep a check on developers and putting pressure on them to achieve these projects. MahaRERA has listed the projects with completion deadlines from 2017 to 2022 (February) as expired or lapsed.

The authority had made a list of such projects whose promoters did not apply for an extension. They additionally did not upload Form 4 from the architects on fulfilment of the projects on the website. Those with mere technical problems of not uploading forms correctly have been deleted from the list.

A consumer forum member and member of the Central Advisory Council, Abhay Upadhyay, asked the authority for not following up on the compulsory quarterly updates by the builders on the website. According to the provisions of Section 11 of the RERA act 2016, read with Rule 20, every promoter is needed to update the details of registered projects every quarter. As per the rules, the developers of these projects have been restricted from selling and marketing the projects before asking for an extension of the completion date, which will need consent from 51% of buyers.

Image Source

Also read: MahaRERA declares 407 projects 'lapsed' in state in 2021

The Maharashtra Real Estate Authority (MahaRERA) may provide an extension to about 1,540 or 34% of the total 4,483 lapsed projects, without any bookings, across the state. A majority of such schemes are from Pune (363), followed by Raigad (233) and Mumbai (75). Projects without any bookings can be viewed for an extension. The remaining 2,943 projects will, yet, be examined as public money has been invested into them. For these projects to be achieved, 51% of buyers' consent will be needed for work continuation, as per MahaRERA official. From the commencement of this year, MahaRERA has been listing out projects with expired terms to keep a check on developers and putting pressure on them to achieve these projects. MahaRERA has listed the projects with completion deadlines from 2017 to 2022 (February) as expired or lapsed. The authority had made a list of such projects whose promoters did not apply for an extension. They additionally did not upload Form 4 from the architects on fulfilment of the projects on the website. Those with mere technical problems of not uploading forms correctly have been deleted from the list. A consumer forum member and member of the Central Advisory Council, Abhay Upadhyay, asked the authority for not following up on the compulsory quarterly updates by the builders on the website. According to the provisions of Section 11 of the RERA act 2016, read with Rule 20, every promoter is needed to update the details of registered projects every quarter. As per the rules, the developers of these projects have been restricted from selling and marketing the projects before asking for an extension of the completion date, which will need consent from 51% of buyers. Image Source Also read: MahaRERA declares 407 projects 'lapsed' in state in 2021

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?