MahaRERA to extend nearly 1,540 lapsed projects

28 Mar 2022 CW Team

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.

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

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