June 11, 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended registration of over 1,750 housing projects across the state that have lapsed. Also, similar action is under-way for another 1,137 projects.
Of the 1,750 projects, the Mumbai Metropolitan Region (MMR) has 761 projects, Pune has 628, North Maharashtra has 135 projects, Vidarbha has 110, Marathwada has 100, Dadra Nagar Haveli has 13 and Daman has 3. The MahaRERA has made the list of lapsed projects available on the website.
In the official statement, Ajoy Mehta, chairperson of MahaRERA said, “From the start of the project to its completion, all project-related information available with the developer should be made available to the homebuyer to facilitate him to make a well-informed decision while buying a home. With this objective, based on various regulatory provisions, it is thoroughly monitoring the real estate sector at various levels. A dedicated compliance cell has been established for this purpose.”
What is a lapsed project?
Under the RERA Act, developers who are applying for MahaRERA registration must clearly specify the proposed completion date of their projects. Once completed on time, the developer must submit the occupancy certificate (Form IV) to MahaRERA. In case the project is not completed, the developer must renew the MahaRERA registration. He if has any difficulty in continuing with project construction can also apply for the project’s de-registration. If no step is taken, MahaRERA steps in and declares the project to be lapsed. If a project is lapsed, then its bank accounts are sealed by MahaRERA and the developer can’t advertise his projects.
Before initiating a project as a lapsed project, MahaRERA issues many warnings. It had issued a 30-day show cause notice to developers of 6,638 projects across Maharashtra. Out of this, 3,751 projects either submitted OC or opted for registration renewal, or deregistration.
From the remaining 2,887 projects, MahaRERA has suspended registrations of 1,750 projects and has initiated steps to suspend registration of 1,137 projects.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
