MahaRERA Issues Notices to 10,773 Lapsed Housing Projects, Including 3,406 in Pune Region

Pune, December 16, 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued show cause notices to 10,773 lapsed housing projects across the state. These projects, registered since May 2017, have failed to update their status or submit necessary information, such as occupancy certificates (OCs), despite their completion deadlines having passed.

MahaRERA Chairperson Manoj Saunik expressed concerns over developers’ non-compliance, stating, “Through the Compliance Cell, MahaRERA has initiated micro-monitoring of the real estate sector. Each registered project must submit quarterly updates and share project details on the MahaRERA website. Currently, 10,773 lapsed projects have left significant investments from homebuyers stuck.”

Saunik also warned developers about the consequences of failing to comply. He highlighted that developers must submit an OC along with Form 4 or apply for a deadline extension. Non-compliance within 30 days may result in:

Suspension or cancellation of project registration.

Freezing of associated bank accounts.

Restrictions on the sale and purchase of flats.

Directives to halt property registrations by Joint District Registrars.

Compliance Requirements and Legal Provisions

Under the Real Estate (Regulation and Development) Act, 2016 (RERA), developers are obligated to:

Submit quarterly progress updates for each project.

Provide annual updates on the MahaRERA website.

Additionally, MahaRERA’s Order 33/2022, issued in July 2022, specifies actions against lapsed projects. Developers must provide project completion details, including the OC and Form 4, or apply for an extension if the project is incomplete.

Regional Breakdown of Lapsed Projects

The lapsed projects are concentrated in the following regions:

• Mumbai Metropolitan Region (MMR): 5,231 projects
• Pune Region: 3,406 projects
• Nashik: 815 projects
• Nagpur: 548 projects
• Sambhajinagar: 511 projects
• Amravati: 201 projects
• Dadra & Nagar Haveli: 43 projects
• Daman & Diu: 18 projects

MahaRERA’s Warning to Developers

MahaRERA has urged developers to avoid penalties by ensuring timely compliance. Saunik emphasized, “MahaRERA’s primary objective is to ensure transparency and protect the interests of homebuyers. Developers must adhere to guidelines to avoid punitive actions and deliver projects on time.”

Advisory for Homebuyers

Homebuyers are encouraged to stay informed about their investments by checking the MahaRERA website for project updates. MahaRERA’s measures aim to bring accountability and transparency to the real estate sector while ensuring the timely completion of housing projects.