MahaRERA flags 3,000 projects for obscure completion details

MahaRERA flags 3,000 projects for obscure completion details

MahaRERA flags 3,000 projects for obscure completion details

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MahaRERA (Maharashtra Real Estate Regulatory Authority) has kept a close watch on nearly 3,000 registered projects regarding obscure details of project completion. The authority has temporarily suspended the registration of 1,750 housing projects. Along with that, they have also initiated steps to take similar action against another 1,137 projects. The region-wise list has been uploaded on the MahaRERA official website and home buyers are requested to stay alert and cautious while investing in housing projects.  

The developers of lapsed projects have been sent notices but the officials have not gotten their response yet. If a project is considered lapse, its bank account is seized and it is no longer allowed to advertise or market it. The chairman of MahaRERA, Ajoy Mehta, stated that they have been working consistently to ensure no consumer is misled or cheated during the entire home-buying process. From the start of the project to its completion, the process should be transparent and all relevant details should be accessible to the homebuyer for an informed decision while investing in a house. MahaRERA is thoroughly monitoring the real estate sector at various levels based on regulatory provisions. It is also mandatory to update the status of each project on the official website and submission of compliance reports within the stipulated timelines.

Out of 1,750 projects, Pune has the second-highest number of projects, 628, kept under abeyance following the Konkan region with 761 projects. The officials of MahaRERA have stated that it is mandatory to mention a proposed date for the project’s completion for developers applying for registration. If the project is completed after the mentioned date, the developer is required to submit an occupancy certificate (form IV to MahaRERA). However, if the project remains incomplete, the developer will have to apply for registration renewal.

The MahaRERA has issued a 30-day show cause notice to developers of 6,638 projects across Maharashtra. Out of these, 3,751 have submitted an occupancy certificate, applied for renewal of registration, or filed for project cancellation. MahaRERA has kept 1,750 in abeyance and initiated measures to suspend 1,137 of the remaining 2,887 projects. A few citizen activists have demanded barring the projects from going ahead with construction if they have failed to mention timelines. CREDAI members have pointed out that monitoring projects is important and they have already communicated the same to their registered members.