MahaRERA Issues Notices to 10,773 Lapsed Housing Projects Across Maharashtra, Mumbai and Pune Top the List
Pune, December 16, 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken decisive action against 10,773 housing projects across the state that have failed to comply with mandatory updates and legal requirements. These projects, registered since May 2017, have exceeded their deadlines without submitting necessary documentation, such as Occupancy Certificates (OCs).
Among these, the Pune region accounts for 3,406 projects, making it the second-highest contributor after the Mumbai Metropolitan Region (MMR), which tops the list with 5,231 lapsed projects. Other regions like Nashik (815 projects), Nagpur (548), Sambhajinagar (511), and Amravati (201) also face significant scrutiny.
Regulatory Action by MahaRERA
MahaRERA Chairperson Manoj Saunik emphasized the importance of compliance, highlighting the severe consequences developers face for inaction. These include:
- Suspension or cancellation of project registrations.
- Freezing of project-related bank accounts.
- Halting property registrations by Joint District Registrars.
- Restrictions on the sale or purchase of flats in lapsed projects.
Saunik stated, “Developers must provide quarterly updates and share project details on the MahaRERA website. Non-compliance leaves investments from homebuyers stranded, undermining transparency and accountability in the real estate sector.”
Compliance Requirements Under RERA
The Real Estate (Regulation and Development) Act, 2016, mandates developers to:
- Submit quarterly progress reports.
- Provide annual updates on the project’s status.
Additionally, MahaRERA’s Order 33/2022 specifies that lapsed projects must either submit their OC with Form 4 or apply for an extension. Failure to comply within 30 days may lead to punitive measures.
MahaRERA’s Commitment to Transparency
The Compliance Cell within MahaRERA has initiated micro-monitoring of all registered projects to safeguard homebuyers’ interests. Saunik reassured that MahaRERA remains committed to ensuring timely project completion and protecting investments.
Advisory for Homebuyers
MahaRERA has encouraged homebuyers to regularly check the status of their investments on its website. This initiative aims to hold developers accountable and promote transparency in Maharashtra’s real estate sector.
