The Maharashtra Real Estate Regulatory Authority (MahaRERA) has officially listed a staggering 3,425 projects as lapsed due to overdue completion. As of early October, there were already 3,371 projects noted, with 210 having received extensions while an additional 200 were incrementally added to the roster.
Developers Restricted from Selling
MahaRERA has earmarked projects that were supposed to be completed in the years 2017, 2018, and 2019 as either deferred or expired. A significant number of these projects are situated in Pune, Mumbai, Thane, and Raigad. According to established regulations, developers tied to these projects are now barred from marketing and selling until they submit a formal request for an extension pertaining to the completion date, a process that demands the consent of a minimum of 51% from the buyers involved.
Examining the statistics, nearly 95 projects surpassed their deadlines in 2017, followed by 508 in 2018, 1,107 in 2019, and another 994 in 2020. Alarmingly, many of these developments did not adhere to the stipulated one-year renewal period as mandated by Section 6 of the Regulation and Development Act (RERA).
Some Projects Removed and Others Extended
In November, developers were prompted to furnish the requisite documentation to solicit an extension and consequently continue work on the affected projects. MahaRERA has made accessible a detailed list of “overdue” projects, which remains due to the fact that developers neither requested extensions nor uploaded Form 4 from Architects on the official website after completing their projects. A total of 99 developers have since provided necessary documentation following the release of a new prospectus last month detailing the legal parameters surrounding expired projects. Further, 286 projects have applied for extensions.
According to officials from MahaRERA, approximately 99 projects are anticipated to be excised from the original list of 3,371 within the next couple of days. Other developers must still apply for the extension of their occupancy certificates (OC). The names of projects will only be eliminated from the expired list if developers actively seek extensions. Representatives from resident welfare associations have positively remarked on the authorities’ move to identify these delayed projects, asserting that it empowers apartment buyers to advocate for project completion with the developers.