The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued show cause notices to over 40 developers from the entire state of Maharashtra to initiate the process to deregister their projects as they have surpassed the stipulated project completion time.
In the weeks to come, more such notices are likely to be issued. The reasons behind it vary right from the real estate project being stuck leaving the buyers in lurch to irregularities in the documents and other violations.
So far, registration of these just over 40 projects has lapsed and the builder has been given a month to respond with clarification on why MahaRERA should not revoke the registration of the project, said an official.
If the registration is revoked by MahaRERA, thousands of homebuyers will be left in lurch. These stressed projects will require a new developer to take it to its logical conclusion of handing over completed units to the buyers.
These more than 40 projects are spread out from different civic limits and not limited to only greater Mumbai limits or Mumbai Metropolitan Region (MMR). However, a sizable number of projects are from the MMR, as this region is also India’s leading real estate market. Other than MMR, significant realty projects are from Pune Metropolitan Region.
Under the real estate regulation, a developer is supposed to complete and deliver the projects to the buyers within the stipulated time frame, as mentioned at the time of registration. Only one extension of six months is permitted. Once the completion deadline surpasses and extension not sought, the project falls under the lapsed category. Under this, the project cannot be advertised or marketed.
