Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued show cause notices to 261 projects where less than 40% work has been completed and an unrealistic possession date of December 2023 is mentioned.
The notices have been issued based on the declarations made by the developers to the regulator. Already about 26,178 flats have been registered in these 261 projects with a total of 45,539 flats.
MahaRERA asks property developers how will they complete projects in next nine months
“We have issued these show cause notices to make it clear how the developers are going to complete these projects in the next nine months. These notices have been sent to the email addresses given to MahaRERA while registering the projects. They are expected to respond in a fortnight to explain their side,” said a MahaRERA official.
The MahaRERA has implemented ‘Project Monitoring System’ that does not exist at any of the regulators in any of the states across the country. With the help of this system, MahaRERA has started close monitoring of registered projects and discovered some anomalies.
Of these 261 projects, 53 projects are less than 10% complete; 44 of them are 10-20% ready; in 60 projects work is 20-30% done and the balance 104 projects are in the range of 30-40% completion.
The list includes 26 in Mumbai city, 94 in suburban Mumbai, 43 in Thane, 67 in Pune, 15 in Raigad, six in Palghar, three in Nagpur, two in Nashik, and one each if Satara, Kolhapur, Amravati, Aurangabad and Dadra Nagar Haveli areas.
