Mumbai: MahaRERA cracks whip on 644 housing projects, prohibiting them from sales

Sweety AdimulamUpdated: Thursday, July 29, 2021, 08:52 PM IST
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To protect the interest of home buyers MahaRERA has recently released the list of 644 residential projects that are completely prohibited from sales, advertised or marketed in the state.

According to ANAROCK Research, in the blacklisted projects at least 43 per cent (274 projects) are in MMR alone. Followed by 29 per cent (189 projects ) in Pune and remaining 28 per cent (181 projects) in smaller cities including Nagpur, Nashik, Kolhapur, Aurangabad, Satara, Ratnagiri, and Sangli among others.

Anuj Puri, Chairman - ANAROCK Property Consultants said, "This move by MahaRERA sends out a strong signal to errant developers who have being delaying projects incessantly. Homebuyers have been waiting to get possession since 2017 or 2018. As data shows, of the total 644 projects, 16 per cent were to be completed by 2017 while 84 per cent had 2018 as their completion timeline."

"MMR has at least 496 projects (launched in 2014 or before) that are either delayed/stuck as on date while Pune has nearly 171 delayed/stuck projects."

As on date, 29,884 real estate projects have been registered with the MahaRERA in the state of which 24 per cent (7,245 projects) are already completed.

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