Homebuyers Beware: 3,000 Projects Under MahaRERA Scrutiny for Completion Issues

Pune Builders

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has flagged nearly 3,000 registered housing projects due to ambiguous details regarding their completion timelines. As part of their ongoing efforts to maintain transparency and protect homebuyers, the authority has temporarily suspended the registration of 1,750 projects and has initiated similar actions against another 1,137 projects. A region-wise list of these projects has been uploaded on the MahaRERA official website, urging homebuyers to stay alert and cautious when investing.

Regulatory Actions and Developer Responsibilities

Developers of these lapsed projects have been sent notices, but many have yet to respond. When a project is considered lapsed, its bank account is frozen, and the project is no longer allowed to be advertised or marketed. MahaRERA Chairman Ajoy Mehta emphasized the authority’s commitment to ensuring that consumers are not misled or cheated during the home-buying process. He stated, “From the start of the project to its completion, the process should be transparent, and all relevant details should be accessible to the homebuyer for an informed decision.”

Regional Impact and Compliance Requirements

Out of the 1,750 projects under scrutiny, Pune accounts for 628, the second-highest number after the Konkan region, which has 761 projects. Officials have reiterated that developers must specify a proposed completion date when applying for registration. If a project extends beyond this date, developers are required to submit an occupancy certificate (Form IV) to MahaRERA. For incomplete projects, developers must apply for registration renewal.

MahaRERA has issued a 30-day show cause notice to developers of 6,638 projects across Maharashtra. Of these, 3,751 developers have either submitted an occupancy certificate, applied for registration renewal, or filed for project cancellation. The authority has kept 1,750 projects in abeyance and is taking steps to suspend 1,137 of the remaining 2,887 projects.

Calls for Stricter Enforcement and Industry Response

Citizen activists have called for stricter measures, demanding that projects failing to mention timelines should be barred from continuing construction. Members of the Confederation of Real Estate Developers’ Associations of India (CREDAI) have acknowledged the importance of monitoring and have communicated the need for compliance to their registered members.

Share this article
0
Share
Shareable URL
Prev Post

Severe Waterlogging and Traffic Chaos in Pune: PMC Receives 350 Complaints in One Day

Next Post

Piyush Goyal looks to build on PLI scheme, boost exports in 2nd term as Commerce Minister

Read next
Whatsapp Join