The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken a firm stance against stalled housing projects in the state. The regulatory body has placed the registrations of over 1,750 such projects in abeyance, effectively putting a hold on their ability to advertise, sell, or register new flats.
Homebuyers in Maharashtra seeking transparency and timely project completion can take heart from a recent move by the Maharashtra Real Estate Regulatory Authority (MahaRERA). In a bid to curb unfinished housing projects, MahaRERA has initiated strict measures against stalled developments.
The Authority has reportedly kept the registrations of a staggering 1,750 housing projects in abeyance. These projects, spread across the state, are deemed to be lapsed due to various reasons, potentially including developer delays, financial constraints, or legal issues.
Placing a project’s registration in abeyance signifies a significant step by MahaRERA. This action essentially freezes the project’s ability to advertise, sell new flats, or register ongoing sales with the Authority. Additionally, developers associated with these lapsed projects are barred from utilizing bank accounts linked to the project.
This crackdown by MahaRERA aims to protect potential homebuyers from investing in stalled projects. With registrations in abeyance, developers cannot lure new buyers with misleading marketing campaigns.
The data reveals a concerning number of stalled projects within the state. Mumbai Metropolitan Region tops the list with over 760 projects in abeyance, followed by Pune at approximately 628. The remaining projects are scattered across other districts in Maharashtra.
While MahaRERA has kept the registrations of 1,750 projects in abeyance, they have reportedly initiated steps to potentially suspend another 1,137 projects. These additional projects are likely undergoing scrutiny and could face similar consequences if they fail to meet regulatory requirements.
This move by MahaRERA is a positive step towards ensuring transparency and accountability in the Maharashtra real estate sector. By taking action against stalled projects, the Authority seeks to protect homebuyers’ interests and promote a more responsible development environment. However, it remains to be seen whether these measures will expedite the completion of existing stalled projects or provide any compensation to those already impacted.
