4,000 of the 7,000 blocked projects have been finished, according to MahaRERA

By Bricksnwall | 2024-02-10

4,000 of the 7,000 blocked projects have been finished, according to MahaRERA

MahaRERA informed the Center's RERA subcommittee that it has initiated the deregistration process against fifteen percent of the projects that have advanced.

Out of the 7,000 projects that were referred to self-regulatory organizations (SRO) of real estate developers for completion, 4,000 stalled projects in Maharashtra were completed in the last year, according to information provided by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to the Center's RERA subcommittee.

15% of these projects had the deregistration procedure started by the MahaRERA because, despite encouragement, they made little headway.

SRO: What is it?

In order to facilitate policy formulation, handle conciliation in situations where homeowners have filed complaints against developers, and expedite projects that have stagnated, among other things, the MahaRERA established the SRO.

Approximately 4,000 projects (out of 7,000) were successfully completed in the previous year thanks to coordination and discussions with SROs, according to information that MahaRERA submitted on January 19 to the Central government's panel on RERA. Interestingly, 15% of these initiatives made no progress at all, and for those, the deregistration procedure has been started.

As per MahaRERA, the objective is to finalize thirty percent of the projects where seventy percent of the work has already been finished. This has caused numerous projects to be delayed, and after the projects are finished, the applicants have also filed for an occupation certificate or starting certificate.

After a developer registers a project, it has three to four years to be completed before a unique registration number is issued. However, if the deadline for completion is missed and the developer hasn't requested an extension, the project is considered to have lapsed or stalled.

For instance, if the developer has not finished the project or requested an extension, a project that was filed on January 10, 2020, with a completion deadline of January 10, 2024, is considered to have expired on January 11, 2024.

Most abandoned projects before to 2017

The MahaRERA further stated that the majority of these projects that have stopped were started before 2017, and that forensic audits have been carried out in cases where there is a discrepancy between the projects' apparent and actual progress.