Over 1500 Lapsed Real Estate Projects May Get Extension Under MahaRERA

In some good news for real estate developers in the state, the Maharashtra Real Estate Regulatory Authority (MahaRERA) may provide extensions to over 1500 of the Maharashtra state's 4,483 lapsed projects with zero bookings. Pune has the most number of such programmes (363), followed by Raigad (233) and Mumbai (75). 

As per a MahaRERA official projects that did not have any bookings might be eligible for an extension. The other 2,943 initiatives, on the other hand, would be evaluated due to the fact that public money has been spent in them and to finish these projects, a minimum of 51% of customers' permission would be necessary. 

MahaRERA began publicising projects with expired terms at the start of this year in order to keep an eye on developers and put pressure on them to finish these projects. MahaRERA has identified as expired or lapsed projects those with completion dates between 2017 and 2022 (February).

The authorities had circulated a list of such projects whose proponents had declined to seek an extension. Additionally, they did not post Form 4 from the architects upon project completion to the website. 

"Those with purely technical concerns, such as incorrectly uploaded forms, have been removed off the list," the official said.

Each promoter is expected to update the information of registered projects on a quarterly basis according to Section 11 of the RERA act 2016, read in conjunction with Rule 20.

According to the guidelines, developers of these projects are barred from selling or promoting them prior to requesting a completion date extension, which requires the permission of 51% of purchasers.