In addition to taking action against 1,137 more projects, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has halted the registration of 1,750 abandoned housing projects.
Of the total, the Mumbai Metropolitan Region (MMR) has the most projects with 761, followed by Pune with 628 projects. There are 135 in North Maharashtra, 110 in Vidarbha, 100 in Marathwada, 13 in Dadra Nagar Haveli, and 3 in Daman.
MahaRERA cautioned prospective homeowners investing in these developments. When submitting an application for MahaRERA registration, builders are required to include the estimated completion date of the project. The builder is required to provide MahaRERA with an occupancy certificate if the project is finished after this date. Builders need to re-register or request de-registration for unfinished projects. According to a MahaRERA spokesperson, if these actions are not followed, projects are declared expired, which results in the closure of bank accounts and a prohibition on promoting, selling, and advertising the apartments.
MahaRERA served developers of 6,638 projects throughout Maharashtra with a 30-day show cause notice. 3,751 of these projects have either filed for project cancellation, submitted an application for registration renewal, or presented an occupancy certificate.
Among the 2,887 projects that remain, 1,750 have had their registrations halted, and 1,137 more are in the process of having their registrations suspended.
There are 48 projects in Mumbai city and 115 in the suburbs. Palghar has 216 projects, whereas Thane has 182.
MahaRERA Chief Executive Officer Ajoy Mehta underlined the organization's dedication to safeguarding buyers from deceit or fraud. He said that every project-related information that the developer has from the beginning to the end should be made available to the buyer so they may make an informed choice when purchasing a property. With this goal in mind, MahaRERA is closely observing the real estate industry at several levels, based on a variety of regulatory rules. For this reason, a special Compliance Cell has been created.
Mehta stated it is required to maintain the status of every project on MahaRERA's website and to insist on the timely filing of compliance reports.
Earlier last month MahaRERA announced that, due to their inability to get the MahaRERA Real Estate Agent Certificate of Competency from the organisation, the registration of almost 20,000 agents has been stopped for a period of one year.
MahaRERA stated that these realtors are no longer allowed to participate in any transactions. This essentially indicates that over 42% of Maharashtra's registered estate agents do not now possess the necessary legal registration to perform their trade. 47,000 real estate agents in Maharashtra have registered with MahaRERA since its launch in May 2017.
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