In Maharashtra, 40 Abandoned Real Estate Projects Have Received Show-Cause Notices

TheMaharashtraRealEstateRegulatoryAuthority(MahaRERA)hassentshowcauseletterstodevelopersofabandonedrealestateprojectsallthroughoutthe stateinanefforttotrackdowndefaulters.Thesenotificationsweresentoutaspart ofaplanthatisintendedtocovermorethan4,500abandonedprojects.Butwhat exactlyisacompletedproject,andwherecanyoufindthemostofthesebuildings?

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Inthepreviousweek,40developersreceivedshowcausenoticesfromthe MaharashtraRealEstateRegulatoryAuthority(MahaRERA),adefunctdivision.In thefirststage,fundsweresetasidefortheprojectsthatfellthroughafter90percent oftheworkandsaleswerefinished.Amonthhasbeenprovidedtothese developers,themajorityofthemarefromtheMumbaiMetropolitanRegion(MMR).

EveryrealestateprojectmustberegisteredwithRERAbydevelopers.Theprojects registeredwithMahaRERAareallowedthreetofouryearstofinishtheprojectand areassignedaspecialregistrationnumber.Butifadeveloperdoesn'tfinishaproject bythedeadlineanddoesn'taskforadelay,theprojectisdeemedtohaveexpired.In thesesituations,adeveloperisnotallowedtopromote,market,sell,orsolicit investmentfortheseprojects.Additionally,therevenuedepartment'sregistrardoes notrecordthesechanges.

How many projects in Maharashtra have been abandoned thus far?

AsofMarch2022,theStateishometo4,555abandonedrealestateprojects.1,216 and649,respectively,oftheseprojects,orasizableportionofthem,arefromPune andMumbai.ItisfollowedintheRaigaddistrictby560projects.Theremaining projectsaresituatedinthedistrictsofThaneandPalghar.Thesedistrictsinclude partsthatareunderMMR.MahaRERAofficialsindicatethattheprocedurewill proceedinstages,withthefirst&secondphasesissuingnoticestoabout1,000real estatedevelopments.

What is a vertical lapsed project?

ThechairmanofMahaRERA,announcedonJune22thecreationofaspecialvertical onabandonedorhaltedrealestateprojects.Thisverticalwascreatedwiththe interestsofhomebuyersinmind.Thegoalofthisverticalistomakesurethatthese abandonedprojectsarerevived,whetherbyfreshdeveloperstakingthemon, purchaserspurchasingthem,orboth.

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