In Maharashtra, 40 Abandoned Real Estate Projects Have Received Show-Cause Notices
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has sent show-cause letters to developers of abandoned real estate projects all throughout the state in an effort to track down defaulters. These notifications were sent out as part of a plan that is intended to cover more than 4,500 abandoned projects. But what exactly is a completed project, and where can you find the most of these buildings?
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In the previous week, 40 developers received show cause notices from the Maharashtra Real Estate Regulatory Authority (MahaRERA), a defunct division. In the first stage, funds were set aside for the projects that fell through after 90 percent of the work and sales were finished. A month has been provided to these developers, the majority of them are from the Mumbai Metropolitan Region (MMR).
Every real estate project must be registered with RERA by developers. The projects registered with MahaRERA are allowed three to four years to finish the project and are assigned a special registration number. But if a developer doesn’t finish a project by the deadline and doesn’t ask for a delay. The project is deemed to have expired. In these situations, a developer is not allowed to promote, market, sell, or solicit investment for these projects. Additionally, the revenue department’s registrar does not record these changes.
How many projects in Maharashtra have been abandoned thus far?
As of March 2022, the State is home to 4,555 abandoned real estate projects. 1,216 and 649, respectively, of these projects, or a sizable portion of them, are from Pune and Mumbai. It is followed in the Raigad district by 560 projects. The remaining projects are situated in the districts of Thane and Palghar. These districts include parts that are under MMR. MahaRERA officials indicate that the procedure will proceed in stages, with the first & second phases issuing notices to about 1,000 real estate developments.
What is a vertical lapsed project?
The chairman of MahaRERA, announced on June 22 the creation of a special vertical on abandoned or halted real estate projects. This vertical was created with the interests of homebuyers in mind. The goal of this vertical is to make sure that these abandoned projects are revived. Whether by fresh developers taking them on, purchasers purchasing them, or both.
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