MahaRERA Issues Notices to Developers of 10 773 Lapsed Projects Over Delays
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued notices to developers of 10,773 lapsed projects for failing to update their status and submit related information even after the projects' completion dates. The notices, issued last week, require developers to respond within 30 days or face strict action, including suspension or cancellation of project registrations, restrictions on the sale of flats, and freezing of bank accounts. Most of these lapsed projects are from the Mumbai Metropolitan Region (5,231) and Pune (3,406). According to MahaRERA rules, developers must declare a clear project completion date while registering. If incomplete, developers are expected to file a deadline extension or apply for de-registration if the project is stalled.
MahaRERA officials emphasized that builders must submit an occupancy certificate (OC) along with Form 4 close to a project’s completion date. MahaRERA chairman stated that a compliance cell has been set up to micro-monitor the real estate sector, ensuring quarterly updates and periodic project status reports. Currently, with 10,773 projects lapsed, several homebuyers' investments remain stuck, underscoring the importance of strict enforcement and timely reporting.
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