By Team Homes | Saturday, 10 February 2024

MahaRERA Update: Successful Completion of 4k of 7k Blocked Projects

The MahaRERA (Maharashtra Real Estate Regulatory Authority) has informed the Union’s RERA subcommittee that 4,000 stalled projects have been finished in Maharashtra in the past one year out of the total 7,000 projects that were referred to SRO (Self-regulatory organizations) of real estate developers for accomplishment.

The MahaRERA has started de-registration process against 15 percent of these projects as they showed zero progress in spite of giving them force.

In accordance with MahaRERA, the focus is on finishing 30 percent of those projects in which 70 percent of the work has been completed previously. As a result of this, many projects have taken extensions & have also submitted their application for commencement certificate or occupation certificate at the end of completion.

Also, the MahaRERA submitted that most of these blocked projects are from pre-2017 & legal audits have been showed for those cases which shows a disparity between the physical & visible development.

During the minutes of meetings of the Central government's subcommittee on RERA, the subcommittee states, "Those cases have been referred to the Economic Offences Wing (EOW) by MahaRERA, where there is a significant discrepancy between expenditure incurred and the stage of completion of the project".

Each project that is recorded by a developer is given three to four years for completion followed by issuing a unique registration number. Nevertheless, if the project is not completed within the timeline given for completion and the developer has also not applied for any extension, then the project is denoted as Stalled or Blocked projects.