The Maharashtra Real Estate Authority (MahaRERA) may give extension to nearly 1,540 or 34% of the total 4,483 lapsed projects, without any bookings, across the state. A majority of such schemes are from Pune (363), followed by Raigad (233) and Mumbai (75).
“Projects without any bookings can be considered for an extension. The remaining 2,943 projects will, however, be examined as public money has been invested into them. For these projects to be completed, 51% buyers’ consent will be required for work continuation,” a MahaRERA official said.
From the beginning of this year, MahaRERA has been listing out projects with expired term to keep a check on developers and putting pressure on them to complete these projects. MahaRERA has listed the projects with completion deadlines from 2017 to 2022 (February) as expired or lapsed.
The authority had put out a list of such projects whose promoters did not apply for an extension. They also did not upload Form 4 from the architects on completion of the projects on the website. “Those with mere technical issues of not uploading forms correctly have been deleted from the list,” the official said.
A consumer forum member and member of the Central Advisory Council, Abhay Updhayay, questioned the authority for not following up on the mandatory quarterly updates by the builders on the website.
As per the provisions of Section 11 of the RERA act 2016, read with Rule 20, every promoter is required to update the details of registered projects on a quarterly basis.
According to the rules, the developers of these projects have been prohibited from selling and marketing the projects before seeking an extension of completion date, which will require consent from 51% of buyers.