The Maharashtra Real Estate Regulatory Authority (MahaRERA) has listed a total of 1,834 projects as expired for exceeding their respective completion deadlines. As per the authority, these projects had completion deadlines in 2017, 2018, and 2019.
Over 1,800 real estate projects in Maharashtra have been declared as ‘expired’ for missing the completion deadline set up by the Maharashtra Real Estate Regulatory Authority (MahaRERA). Most of these projects are located in Mumbai, Pune, Thane, and Raigad.
The developers of these projects have been prohibited from selling and marketing the projects before seeking extension of the respective completion date, which would require consent from 51 percent buyers.
As per the officials, nearly 103 projects have exceeded the deadline in 2017, over 540 projects in 2018 and over 1,100 projects have exceeded the deadline set in 2019. Many of these have even failed to meet the extension deadline of one year as per Section 6 of the Real Estate (Regulation and Development) Act (RERA).
Of the 1,824 projects listed as expired by MahaRERA, applications for extension has been received from developers of 350 projects. These are under scrutiny. Another 1,500 projects might come under the scanner of the regulatory authority soon as their deadline is over in March 2021. However, the developers of these projects can seek extension for another year as per the provisions of RERA, informed the sources.