MahaRERA bans sale of 64 housing projects who were stuck

MahaRERA bans sale of 64 projects, home buyers were waiting for many years to get possession

MahaRERA has recently released a list of 64 residential projects, whose sale, advertisement or marketing has been completely banned in the state.

MahaRERA has recently released the list of 64 residential projects, whose sale, advertisement or marketing has been completely banned in the state. Enrock Research analyzed the list and found that at least 43 per cent or 274 projects are in MMR alone, followed by Pune with 29 per cent or 189 projects. The remaining 28 per cent or 181 projects are in smaller cities, including Nagpur, Nashik, Kolhapur, Aurangabad, Satara, Ratnagiri and Sangli.

Note that all projects were created by local developers. No reputable or big developer was involved in this. With this, at least 85 per cent or 547 projects are of small size, with an average of 70 units per project.

Projects were stuck since 2017 or 2018

Speaking on this, Anuj Puri, Chairman, Enrock Property Consultants said that this move of MahaRERA sends a strong message to the developers who are continuously delaying their projects. He said that home buyers are waiting to get possession from 2017 or 2018. As seen in the data, of the total 644 projects, 16 per cent were to be completed by 2017, while 84 per cent had a completion deadline of 2018.

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Of these 644 projects, 80 per cent of the units have already been sold. MMR has at least 496 projects launched in 2014 or earlier, which have been delayed or stuck. While there are about 171 delayed or stalled projects in Pune. As on date, 29,884 real estate projects have been registered under MahaRERA in the state. Of these, 24 per cent or 7,245 projects have been completed.

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