Pune: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended registration of 628 lapsed housing projects in Pune. A total of 1750 housing projects in Maharashtra have been suspended by MahaRERA including 761 projects in the Mumbai Metropolitan Region.
The suspension list also features 135 projects in North Maharashtra, 110 in Vidarbha, 100 in Marathwada, 13 in Dadra Nagar Haveli, and three in Daman. This list is available on the MahaRERA website, and the authority has urged consumers to be cautious when investing in housing projects.
Builders applying for a MahaRERA registration number must include the project's completion date and submit an occupancy certificate. If a project is incomplete, renewal must be initiated, and if re-starting the project is problematic, a cancellation application is necessary.
A review led to show-cause notices being issued to 6,638 projects, giving them 30 days to respond. Among 3,751 projects, some have updated their completion certificates on the MahaRERA website. Some builders have submitted applications for registration renewal. Proposals to cancel certain projects were also submitted. Out of 2,887 projects, 1,750 have been suspended, with actions ongoing for the remaining 1,137 projects.
Speaking to media persons, Ajay Mehta, Chairman of MahaRERA, emphasized the need for transparency, stating, "Builders must share all available information with homebuyers from the start to the completion of the project. MahaRERA exercises strict control and has established a dedicated cell for this purpose. The current status of each registered project must be updated on our website, and we insist on the submission of reports for every project."
After the 2019 elections, average residential prices across the top 7 cities have appreciated at a Compound Annual Growth Rate (CAGR) of 6 per cent, rising from ₹5600 per square feet. in June 2019 to ₹7550 per square feet by the end of FY 2024.
Citizens willing to invest their hard earned money into real estate projects should check all relevant details of the project on the MahaRERA website and also the reputation of the builder before taking a final call.