MahaRera blacklists 644 residential projects over delay in completion

MUMBAI: In a major crackdown on errant builders, the Maharashtra Housing Regulatory Authority (MahaRera) has blacklisted 644 projects across the state for delay in completion. MahaRera has completely prohibited sale, advertising or marketing of houses of these residential projects. Incidentally, 80% of houses in these projects have been sold.

Anarock Property Consultants, a real estate consultancy firm which analysed the data, has revealed that of the 644 projects, 16% were to be completed by 2017, while 84% had 2018 as their deadline.

The Mumbai Metropolitan Region (MMR) leads the pack with 274 (43%) of the total 644 blacklisted projects, followed by Pune with 189 (29%) houses. The remaining 28% (181) projects are in Nagpur, Nashik, Kolhapur, Aurangabad, Satara, Ratnagiri and Sangli.

Anuj Puri, chairman of the consultancy firm, called the step a positive move. “This move by MahaRera sends out a strong signal to errant developers who have been delaying projects incessantly. Homebuyers have been waiting to get possession since 2017 and 2018,” he said, adding that all these projects were being developed by local developers and not by any reputed or leading developer.

Advocate Vinod Sampat said that it was now on flat buyers to take the call on the matter. “Flat owners need to come together and decide on the future of their project. They can call for new developer,” said Sampat.

Dr Sanjay Chaturvedi, who deals with issues related MahaRera, said “MahaRera may now come up with the step of blacklisting these errant builders [of the blacklisted projects] so that they cannot take up any project in the future.”

Since MahaRera came into existence on May 1, 2017, the state has registered 29,884 real estate projects, of which 24% or 7,245 have been completed.

The move sends out a strong signal to developers who have been delaying projects. Buyers have been waiting to get possession since 2017 and 2018.

ANUJ PURI, chairman, Anarock Property Consultants