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MahaRERA cracks the whip on 644 housing projects, prohibits them from being sold

As many as 43 percent or 274 blacklisted projects are in MMR alone, followed by 29 percent or 189 projects in Pune.

MahaRERA has recently released the list of 644 residential projects that are completely prohibited from being sold, advertised or marketed in the state.

Of the total 644 projects, 16 percent were to be completed by 2017 while 84 percent had 2018 as their completion timeline. All projects were being developed by local developers, none by any reputed or leading developers, the Anarock analysis said.

At least 85 percent or 547 projects are small-sized with an average of  70 units per project. Unfortunately, 80% of the units in these 644 projects are already sold out, it said.

ANAROCK Research analysed the list and notably, at least 43 percent or 274 projects are in MMR alone, followed by 29 percent or 189 projects in Pune and remaining 28 percent or 181 projects in smaller cities including Nagpur, Nashik, Kolhapur, Aurangabad, Satara, Ratnagiri, and Sangli among others.

“This move by MahaRERA sends out a strong signal to errant developers who have being delaying projects incessantly. Homebuyers have been waiting to get possession since 2017 or 2018. As data shows, of the total 644 projects, 16 percent were to be completed by 2017 while 84 percent had 2018 as their completion timeline,” said Anuj Puri, Chairman - ANAROCK Property Consultants.

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“MMR has at least 496 projects (launched in 2014 or before) that are either delayed/stuck as on date while Pune has nearly 171 delayed/stuck projects,” he said.

As on date, 29,884 real estate projects have been registered under MahaRERA in the state of which 24 percent or 7,245 projects are already completed.
Moneycontrol News
first published: Jul 29, 2021 04:00 pm
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