The Maharashtra Real Estate Regulatory Authority (MahaRERA) said on March 30 that it had issued show-cause notices to 261 projects where less than 40 percent of work has been done, whereas the possession of the apartments is expected by December 2023.
About 26,178 flats have been booked in these projects, in which construction is ongoing. The cost of these projects ranges between Rs 25-500 crore.
MahaRERA said they have issued the show-cause notices to understand how the developers are going to complete these projects on time. The notices have been sent to the registered email addresses of the developers.
Where are these projects?
According to MahaRERA, 26 of these projects are in Mumbai city, 94 in suburban Mumbai, 67 in Pune, 43 in Thane, 15 in Raigad, six in Nagpur, three in Nashik, two each in Satara, Kolhapur, Amravati, and Aurangabad, and one in Dadra and Nagar Haveli.
How much work has been done?
According to MahaRERA, less than 10 percent of work has been done in 53 of the 261 projects, followed by 10-20 percent completion in 44 projects, 20-30 percent in 60 projects, and 104 projects where 30-40 percent of the work has been completed.
The MahaRERA statement further said there were 106 projects where 25 percent of the planned expenditure had been incurred, followed by 92 projects where 25-50 percent of the expenditure had been incurred, 47 projects where 50-75 percent had been spent, and 15 projects with 75-100 percent expenditure done. In one of these projects, despite spending more than 100 percent of the budget, the actual work completed is only about 20-30 percent.
The developers have been given 15 days to explain their side, the MahaRERA said in a statement.
Also read: MahaRERA may levy penalty on non-complying developers
``MahaRERA is making every effort to ensure that the investment of home buyers and other investors in the real estate sector is safe. For this, MahaRERA has implemented a project monitoring system that no other housing authority in the country possesses. With the help of this, MahaRERA closely monitors registered projects,’’ the statement said.
In Maharashtra, over 5,700 projects worth Rs 1,13,023 crore have lapsed. This translates into a total of 4,08,350 apartments, 1,63,042 of which have been booked, according to MahaRERA data.
Also read: Real Estate projects to get QR code to empower homebuyers, says MahaRERA
In June 2022, MahaRERA launched a lapsed project vertical to look after stressed projects.
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