PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has listed in the “lapsed”category 2,809 projects with bookings for nearly 1.28 lakh apartments worth Rs78,000 crore across the state as part of a separate checklist on its portal.

Most of the “lapsed” projects with bookings were in Pune (834), followed by Mumbai (582) and (354), MahaRERA data revealed.

These projects, with completion deadlines from 2017 to March 2022, were listed as “lapsed” because the promoters neither sought an extension nor completed them despite the bookings. Builders of the lapsed projects cannot advertise or sell the projects without an extension from MahaRERA

A MahaRERA official said the authorities were hopeful about the state government forming a committee to help complete the “lapsed” projects and ensure that the citizens did not suffer. The official said the committee was likely to have representatives from government bodies such as Mhada and Cidco.

MahaRERA mainly puts out the list of projects whose promoters did not apply for an extension and also did not upload Form 4 from the architects on its website. Section 8 of the Real Estate Regulation Act states that once a project lapses, the regulatory authority shall take control and devise a plan for its completion.

“Collaboration of joint ventures will always help, especially with state government bodies,” state Credai president Sunil Furde said.

Source: realty.economictimes.indiatimes.com

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