In a major crackdown on builders, the Maharashtra Housing Regulatory Authority (MahaRera) has blacklisted 644 projects across the state for the delay in completion. Mahara has completely prohibited the 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 that analysed the data, has revealed that of the 644 projects, 16% were to be completed by 2017, while 84% had 2018 as their deadline.
RERA, with a mandate to protect the rights of homebuyers, has been constituted in 26 states and union territories.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has invoked Force Majeure, in the backdrop of the Covid19 second wave, to extend registration validity of projects for which completion date, revised completion date and extended completion date expires on or after April 15, 2021, by six months. The time limits for compliances under Section 11 of the ACT, which become due anytime during force majeure period, shall stand automatically extended for a period till the expiry of force majeure period,” MahaRERA Secretary Vasant Prabhu stated in a notification on Friday night.
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