To protect the interest of home buyers MahaRERA has recently released the list of 644 residential projects that are completely prohibited from sales, advertised or marketed in the state.
According to ANAROCK Research, in the blacklisted projects at least 43 per cent (274 projects) are in MMR alone. Followed by 29 per cent (189 projects) in Pune and remaining 28 per cent (181 projects) in smaller cities including Nagpur, Nashik, Kolhapur, Aurangabad, Satara, Ratnagiri, and Sangli among others.
“The validity for MahaRERA registrations for the following projects has expired. The promoter shall not advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any of these projects,” MahaRERA said in a recent notice.
As much as 43 per cent or 274 blacklisted projects are in the Mumbai Metropolitan Region (MMR), followed by 29 per cent or 189 projects in Pune; rest 28 per cent or 181 projects are in smaller cities, including Nagpur, Nashik, Kolhapur, Aurangabad, Satara, Ratnagiri, and Sangli, said a report by Anarock Property Consultants. At least 85 per cent or 547 projects are small-sized, with average of 70 units per project.
Anuj Puri, chairman, Anarock Property Consultants, said, “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. “
Puri said no clarity has been given by MahaRERA on how and when these projects will be completed.