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

By: |
July 29, 2021 2:31 PM

43% or 274 blacklisted projects are in MMR alone, followed by 29% or 189 projects in Pune, and the remaining 28% or 181 projects are in smaller cities.

It may be noted that all projects were being developed by local developers, none by any reputed or leading developers.

In view of its commitment to protect the interest of home buyers by all means, MahaRERA has recently released the list of 644 residential projects that are completely prohibited from being sold, advertised or marketed in the state.

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

It may be noted that all projects were being developed by local developers, none by any reputed or leading developers. Also, at least 85% or 547 projects are small-sized with average of 70 units per project.

Commenting on the same, 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. As data shows, of the total 644 projects, 16% were to be completed by 2017 while 84% had 2018 as their completion timeline.”

Unfortunately, 80% of the units in these 644 projects are already sold out.

“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.”

As on date, 29,884 real estate projects have been registered under MahaRERA in the state, of which 24% or 7,245 projects are already completed.

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