In view of its commitment to guard the interest of home purchasers by all signifies, MahaRERA has lately released the list of 644 residential projects that are entirely prohibited from becoming 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 sized cities, which includes Nagpur, Nashik, Kolhapur, Aurangabad, Satara, Ratnagiri, and Sangli, amongst other folks.
It may perhaps be noted that all projects had been becoming created by nearby developers, none by any reputed or major developers. Also, at least 85% or 547 projects are compact-sized with typical of 70 units per project.
Commenting on the identical, Anuj Puri, Chairman, ANAROCK Property Consultants, mentioned, “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 currently 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 true estate projects have been registered beneath MahaRERA in the state, of which 24% or 7,245 projects are currently completed.