Pune: The Authority of the Maharashtra Real Estate (Maharera) regulation has banned a total of 644 housing projects in Maharashtra from selling more units on their projects, due to the delay in completion and labor, with Pune contributing almost 30%.
Most of the developers of black lists projects, according to data released, are smaller players with less than 100 units per project, apart from several projects by famous players in the region.
About 85% of black list projects have 70 units on each average project.
The black list of such types shows that the project cannot be sold, marketed or advertised in any way.
This list also includes several projects by Maharashtra housing promoted by the State Government and Area Development Authority (MHADA).
A report by Anarock property market observer noted that 80% of units in 644 projects were sold.
16% of the project is scheduled to be completed in 2017, while the rest should be completed in 2018, Maharera data shows.
Because of the size of the market, Mumbai led the list with 274 black lists projects, or around 43% of the total, with Pune following 29%.
The rest is located in a smaller market, such as Nagpur, Nashik, Kolhapur, Aurangabad and others.
“This step by Maharera sends a strong signal to the wrong developer who has delayed non-stop projects.
Home buyers have been waiting to get ownership since 2017 or 2018.
Mumbai Metropolitan Region (MMR) has at least 496 projects (launched in 2014 or before) delayed Or stuck on the date, while Pune has a delayed or jammed project, “said Anuj Puri, Chair of Anarock.
Developers in the region said smaller developers were increasingly struggling with the obedience of Rera, such as proof of capital and thorough thorough testing, with banks, NBFC and housing finance companies often did not want to advance capital to fear low or inadequate securities.