Mumbai: A total of 3,371 housing projects throughout the country have been declared “abundant” between 2017 and 2021 because the builder cannot solve it in the deadline they have set when registering their project with Maharera.
Of these, 453 projects are in larger Mumbai, according to the Maharera “expiration” project.
“The validity of Maharera registration for these projects has expired.
Promoters may not advertise, markets, books, sell or offer for sale, or invite people to buy in whatever way plots, apartments or buildings, as well,” said the supervisory authority.
‘Funding is the biggest reason why the project builder project in the country-building must be in such cases applies to an extension.
Vasant Prabhu, Secretary, Maha-Rera, said that this builder was given a one-year extension by housing authorities.
“But if they still cannot complete the project after a one-year extension, such a builder must ask for approval from at least 51% of people who have booked apartments in their project.
If this flat buyer approves further extensions, Maharera will not object, “He said.
“Project hoses can be avoided if the developer updated the detail of the project mandated by Maharrera on the portal and obtained the project extension if needed at the right time,” Niranjan Hiranandani, CMD, the Hiranandani community, and President Builder National, said.
The project was not a black list project, said the developer and Vice President Naredco West, Hitesh Thakkar.
“This is the timeline of the project, which is formed, which can be revived with the buyer’s approval.
The developer must maintain transparency and good relations with their buyers,” Thakkar said.
Anuj Puri, Chairperson of Anarock Group, said the number of Rera registration from various projects in the state has experienced several factors, but funds are the biggest reasons.
“Rera was implemented in 2017, and a year later the IL & FS crisis held a real estate hostage, especially the housing segment.
NBFCS has become the main source of funds for the real estate industry because banks are reluctant because of the increase in NPA.
Funding by NBFC slowed significantly with the crisis IL & FS .
The funding of private equity into this sector also slowed down to dripping at that time, “he said.
Puri said the developer of class B and C was the most affected as a minimal loan to them.
“Not all havoc and gloom.
The government-supported funds identified several projects that were almost completed to complete with fast-miles funding, and several larger developers took over and revived several other projects,” he said.