Maharashtra RERA (Maharera) Blacklisted Projects List - Summary
Maharashtra Real Estate Regulatory Authority (MahaRERA) has published a list of blacklisted housing projects, totaling 644, that failed to meet project deadlines. As a result, these projects cannot be sold, advertised, or marketed within the state. The deadlines for completion and handover to homebuyers were set for 2017 and 2018.
Maharashtra RERA (Maharera) Blacklisted Projects Overview
The validity of MahaRERA registrations for these projects has expired. The promoters are now prohibited from advertising, marketing, booking, selling, or offering any plots, apartments, or buildings related to these projects.
Maharashtra (Maharera RERA) Blacklisted Projects List
Out of these blacklisted projects, a significant 43 percent, which is 274 projects, are located in the Mumbai Metropolitan Region (MMR). This is followed by 189 projects in Pune, accounting for 29 percent. The remaining 28 percent, or 181 projects, can be found in smaller cities like Nagpur, Nashik, Kolhapur, Aurangabad, Satara, Ratnagiri, and Sangli, according to a report by Anarock Property Consultants.
Interestingly, 85 percent or 547 of these projects are small-sized, averaging about 70 units each.
Sadly, around 80 percent of the units in these 644 projects have already been sold. Out of the entire list, 16 percent were meant to be completed by 2017, while 84 percent had a completion target set for 2018.
Anuj Puri, chairman of Anarock Property Consultants, remarked, “This initiative by MahaRERA sends a powerful message to negligent developers who have continuously delayed their projects. Many homebuyers have been anxiously waiting for possession since 2017 or 2018.”
Puri also indicated that there has been no clear information provided by MahaRERA on how or when these projects will reach completion.
In the Mumbai Metropolitan Region, there are at least 496 projects (launched in 2014 or earlier) that are currently delayed or stuck. Similarly, Pune has around 171 projects facing the same issues.
As of now, a total of 29,884 real estate projects have been officially registered under MahaRERA in Maharashtra, with 24 percent or 7,245 projects already completed.
Maharashtra was the first state in India to enforce the RERA Act in May 2017 and established a RERA Authority. The first chairman of MahaRERA was bureaucrat Gautam Chatterjee. This February, Ajoy Mehta, principal advisor to Maharashtra Chief Minister Uddhav Thackeray, took over as the new chairman of MahaRERA.
With the highest number of projects and agent registrations, Maharashtra leads as a model for other states to follow. As of July 4, 2020, the state recorded the registration of 25,604 projects and 23,999 agents.
The housing sales in Maharashtra experienced a boost in the third and fourth quarters of the financial year 2020-21 after the state government reduced the stamp duty on property transactions. It was lowered to 2 percent until December last year and 3 percent until March this year.
Don’t forget to download the Maharera Blacklisted Projects List PDF using the link provided below.