There are hundreds of projects in Mumbai, Thane, Navi Mumbai, and other parts of the state where developers cannot sell and even cannot advertise flats.
By Varun Singh
One always wonders what did the Real Estate Regulatory Act (RERA) do to the real estate industry of India? The one-word answer would be ‘Transparency’.
Yes, RERA brought in transparency that is the soul of the real estate industry but was missing or hidden somewhere deep inside. RERA brought it to the fore.
It is mandatory that a developer registers his project with MahaRERA in the state, before, advertising, marketing, booking, selling or offering for sale or invite persons to purchase in any manner any plot or building as the case may be in any of the projects.
If anyone does that RERA stands in the way to protect the interest of the homebuyers. The registration provided to these developers is for a limited period of time, which is extended too for a certain period as per the rules of RERA.
MahaRERA has come out with a list of projects of which the registration has expired. The list includes several projects from Thane, Mumbai, Navi Mumbai, Pune, Nagpur, Nashik, and other regions of the state.
Once, the validity of MahaRERA Registration for the projects expires. The promoter cannot advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment, or building, as the case may be, in any of these projects.
According to data available, there are 103 such projects under MahaRERA of which registration has expired and 541 projects are from 2018, where the developer cannot sell nor advertise. The entire list can be seen here.
A source said, “Soon MahaRERA will come with another bunch of projects where developers cannot sell or advertise this list will be that of 2019 and the following years.”
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