What will happen to the real estate projects declared as lapsed by MahaRERA?
Firstly, lapsed projects are projects which have lapsed the promised date of completion on the MahaRERA Portal and weren't further extended. This may arise generally in the case of Promoter firm isn't operational anymore and the project is stalled.
Under sec. 8 of RERA, the MahaRERA is under obligation to complete the project either through the Municipal Corporation, Municipal Council, or MRDA (Metropolitan Region Development Authority) or Association of Buyers or any other suitable manner.
Currently, 12% of total registered projects (out of 36,000 projects) have lapsed for varied reasons. Being a significant number, the MahaRERA has formed a special team for reviving the stalled projects. This team shall be headed by retired IAS officer Sanjay Deshmukh.
Developers may be required to submit a deviation report sheet to State RERA to help them in seeking solutions and reviving the stalled projects.
In short, the steps are being taken up to complete the stalled projects, that will help all stakeholders (promoters and buyers).
Looking for more such advice? Or, seeking RERA consultation for your project, want to register your project or comply with RERA by quarterly updating your project? Contact us today!
The information relayed in this blog should not be construed as legal advice. The applicability of information varies on the basis of the circumstances of each case. But feel free to call us for similar advice.
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