In 2021, MahaRERA declares 407 projects in the state to be “lapsed.”

MahaRERA, the state’s real estate regulator, declared 407 projects across the state “lapsed” in 2021 after their registration validity expired. In the Aurangabad division alone, the ‘lapsed’ list includes approximately 23 projects.

A promoter is not permitted to advertise, market, book, sell or offer for sale, or invite people to purchase any plot, apartment, or building in any of these projects, according to the rules.

Before purchasing property, buyers must check the MahaRera dataset, as per buyer rights activist Vivek Velankar. “There should be official clarity on how consumers who booked flats or homes during the release or pre-launch stage can easily back out of such lapsed projects.” “The MahaRERA should actually force promoters to pay back buyers’ money with interest,” he said.

When contacted, office-bearers of the Confederation of Real Estate Developers Association of India (Credai) stated that they were closely scrutinising the 407 projects in question and identifying issues with them.

“The Credai is working with the authorities to implement Sections 15 and 7 of the MahaRERA Act, which provide for another developer to take over the project and complete it so that the buyers can move in.” “We are committed to finding a solution to these projects and delivering homes to those who have invested in them,” said Manish Jain, Vice President of Credai (Pune Metro).

On May 1, 2017, the MahaRERA went into effect. According to Credai officials, Maharashtra was one of the few states that brought ongoing projects under the Act, and the majority of these 407 projects were from before MahaRERA and were classified as “ongoing” projects.