Track.Re, a real estate consultancy firm, had culled data from MahaRera as well as from IGR to bring to light at least 40 such instances when lapsed projects were sold and duly registered.

Data from the website of Inspector General of Registration and Stamp Duty (IGR) and Maharashtra Real Estate Regulatory Authority (MahaRera) shows lapsed projects are continuing to be sold and registered in Pune. A grave violation of the regulation of Rera, such sale and registration bring to light the urgent need for a robust system which would put a stop to the blatant violation.

Track.Re, a real estate consultancy firm, had culled data from MahaRera as well as from IGR to bring to light at least 40 such instances when lapsed projects were sold and duly registered. Consultants of the firm pointed out that projects that lapsed and were revoked back in 2018 are still being sold and registration of such projects happened even in March 2021.

In order to bring in a much-needed transparency in the real estate sector, MahaRera notifies a date by which a realtor has to complete a project and handover the same to the end consumer. An extension is given to the project for a year post which the project stands revoked. A revoked project has no legal standing and thus sale or registration of such projects is illegal and unauthorised.

Consultants from Track.Re, who worked on the project, said the problem is more serious than imagined. “Given the voluminous nature of data and the laborious nature of the work, the task to check each and every project and registration is both time consuming and difficult,” they pointed out.

This, however, brings to light a more serious issue related to MahaRera. Revoked projects as per definition can be completed but builders can’t sell such projects. Buyers who purchase such properties do not have any protection in case of default by the builder. “What is more worrisome is that there seems to be no proper mechanism to ensure the value chain participants like banks, IGR, municipal bodies etc get to know of revoked status of projects,” they said.

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