Real estate regulator Maharashtra RERA has declared 407 projects across the state “lapsed” in 2021 after their validity of registration expired. The ‘lapsed’ list includes around 23 projects in the Aurangabad division alone. As per rules, a promoter must not advertise, market, book, sell or offer for sale, or invite people to purchase any plot, apartment, or building in any of these projects. The buyers have been advised to check the MahaRera database before purchasing property. They are also advised to be vigilant to avoid buying projects in pre-launch offers.
The MahaRERA came into force on May 1, 2017. Maharashtra was one of the few states that brought ongoing projects under the Act, the Credai officials said, adding that a majority of these 407 projects were from the pre-MahaRERA time and were classified as “ongoing” projects. The MahaRERA declared them as lapsed as they remained incomplete even now. When CREDAI was approached for clarification, the CREDAI representative said that the CREDAI is looking into it and was optimistic of finding a solution soon to it.
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