MahaRERA focused its attention on serving notices on developers of lapsed projects. An exercise to serve notices this month are being conducted. Projects that did not see completion within the time frame are described as the lapsed projects. All projects that did not apply to the authority concerned seeking extension of the deadline comes under the purview of the lapsed projects. Once a project is declared as a lapsed project, its developer should not embark on any activities like issuing advertisements, selling flats and making offers to sell them. The revenue authorities are prohibited from registering the lapsed properties.
* According to a conservative estimate, there are over 4,555 lapsed projects in Maharashtra with a total value of Rs 78,000 crore. The MahaRERA has decided to serve notices on developers of such projects. It is going to serve the notices this month and will seek explanations from builders in 30 days. It suggested the prospective investors invest their money only after enquiring the status of the project.
