Pune’s 92,000 Tenements Lapsed & Cannot be Sold
Since 2017, over 92,000 tenements in 1,410 buildings in Pune district have lapsed as the builders were not able to complete the same within the set time. MahaRera, the regulatory authority of the real estate industry, sets a definite time period for completion of projects. In case a realtor fails to complete a project within the given time frame, it automatically goes under the lapsed project category. Once the MahaRera deems a project as lapsed, the builder is not allowed to sell the project. Extension is given to the project after a fine is paid or at times, buyers can come together to decide on a builder of their choice who can take up the project. Majority of the lapsed projects are within the taluka of Haveli, which comprises Pimpri Chinchwad and its nearby areas, followed by the talukas of Mulshi, Shirur, Baramati Maval and others. Mulshi represents the growing area of Hinjewadi while Shirur and other areas are mostly rural or peri-urban. The projects, which have lapsed, have just a building or so with a few projects having more than one tower. This year, till September, 125 projects have lapsed. Projects lapse for various reasons ranging from builders unable to raise finances for the projects to non-clearance by sanctioning authorities.
Tags : News/Views Pune Builders MahaRERA tenements Rural Regulatory Authority Realtor Peri-Urban