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Sunday, December 05, 2021

Pune: 92,000 tenements lapse as builders fail to finish projects on time

Data from the website of MahaRera by real estate consultancy firm Track RE shows majority of the projects are within the limits of Pune city while projects in the rural parts of the district have reported lesser cases.

Written by Parthasarathi Biswas | Pune |
Updated: November 8, 2021 12:01:56 pm
pune housing projects, pune real estateMajority 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. (File Photo)

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.

Data from the website of MahaRera by real estate consultancy firm Track RE shows majority of the projects are within the limits of Pune city while projects in the rural parts of the district have reported lesser cases.

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.

As many as 35 projects had lapsed in 2017, while 149 projects had reportedly lapsed in 2018. In 2019, 338 projects have lapsed while last year, 280 failed to be completed within their stipulated time.

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.

Niranjan Kelshikar, director of TrackRe, said the issue of lapsed projects has legal implications. In case a promoter is continuing with the sale of flats in lapsed projects, it is a serious default.

Rera, he said, is about transparency in the real estate sector. He pointed out that MahaRera has published a list of lapsed projects on its website but proper communication has to be done by various stakeholders to help people know about this.

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