Let’s face
a fact – not all things mature like wine. Some stuff just turns to abominable,
rancid vinegar. Real estate builders in Maharashtra just got a taste of their
own home made sour as Maha-RERA declared 1824 housing projects in the state as ‘Expired’.
While arguments
are on about technical reasons, delays in receiving completion certificates et
al, it’s a fact that 103 such projects have exceeded their completion deadline
in 2017, 541 in the following year and 1,180 projects in 2019. {Just in case
you are a builder reading this and wondering why your advertisement spend is
yielding no sales, look no further. Your friends and peers in the sector have
ensured that the consumer thinks you are sus – trending word for suspicious.}
What Now?
These
expired projects now require mandatory consent from 51% buyers for getting an
extension of their respective completion dates. Till then, the developers of
these projects are prohibited from selling, advertising or marketing their declared-dead
inventory.
That Sinking Feeling
Developers of successfully expired projects feel that the authorities should adopt a “considerate approach” as the headwinds have been constantly strong and there were challenges in achieving formal completion within the deadline.While builders look around for sympathy and a way to get the majority of their buyers to vote in their favour, another 1,500 projects might be under the scanner as they have overshot their March 2021 deadlines.