Over 4,800 flats in Pune listed under lapsed projects
India Today
Over 4,800 Pune flats in 92 housing projects are listed under 407 projects that lapsed last year in Maharashtra. While 388 of the lapsed projects were residential, 19 were commercial.
Despite being one of the most liveable cities in the country, over 4,800 Pune flats in 92 housing projects are listed under 407 projects that lapsed last year in Maharashtra.
While 388 of the lapsed projects were residential, 19 were commercial.
However, around 51 per cent of such 4,852 flats have been sold.
According to a report published in The Indian Express (IE), the top five cities with the highest number of lapsed projects are in the Mumbai Metropolitan Region with 145 projects, followed by Pune (92 projects), Aurangabad (27 projects), Nagpur (23 projects) and Satara (23 projects).
The Maharashtra Real Estate Regulatory Authority (MahaRERA) considers a project to have lapsed if the developer fails to complete the construction within the stipulated time frame and if a project is deemed to have lapsed, banks will not finance it, making it difficult for the owners to mortgage or sell their properties.
Meanwhile, buyers too must be aware of such lapsed projects and be careful while buying properties.
READ MORE| 92,000 tenements lapse in Pune as builders fail to finish projects on time
