Maharashtra’s real estate sector is in trouble, with around 33% of construction projects delayed
Maharashtra’s real estate sector is in trouble, with around 33% of construction projects delayed. Of the 32,000 active projects registered with the Real Estate Regulatory Authority (RERA), 10,700 have missed their deadlines. The main reason for this is that developers are not following the rules, like submitting necessary approvals on time.
These delays are causing concern among homebuyers, who are losing trust in the market. On top of the delayed projects, many others are stuck and not making progress, making the situation worse. Vinod Sampat, President of the Cooperative Societies Users Association, says the system needs to be tougher on developers. He believes developers who don’t meet deadlines should face serious penalties, and projects shouldn’t be allowed to sell homes before all paperwork is done.
Sampat also criticized RERA for being too lenient with developers. He thinks they’re getting away with not fulfilling their responsibilities and suggested that builders should not be allowed to sell new homes until they solve past issues. This would protect homebuyers and hold developers accountable.
Even industry leaders like Domnic Romell, President of CREDAI-MCHI, are worried. Maharashtra leads the country in the number of RERA-registered projects and real estate agents, yet the 33 Percent delay rate casts a shadow over the state’s real estate dominance. Romell emphasized the importance of addressing these issues to restore buyer confidence and maintain the sector's momentum. He pointed out that while RERA was designed to promote transparency and accountability, its enforcement mechanisms need strengthening to ensure timely project completions.
Looking for the perfect rental property? Visit EazeMyRent.
