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Lapsed building projects haunt Mumbai homebuyers
Dated on: Monday 13th March 2023In the city's hot real estate market, a large discount provided in an underconstruction property is particularly appealing to a house buyer. Is it better to wait for a project to be completed and obtain an occupation certificate before purchasing a somewhat higher-priced flat? Particularly given the city's countless terrible stories of families who paid tens of lakhs or even crores to reserve flats but have been unable to take possession for years. A businessman who paid Rs 30 crore for a premium apartment in a central Mumbai skyscraper in 2016 is still waiting after the project was marred by FSI violations and litigation.
A prominent builder, whose company has since divided into multiple groups, collected money from clients while guaranteeing them completed Kandivli flats within three years. After fourteen years, the project is still on hold, with only the skeleton of 13 of the 37 levels approved. People who paid exorbitant prices for the flats filed a lawsuit and a receiver was appointed. With the existing area decaying with time, "they are now gathering cash to get their flats erected from scratch. "For the time being, the court has allowed them to develop up to 27 floors," said housing campaigner Chandrashekhar Prabhu. According to Maharashtra Real Estate Regulatory Authority (MahaRERA) data, 988 projects in Mumbai have lapsed through January 2023.
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