MahaRERA Suspends Registration of 388 Projects for Non-Compliance with Update Requirements
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has cracked down on real estate developers who failed to comply with the mandatory quarterly updates related to their projects, resulting in the suspension of registration for over 388 projects. As per the Real Estate (Regulation & Development) Act, 2016, developers are required to register their projects with MahaRERA and regularly update key information, including the number of apartments sold and registered, financial transactions, expenditures, and any alterations to building plans. Additionally, developers are expected to report changes in project professionals within three months of a majority of allottees booking their properties. Despite initial notices sent to 746 developers, only three complied with the updates, prompting further communication with 358 developers. However, 388 project developers failed to respond to these notices, leading MahaRERA to suspend their registrations. Consequently, these developers are prohibited from advertising, marketing, or selling apartments in their projects, and their project bank accounts will be frozen.
Among the 388 suspended projects, 127 are located in the Mumbai Metropolitan Region (MMR), with 120 in western Maharashtra, 57 each in north Maharashtra and Vidarbha, 16 in Marathwada, and 11 in the Konkan region. This stringent action by MahaRERA is aimed at ensuring compliance with regulatory requirements, safeguarding the interests of homebuyers, and ensuring access to up-to-date project information. Homebuyers stand to benefit from this initiative, as they can now rely on the regulator's portal to access accurate and timely details about their housing projects, including progress, costs, and other relevant information, fostering transparency and trust in the real estate sector.
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