The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of 1,950 housing projects across the state for failing to meet completion deadlines and update project details. Along with the suspension, the bank accounts of these projects have been frozen, and transaction restrictions have been imposed. The suspension will remain in effect until developers meet the required standards. Additionally, MahaRERA has initiated action against another 3,499 projects that have failed to respond to the issued notices.
Following the issuance of show-cause notices last month, project developers were given 30 days to provide the required information. In response, 5,324 projects have complied. Of these, 3,517 projects submitted Occupancy Certificates (OCs), while 524 projects applied for an extension. The documents of 1,283 projects that responded are currently under scrutiny.
When applying for a MahaRERA registration number, builders are required to specify the completion date of the project in their proposal. If the project remains incomplete, the builder must initiate the process for an extension. In cases where there are issues with starting the project, an application for cancellation must be filed. Additionally, builders are obligated to submit quarterly or annual updates on the progress of their projects.
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Actions Taken Against Non-Compliance Projects
- Cancellation of project registration and suspension of the project
- Punitive measures against the project
- Instructions to the District Registrar to refrain from registering purchase and sale transactions of the property
- Freezing of the project's bank account
Total Deferred Projects: 45District-Wise Project Cancellations:
- Ahilyanagar: 1
- Ch. Sambhajinagar: 1
- Kolhapur: 3
- Mumbai Suburbs: 4
- Nagpur: 1
- Nashik: 4
- Palghar: 5
- Pune: 14
- Raigad: 6
Ratnagiri: 1Satara: 3Thane: 2