MahaRERA Suspends 1,950 Housing Projects for Non-Compliance in Maharashtra
Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of 1,950 housing projects across the state due to missed completion deadlines and failure to update project details. The suspension will remain in effect un
MahareraHousing ProjectsNoncomplianceReal EstateMaharashtraReal Estate NewsJan 10, 2025
These suspensions are a result of missed completion deadlines and the failure of developers to update project details as required.
The suspension will remain in effect until the developers meet the necessary compliance standards.
While MahaRERA has not disclosed the names of the affected developers and projects, the highest number of suspensions were recorded in Pune district (487), followed by Raigad (240), Thane (204), and Mumbai city and suburbs (162).
As part of the enforcement measures, the bank accounts of these projects have been frozen, and Joint District Registrars have been instructed to halt the registration of flat sales or purchases within these developments.
In addition, MahaRERA is taking action against another 3,499 projects that have failed to respond to notices issued by the authority.
In December 2024, MahaRERA issued show-cause notices to developers of 10,773 lapsed housing projects.
Of these, 5,324 developers (49.41%) provided project status updates within the stipulated 30-day period.
Among these, 3,517 projects submitted Occupancy Certificates, while 524 applied for deadline extensions.
The status of 1,283 projects is currently under scrutiny.
Under MahaRERA regulations, developers are required to specify the project’s proposed completion date at the time of registration.
If the project is completed by the deadline, Form 4 and an Occupancy Certificate must be submitted.
For incomplete projects, developers must seek deadline extensions.
In cases where the project faces significant challenges, the developer must apply for de-registration.
Additionally, developers are mandated to submit quarterly and annual progress reports on MahaRERA’s website within the prescribed timeframes.
Highlighting the importance of compliance, MahaRERA chairman Manoj Saunik stated, 'The primary objective of the Real Estate (Regulation and Development) Act, 2016 is to ensure transparency, accountability, and financial discipline in the real estate sector.
Every housing project is required to update its status on MahaRERA’s website periodically, keeping homebuyers informed.' He further noted that a review by the Compliance Cell in January 2023 revealed that only three out of 748 projects had updated their information.
However, subsequent follow-ups have led to significant improvements, as evidenced by the responses to show-cause notices.
MahaRERA’s actions are aimed at protecting homebuyers and ensuring that real estate projects adhere to regulatory standards, fostering greater transparency in the sector.
Frequently Asked Questions
What is MahaRERA?
MahaRERA stands for Maharashtra Real Estate Regulatory Authority. It is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016, to ensure transparency, accountability, and financial discipline in the real estate sector in Maharashtra.
Why were 1,950 housing projects suspended?
The 1,950 housing projects were suspended due to missed completion deadlines and the failure of developers to update project details as required by MahaRERA regulations.
What actions are being taken against the suspended projects?
Bank accounts of the suspended projects have been frozen, and Joint District Registrars have been instructed to halt the registration of flat sales or purchases within these developments. Additionally, action is being initiated against another 3,499 projects that have failed to respond to notices issued by the authority.
What are the requirements for developers under MahaRERA regulations?
Developers are required to specify the project’s proposed completion date at the time of registration. If the project is completed by the deadline, Form 4 and an Occupancy Certificate must be submitted. For incomplete projects, developers must seek deadline extensions. In cases where the project faces significant challenges, the developer must apply for de-registration. Additionally, developers are mandated to submit quarterly and annual progress reports on MahaRERA’s website within the prescribed timeframes.
How does MahaRERA ensure compliance from developers?
MahaRERA ensures compliance by issuing show-cause notices to developers who fail to meet regulatory requirements. They also conduct periodic reviews and take enforcement actions such as suspending project registrations, freezing bank accounts, and halting sales until compliance is achieved.
Related News Articles
Current Gold Prices in Major Indian Cities: Latest Rates and Updates
Stay updated with the latest gold prices for 10 grams of 22-carat gold in major Indian cities across India.
Equinox India Developments Limited: The New Face of Indiabulls Real Estate
Listed real estate developer Indiabulls Real Estate Limited has undergone a transformation, changing its name to Equinox India Developments Limited with effect from June 20, 2024.
Real Estate Entrepreneur Kamlesh Kumar Jailed in Ranchi Amid Money Laundering Probe
The Enforcement Directorate (ED) has arrested Real Estate businessman Kamlesh Kumar in Ranchi under the Prevention of Money Laundering Act (PMLA).
Navneet Rana to Skip Maharashtra Assembly Polls, Eyes Rajya Sabha Seat
Navneet Rana, a prominent political figure in Maharashtra, has announced that he will not contest in the upcoming Maharashtra Assembly elections. Instead, he is setting his sights on a membership in the Rajya Sabha. This decision comes after a series of s
Micromitti to Launch SM-REITs: A New Era for Real Estate Investment in Central India
Micromitti, a leading PropTech firm in Central India, is set to introduce Real Estate Investment Trusts (REITs), AIF Category 2 Real Estate Funds, and Private Equity (PE) investments, providing high-return opportunities for individual investors.
Bhopal Sees Property Rates Soar by Up to 200% in 243 Locations
Property rates in Bhopal have increased by up to 200% in 243 locations, including prime areas like Arera Colony, 10 Number Market, and MP Nagar, sparking opposition from builders and developers.