MahaRERA Suspends 1,950 Lapsed Real Estate Projects in Maharashtra
MahaRERA has taken stringent action by suspending the registration of 1,950 lapsed real estate projects across Maharashtra, with more expected to face similar measures in the near future.
MahareraReal Estate ProjectsMaharashtraHomebuyersComplianceReal Estate NewsJan 09, 2025
This action follows the developers' failure to respond to notices regarding status updates.
MahaRERA has also frozen the bank accounts of these developers, putting transaction-related restrictions in place.
In the coming days, more than 3,499 lapsed real estate projects are expected to face similar action, according to a statement by MahaRERA on January 9.
The authority issued show-cause notices in December 2024 to around 10,771 projects, mostly in the Mumbai Metropolitan Region (MMR), for non-compliance with the statutory obligation of mandatory disclosure of project details on its website.
The compliance concerns project registration lapse, which occurs when real estate developers fail to submit Form 4, indicating project completion.
Developers must submit an Occupation Certificate (OC) with Form 4 upon project completion or seek an extension, supported by the necessary documents.
However, over 10,773 projects were declared lapsed due to non-compliance with this norm.
According to MahaRERA, out of the 10,773 projects that received show-cause notices in December 2024, developers of 5,324 housing projects have replied.
Out of these, 3,517 projects have submitted their Occupancy Certificates (OC), and 524 have applied for an extension of the project's deadline.
Currently, the responses of 1,283 projects are under scrutiny, and action has been initiated to keep 1,950 projects' registration with MahaRERA in abeyance.
Frequently Asked Questions
Why did MahaRERA suspend the registration of 1,950 real estate projects?
MahaRERA suspended the registration of 1,950 real estate projects because the developers failed to respond to notices regarding status updates and compliance with mandatory disclosure requirements.
What action has MahaRERA taken against non-compliant projects?
MahaRERA has frozen the bank accounts of non-compliant developers and put transaction-related restrictions in place for the lapsed projects.
How many projects are expected to face similar action in the future?
More than 3,499 lapsed real estate projects are expected to face similar action in the future.
What is the purpose of the Real Estate (Regulation and Development) Act, 2016?
The primary purpose of the Real Estate (Regulation and Development) Act, 2016, is to ensure transparency, accountability, and financial discipline in the real estate sector to protect homebuyers' interests.
What is the compliance rate of real estate developers according to MahaRERA?
Out of the 10,773 projects that received show-cause notices, 5,324 developers have replied, with 3,517 submitting Occupancy Certificates (OC) and 524 applying for an extension.
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