MahaRERA Suspends 1,950 Real Estate Projects for Non-Compliance
Real Estate

MahaRERA Suspends 1,950 Real Estate Projects for Non-Compliance

To safeguard homebuyers' interests, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of 1,950 real estate projects statewide after developers failed to respond to notices about status updates. Over 3,499 additional lapsed projects are likely to face similar action, according to a MahaRERA statement on January 9. The regulatory authority has also frozen the bank accounts of these developers. This enforcement follows show-cause notices issued in December 2024 to 10,771 projects, primarily in the Mumbai Metropolitan Region, for failing to comply with mandatory disclosure requirements on MahaRERA’s website. Developers were given 30 days to submit Form 4, which indicates project completion, along with the Occupation Certificate (OC) or to apply for deadline extensions with the requisite documents. Out of the 10,773 projects flagged for non-compliance, developers of 5,324 projects responded. Of these, 3,517 projects submitted their OCs, and 524 sought deadline extensions. The remaining 1,283 responses are under scrutiny, while 1,950 projects have had their registrations suspended, and transaction-related restrictions have been imposed. MahaRERA revealed that similar action is underway against another 3,499 housing projects that have not replied to the notices. The affected projects span Maharashtra, including major urban centers like Mumbai, Pune, Nagpur, and Nashik. Chairman of MahaRERA, Manoj Saunik, emphasised that the Real Estate (Regulation and Development) Act, 2016, prioritises transparency, accountability, and financial discipline in the real estate sector to protect homebuyers. He highlighted that regular status updates, both quarterly and annually, are mandatory for all registered projects. However, compliance has been limited. In January 2023, a review by MahaRERA’s compliance cell revealed that only three out of 748 projects had updated their information. Following sustained follow-ups, significant progress has been made, as seen in the responses to lapsed project notices. Nevertheless, Saunik noted the substantial number of non-compliant projects and reiterated that MahaRERA’s actions aim to protect homebuyers’ interests and uphold transparency in the sector. (Hindustan Times)

To safeguard homebuyers' interests, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of 1,950 real estate projects statewide after developers failed to respond to notices about status updates. Over 3,499 additional lapsed projects are likely to face similar action, according to a MahaRERA statement on January 9. The regulatory authority has also frozen the bank accounts of these developers. This enforcement follows show-cause notices issued in December 2024 to 10,771 projects, primarily in the Mumbai Metropolitan Region, for failing to comply with mandatory disclosure requirements on MahaRERA’s website. Developers were given 30 days to submit Form 4, which indicates project completion, along with the Occupation Certificate (OC) or to apply for deadline extensions with the requisite documents. Out of the 10,773 projects flagged for non-compliance, developers of 5,324 projects responded. Of these, 3,517 projects submitted their OCs, and 524 sought deadline extensions. The remaining 1,283 responses are under scrutiny, while 1,950 projects have had their registrations suspended, and transaction-related restrictions have been imposed. MahaRERA revealed that similar action is underway against another 3,499 housing projects that have not replied to the notices. The affected projects span Maharashtra, including major urban centers like Mumbai, Pune, Nagpur, and Nashik. Chairman of MahaRERA, Manoj Saunik, emphasised that the Real Estate (Regulation and Development) Act, 2016, prioritises transparency, accountability, and financial discipline in the real estate sector to protect homebuyers. He highlighted that regular status updates, both quarterly and annually, are mandatory for all registered projects. However, compliance has been limited. In January 2023, a review by MahaRERA’s compliance cell revealed that only three out of 748 projects had updated their information. Following sustained follow-ups, significant progress has been made, as seen in the responses to lapsed project notices. Nevertheless, Saunik noted the substantial number of non-compliant projects and reiterated that MahaRERA’s actions aim to protect homebuyers’ interests and uphold transparency in the sector. (Hindustan Times)

Next Story
Infrastructure Transport

Railways approves major upgrade for Telangana traction lines

The Ministry of Railways has approved the upgradation of the electric traction system in two crucial railway sections — Medchal–Mudkhed (225 km) and Mahbubnagar–Dhone (184 km). The projects, costing Rs 1.93 billion and Rs 1.23 billion respectively, will enhance the electric traction capacity from 1X25 KV to 2X25 KV. The work includes modifications to circuit breakers and switching stations, along with the installation of additional conductors. These routes serve as vital links between Northern and Southern India via Hyderabad. Once completed, the upgraded system will reduce voltage dro..

Next Story
Infrastructure Transport

Adani to invest Rs 425 billion more in Maharashtra’s Dighi Port

The Adani Group has committed to invest an additional Rs 425 billion in the Dighi Port project, located along Maharashtra’s coastal Konkan belt, government officials announced on Monday. Adani Ports and Special Economic Zone (APSEZ)-run Dighi Ports signed a memorandum of understanding (MoU) with the Maharashtra government to undertake the expansion of the port and related infrastructure. This new commitment comes as part of a broader investment initiative by the state. Chief Minister Devendra Fadnavis said the agreement is among 15 MoUs worth over Rs 560 billion signed during the opening d..

Next Story
Infrastructure Transport

HUDCO, JNPA sign Rs 50 billion deal for port development

In a strategic move, the Housing and Urban Development Corporation Ltd (HUDCO) has signed a Memorandum of Understanding (MoU) with the Jawaharlal Nehru Port Authority (JNPA) for an investment of Rs 50 billion to revamp and develop port infrastructure. The non-binding agreement is intended to strengthen cooperation on both existing and upcoming infrastructure projects, with a focus on development, financing, and refinancing of port facilities at the Jawaharlal Nehru Port. The MoU was formalised with the signatures of Sanjay Kulshrestha, Chairman and Managing Director of HUDCO, and Unmesh Shar..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?