MahaRERA suspends flats sales in 388 projects over non-disclosure

In a statement released on September 18, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued directives to sub-registrars, instructing them not to register sale agreements and sale deeds for flats in projects that have been suspended. All of these projects were originally registered in January 2023. MahaRERA has taken this decision to ensure compliance with regulatory requirements pertaining to the disclosure of project details on its website. Among the suspended projects, three belong to Macrotech Developers, a publicly listed company operating under the Lodha banner. These projects are identified as Bellissimo in the Andheri area of Mumbai, Crown Dombivli 1, and Lodha Panacea III in the Thane district, according to information provided by MahaRERA. In addition to the listed developers, there are non-listed developers involved in the suspensions, including Prince KCD Heritage, responsible for the Prince KCD Heritage project, and Jangid Home, which is currently developing Jangid Meadows. Email inquiries have been dispatched to Macrotech Developers, Prince KCD Heritage, and Jangid Homes to seek their responses. The backdrop to this action is the pending disclosure of project details. MahaRERA had registered a total of 746 projects in January, and developers were given until April 20th to upload comprehensive project information, including details regarding the number of flats, funds received, and funds utilised, onto the regulatory authority's website. For developers who failed to comply with these requirements, notices were initially issued, allowing them 15 days to respond. Subsequently, for those who still did not respond, a final notice was issued, providing them with 45 days to provide reasons why their projects should not be subject to suspension, as indicated in the MahaRERA statement. According to MahaRERA, out of the registered projects, details for 346 have been successfully uploaded in compliance with the regulations. Action has now been initiated against the remaining 388 projects for their failure to provide the necessary project details. The suspended projects span various districts in Maharashtra, with 54 in Thane district, 31 in Palghar district, 22 in Raigad district, and 17 projects in the Mumbai suburban district. Additionally, three projects in the Mumbai city district have been suspended. Furthermore, 89 projects were suspended in Pune, 13 in Satara, seven in Kolhapur, and five in Solapur. In the Vidarbha region, 41 projects were suspended in Nagpur, six in Wardha, and four in Amravati, according to the list released by MahaRERA.