MahaRERA suspends registration of 248 projects over non-compliance

21 Nov 2023 CW Team

MahaRERA is currently scrutinising reports from the 352 projects registered in February, and potential suspensions may occur if any reports are found to be incomplete. Among the 248 projects facing suspension, 99 are located in the Mumbai Metropolitan Region (MMR). The quarterly progress reports, containing information on registered units, funds received, expenditures, and changes in building plans, are required to be updated on the MahaRERA website.

Developers of projects registered in February were expected to update their information by July 20, while those registered in March had a deadline of October 20. Despite notices warning about the possible suspension of registration, many projects failed to update their information, leading to the enforcement of suspensions.

The suspended projects include 99 from MMR, 69 from Western Maharashtra, 28 from North Maharashtra, and 40 from Vidarbha. In a similar move earlier in the year, MahaRERA had suspended the registration of 363 out of 700 projects in January. Some promoters rectified the situation by updating information and paying a fine, but as of now, 112 projects have yet to comply.

The MahaRERA official stated that the registration of these non-compliant projects is likely to be cancelled. However, a formal process must be followed, involving informing stakeholders such as financiers or lenders before cancelling the registration. Once registration is suspended, the bank accounts of these projects are frozen, and promoters are prohibited from advertising, marketing, or selling units. Instructions are also issued to deputy registrars to refrain from registering any sale transactions or deposits related to these projects.

The registration of 248 projects, including three MHADA projects in Pune and Beed, has been suspended by MahaRERA. These projects were registered in February of this year and failed to update their quarterly progress reports. Additionally, registration for 224 projects registered in March is at risk of suspension due to non-compliance with the reporting requirements. MahaRERA is currently scrutinising reports from the 352 projects registered in February, and potential suspensions may occur if any reports are found to be incomplete. Among the 248 projects facing suspension, 99 are located in the Mumbai Metropolitan Region (MMR). The quarterly progress reports, containing information on registered units, funds received, expenditures, and changes in building plans, are required to be updated on the MahaRERA website. Developers of projects registered in February were expected to update their information by July 20, while those registered in March had a deadline of October 20. Despite notices warning about the possible suspension of registration, many projects failed to update their information, leading to the enforcement of suspensions. The suspended projects include 99 from MMR, 69 from Western Maharashtra, 28 from North Maharashtra, and 40 from Vidarbha. In a similar move earlier in the year, MahaRERA had suspended the registration of 363 out of 700 projects in January. Some promoters rectified the situation by updating information and paying a fine, but as of now, 112 projects have yet to comply. The MahaRERA official stated that the registration of these non-compliant projects is likely to be cancelled. However, a formal process must be followed, involving informing stakeholders such as financiers or lenders before cancelling the registration. Once registration is suspended, the bank accounts of these projects are frozen, and promoters are prohibited from advertising, marketing, or selling units. Instructions are also issued to deputy registrars to refrain from registering any sale transactions or deposits related to these projects.