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In a major enforcement drive, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registrations of 4,812 housing projects across the state and frozen their associated bank accounts. This decisive action was taken against developers who failed to provide mandatory construction updates or apply for project extensions, despite having been issued show-cause notices months ago. The move is a significant step towards ensuring accountability and financial discipline in the real estate sector while protecting the interests of thousands of homebuyers.
Maharashtra's real estate sector is currently reeling from an unprecedented regulatory crackdown by MahaRERA, which has taken a strict stance against thousands of non-compliant housing projects. The authority announced that it has suspended the registrations of 4,812 projects after their developers repeatedly failed to adhere to mandatory RERA norms, including the submission of project progress reports. This enforcement drive, which began with a list of over 10,000 lapsed projects, aims to enforce greater transparency and financial discipline. Advertisement
The suspended projects are concentrated in the state's major urban centers, with Pune accounting for the highest number at 1,219, followed by Thane with 535 and Raigad with 465. Other significant numbers were found in Mumbai suburban and Palghar. The immediate consequence of this suspension is a complete ban on all property transactions for these projects. Developers are now prohibited from executing any new sale deeds or marketing the projects until they meet all compliance requirements.
This action serves as a crucial safeguard for homebuyers who are often left in a state of uncertainty due to stalled or delayed projects. By freezing bank accounts linked to these projects, MahaRERA ensures that funds meant for construction are not misused. While project registrations are suspended, they cannot be fully deregistered, as many may have existing bookings. The responsibility to complete the project remains with the developer, but they must now submit fresh timelines and update their status to have their registration restored and resume operations. The full list of these projects has been made public on the MahaRERA website, allowing prospective buyers to verify a project's status before making an investment.
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