Mumbai, November 6, 2023: With a stringent deadline set by the Maharashtra Real Estate Regulatory Authority (MahaRERA) approaching, the fate of 363 suspended real estate projects hangs in the balance. These projects were suspended in September 2023, and developers have since been given the opportunity to rectify their errors, pay penalties, and resubmit accurate information to lift the suspension. However, a recent examination has revealed that only 40 of these projects provided the necessary accurate information.
MahaRERA’s stance is crystal clear: these projects will remain suspended until developers provide accurate, consumer-empowering information. The registration of the remaining 141 projects that have not responded is on the verge of cancellation after November 10. These projects, initially registered in January, face the possibility of losing their registration as MahaRERA is committed to upholding discipline and will take strict actions, including project registration cancellations if necessary.
Developers must re-submit all documents and obtain MahaRERA registration to restart their projects. Maharera Chairman Ajoy Mehta stressed the importance of developers submitting Forms 1 to 3 every three months and Form 5 annually under the Real Estate Act to empower consumers.
MahaRERA is closely monitoring projects registered from January 23, implementing a dedicated mechanism to track financial progress reports and ensure regulatory compliance. The organization is unwavering in its commitment to safeguarding consumer investments in the housing sector.
The Immovable Property Act of 1952 mandates projects to submit Forms 1, 2, and 3 to MahaRERA, detailing the number of flats and garages registered, funds received, expenses incurred, changes in building plans (if any), and more for each quarter. However, many projects have failed to submit the required forms accurately and adhere to the prescribed format. Moreover, updating these forms on the MahaRERA website is mandatory and has not been completed in several cases.
Bank accounts of suspended projects have been frozen, and various activities such as advertising, marketing, and flat sales have been prohibited. The concerned Deputy Registrar has been instructed not to register any sale transactions or deposits in these projects.
MahaRERA has initiated strict actions against developers who have not complied with regulatory provisions, ensuring that consumers have access to all necessary project information.
