Real estate developers are mandated by law to declare specific dates of completion. In case of timely completion, the developer must submit Form 4 and an occupancy certificate with the authority. Developers failing to deliver their projects within the commited timeframe are required to seek an extended deadline while clearly stating the reason for delay.
The Maharashtra Real Estate Regulatory Authority, also known as MahaRERA, on Thursday suspended the registration of 1,950 projects in the state, rendering the related bank accounts frozen and blocking related transactions with immediate effect. The action by MahaRERA—responsible for regulating and promoting the real estate sector in Maharashtra—can shatter the dreams of owning a house for thousands of potential home buyers. The action by MahaRERA, Maharashtra’s real estate regulatory authority also responsible for promoting real estate in the state, threatens to disappoint thousands of prospective homebuyers, dashing their nascent hopes of owning residential property.
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What caused MahaRERA to take strict action against developers?
The development follows MahaRERA issuing show-case notices to the developers of thousands of real estate projects over non-compliance with certain rules related to status updates. In several cases, no update was shared with the regulatory authority till the expiration of the project deadline.
MahaRERA received positive reactions to 10,773 notices sent, with developers of 5,324 projects responding to the notices with the occupancy certificates for 3,517 projects. The regulator had granted 30 days to developers to update the latest information on their projects.
Developers of 524 projects have sought extensions to their completion deadlines, while investigations are ongoing for 1,283 other projects.
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MahaRERA suspends 1,950 realty projects. Where are these projets located?
The 1,950 projects are located in more than 30 districts, including Mumbai City, Mumbai Suburban, Nanded, Nashik, Pune, Ratnagiri, Satara, Thane, and Dadra & Nagar Haveli, according to a list shared by MahaRERA.
Also, the maximum impacted projects are in Pune (487), followed by Raigarh (240) and Thane (204), Mumbai Suburb (111), Nashik (98), Ratnagiri (93), Satara (84), Aurangabad (77), Nagpur (54) and Mumbai City (51).
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What has prompted MahaRERA to crack the whip on developers?
Real estate developers are mandated by law to declare specific dates of completion. In case of timely completion, the developer must submit Form 4 and an occupancy certificate to the authority. Developers failing to deliver their projects within the committed timeframe are required to seek an extended deadline while clearly stating the reason for delay.
Several other rules are also in force requiring developers to report project statuses regularly.
The latest action follows negligence on part of the concerned developers, according to MahaRERA.
Can MahaRERA suspend more projects?
The 1,950 project registrations are learned to be part of the first phase of MahaRERA’s drive. Additionally, developers of 3,499 projects are yet to respond to their respective notices.
How to search a project in the MahaRERA list
One can also check a project online using a dedicated portal. Here’s a step-by-step guide to search to search a project in MahaRERA’s list:
- Visit the MahaRERA portal. Here’s the direct link: https://maharera.maharashtra.gov.in/.
- Navigate to the projects section on the page and select ‘revoked projects’.
- Select the ‘view all projects on map’ button to locate the project.
