In a Bold Move, MahaRERA Halts 388 Projects and Locks Their Finances!

Real estate developers in Maharashtra have been hit with a major clampdown by the state’s real estate regulator, which has suspended their registration process and shut down bank accounts connected to 388 projects that didn’t submit the necessary quarterly progress reports. These projects had been registered in January this year and had to provide the reports by April 20th. 

The reports had to include important info like how many apartments had been sold, how much cash had been made, what costs had been incurred if there had been any changes in plans, and more. The regulator said this is to make sure they’re following the rules, hold developers responsible for their reporting, and create a disciplined culture in the industry.

MahanRERA started the process by sending a warning of 15 days to developers who didn’t provide the necessary paperwork. Then, they sent a 45-day notice to the 388 developers who didn’t follow the rules. Since they didn’t, they stopped registering the projects and shut down the bank accounts of the developers. Now, the developers are not allowed to do any sales or marketing for the projects. 

The Stamp Duty and registration offices are being told not to handle any agreements for selling the projects. The projects affected are mostly in Thane, Palghar, Raigad, Mumbai Suburban, and City. The suspension has also affected projects in western, northern, and Vidarbha states, as well as Marathi-speaking areas in the Konkan region. Uddhav is starting an election campaign for six seats in the run-up to the Lok Sabha.

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