Real Estate Projects Under Fire: MahaRERA Suspends 1,950 Registrations
Maharashtra's Real Estate Regulatory Authority (MahaRERA) has temporarily suspended the registration of 1,950 real estate projects across the state. This is part of an effort to take action against more than 3,499 other projects that are expected to face the same suspension soon. These actions follow notices sent to over 10,700 projects in December 2024 for not following required rules.
MahaRERA had given developers 30 days to update their project details on the official website. Developers are supposed to submit Form 4, which shows a project is complete. They must also provide an Occupancy Certificate (OC) or ask for an extension if the project is still not finished. However, many developers did not follow these rules, which led to the suspension of their project registrations.
Out of the 10,773 projects that received notices, 5,324 developers responded. Of these, 3,517 projects provided the required Occupancy Certificates, and 524 asked for more time. The responses for 1,283 projects are still being reviewed, and the registrations of 1,950 projects have already been suspended. These projects cannot carry out any transactions for now.
MahaRERA is also taking action against the remaining 3,499 projects that did not reply to the notices. These projects are spread across Maharashtra, mostly in the Mumbai Metropolitan Region, and also in cities like Pune, Nagpur, and Nashik.
The goal of the Real Estate (Regulation and Development) Act, 2016, is to make the real estate sector more transparent and fair, and to protect homebuyers. Developers are required to regularly update their project details on the MahaRERA website. However, many did not follow these rules. A review in 2023 found that only three out of 748 projects had updated their information. Since then, things have improved, but MahaRERA continues to take action against projects that do not comply, to protect the interests of homebuyers.
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