Mumbai: The
Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action
against 4,812 lapsed real estate projects across the state by keeping their
registrations in abeyance and freezing their project bank accounts.
The action
targets projects where developers failed to complete mandatory compliances,
including updating project progress or seeking extensions after the declared
completion dates had expired. MahaRERA has also restricted promoters of such
projects from carrying out property transactions until the required compliances
are completed.
According to
available data, Pune accounts for 1,219 of the affected projects, followed by Thane
with 535, Raigad with 465, Mumbai Suburban with 438 and Palghar with 377
projects. The remaining projects are spread across other districts of
Maharashtra.
Under the
regulatory action, promoters of projects kept in abeyance can face restrictions
on advertising, marketing, booking and selling properties. The concerned
project bank accounts may remain frozen until the developer completes the
required compliances and receives further directions from MahaRERA.
The move
highlights the importance of checking the regulatory status of a project before
making a property purchase. Buyers should verify the project's MahaRERA
registration number, completion timeline and current registration status before
paying a booking amount or entering into an agreement.
MahaRERA
maintains information on projects that have been placed in abeyance because of
lapses in compliance. Developers can seek restoration by fulfilling the
prescribed requirements, including updating pending compliances and applying
for the necessary extension where applicable.
The latest
action reinforces MahaRERA's focus on improving compliance and ensuring that
developers maintain updated project information, while giving homebuyers
greater visibility into the status of registered projects across Maharashtra.
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