Mumbai, 18th September 2023: The Maharashtra Real Estate Regulatory Authority (Maharera) has suspended the registration of 388 projects of developers for failing to provide quarterly information on their projects.
The information is required to be provided under the Real Estate (Regulation and Development) Act, 2016, which states that developers must register their projects with Maharera and update their information on a quarterly basis.
The information includes details such as the number of flats and garages registered in the first three months, the amount of money received, the amount of money spent, and any changes to the building plan.
Maharera had issued a notice to 746 developers in January 2023, asking them to update their information. Only three developers updated their information initially. After sending notices, 358 developers responded, but 388 did not. Check list of projects here
Maharera has now suspended the registration of the 388 developers who did not respond to the notices. This means that the developers will not be able to advertise, market, or sell flats in their projects. Their bank accounts will also be frozen.
Maharera has taken this strict action to ensure that developers comply with the law and that consumers have access to information about the projects they are investing in.
Department-wise details of the 388 projects:
- Mumbai Metropolitan Region: Thane 54, Palghar 31, Raigad 22, Mumbai Suburb 17, Mumbai 3
- Western Maharashtra: Pune 89, Satara 13, Kolhapur 7, Solapur 5, Ahmednagar, Sangli 3 each
- North Maharashtra: Nashik 53, Jalgaon 3, Dhule 1
- Vidarbha: Nagpur 41, Wardha 6, Amravati 4, Washim, Chandrapur 2 each, Akola, Yavatmal 1 each
- Marathwada: Sambhajinagar 12, Latur 2, Nanded, Beed 1 each
- Konkan: Sindhudurg 6, Ratnagiri 5