Real Estate: Maharera To Cancel Registration of 291 Suspended Projects After November 10
Mumbai, 9th October 2023: The Maharashtra Real Estate Regulatory Authority (Maharera) is set to take stringent action against non-compliant real estate projects. Projects that fail to upload the required forms on the Maharera website by November 10, after paying the penalty, are likely to have their registrations canceled.
According to the Immovable Property Act, Maharera suspended the registration of 363 projects for failing to submit Forms 1, 2, and 3. These forms contain crucial details such as the number of flats and garages registered, funds received, expenditures, and any changes in building plans. Out of these, 72 projects have complied by paying a penalty of Rs 50,000 each, and their forms are currently under scrutiny. The remaining 291 projects have yet to respond.
The bank accounts of these non-compliant projects have been frozen, and all advertising, marketing, and sale of flats have been halted. Maharera has also instructed deputy registrars not to register any sale transactions for these projects. If the registration of these 291 projects is canceled, all their transactions will be stopped. To restart, these projects will have to reapply for a new registration number, undergoing the entire process anew.
Maharera initiated a Financial Quarter Based Project Progress Reporting System starting January 23, to monitor project progress. The authority has taken strict action against developers reported in January for not complying with regulatory provisions.
This move is in line with Rule 3, 4, and 5 of Section 11 Regulation of the Real Estate Act and Order No. 33/2022 dated July 5, 2022. These regulations require every developer to update prescribed statement forms on a quarterly or annual basis. Maharera emphasizes the strict implementation of these provisions to empower consumers with transparent information.
The cancellation of these projects aims to ensure that consumers have access to transparent and timely information, thereby safeguarding their investments in housing projects.
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