INDIA: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registrations of more than 300 real estate projects due to developers failing to provide quarterly updates on the projects on its website.
MahaRERA is also instructing banks to freeze accounts associated with these projects. Developers can apply for restoration of project registration after complying with the Act’s provisions and paying a Rs 50,000 penalty.
Sub-registrars have been told not to register sale agreements and deeds for flats in these suspended projects. This action is taken under the Real Estate (Regulation and Development) Act 2016.
Of the 746 projects registered in January, developers had until April 20 to upload project details such as the number of flats, funds received, and funds utilized on the MahaRERA website.
Notices were issued to developers, giving them 15 days to respond. For those who did not respond, a final notice provided 45 days to state why their projects should not be suspended.
The suspended projects are spread across various regions of Maharashtra, including Mumbai, Thane, Pune, Nashik, Konkan, and Vidarbha.
Some of the projects affected include Baysquare Constructions in Mumbai City, Shivram CHSL in Mumbai Suburbs, AJ Homes Shri Hari Vitthal Vihar in Thane, and many others in different regions of the state.
Also Read: MahaRERA Issues Notice: 563 Developers at Risk of Housing Project Registration Cancellation
