The Maharashtra Real Estate Regulatory Authority (MahaRera) suspended the registration of 388 real estate projects and sealed the bank accounts associated with them. The authority restricted the projects’ further sales, marketing or advertising for failing to comply with regulations on submitting obligatory quarterly project-based progress reports. The stamp duty and registration office has also been directed not to register sale agreements and sale deeds of flats in the suspended projects. All the suspended projects were registered in January 2023.
MahaRera’s decision was taken to enforce compliance with regulatory provisions on making details of the projects available on its website. Three of the suspended projects belong to Macrotech Developers, a listed company operating under the Lodha banner. The projects are Bellissimo in the Andheri area of Mumbai and Crown Dombivli 1 and Lodha Panacea III in Thane district. Among the non-listed developers are Prince KCD Heritage with a project called Prince KCD Heritage and Jangid Home with the project Jangid Meadows. Email queries have been sent to Macrotech Developers, Prince KCD Heritage and Jangid Homes.
According to MahaRERA, 746 projects were registered in January 2023. The developers had time until April 20, 2023, to upload details of their projects such as the number of flats, the funds received and the funds utilised on the regulator’s website. For developers that did not comply with the requirements, notices were issued, giving them 15 days to reply. For those that still did not respond, a final notice was issued giving them 45 days to state why their projects should not be suspended. Of the total 746 projects, the details of 346 projects have been uploaded in compliance with the regulations. Action has now been initiated against the 388 projects for which details had not been uploaded.
According to the list issued by MahaRERA, the suspended projects include 54 in Thane district, 31 in Palghar district, 22 in Raigad district, 17 in Mumbai suburban district and three in Mumbai city district. Additionally, 89 projects were suspended in Pune, 13 in Satara, seven in Kolhapur and five in Solapur. In the Vidarbha region, 41 projects were suspended in Nagpur, six in Wardha, and four in Amravati.