Maharashtra-Real-Estate-Authority-Suspends-Registrations-of-388-DevelopersMaharashtra-Real-Estate-Authority-Suspends-Registrations-of-388-Developers

Maharashtra Real Estate Regulatory Authority (Maharera) has suspended the registration of 388 developers for not providing required quarterly information under the Real Estate (Regulation and Development) Act, 2016.

Maharera Takes Strict Action Against Developers

The Maharashtra Real Estate Regulatory Authority (Maharera) has recently taken stringent action against numerous developers who failed to comply with their obligation to provide quarterly updates on their real estate projects. This move comes as a result of their non-compliance with the Real Estate (Regulation and Development) Act, 2016, which mandates that developers register their projects with Maharera and regularly update essential project information.

Details Required in Quarterly Updates

Developers are legally obligated to provide specific details in their quarterly updates. These details encompass essential project statistics for the first three months, such as the number of registered flats and garages, incoming and outgoing financial transactions, and any alterations made to the building plan.

Low Response Rates Triggered Action

In January 2023, Maharera initiated the process by notifying a total of 746 developers, instructing them to update their project information. However, only three developers initially responded, prompting Maharera to escalate the matter. Following multiple notices, a mere 358 developers complied with the request, leaving a significant number—388 developers—unresponsive.

Consequences of Non-Compliance

In response to this blatant disregard for legal obligations, Maharera has suspended the registration of these 388 developers. This suspension entails severe restrictions on their ability to promote, market, or sell flats within their respective projects. Additionally, their bank accounts will be frozen until compliance is achieved.

Ensuring Legal Compliance and Consumer Rights

Maharera’s uncompromising stance on enforcing compliance with the law reflects its commitment to upholding consumer rights and ensuring that investors have transparent access to vital information about the real estate projects they are involved in.

Department-wise Breakdown of Affected Projects:

The 388 projects affected by these suspensions are geographically distributed across various regions of Maharashtra, as follows:

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

This comprehensive breakdown highlights the widespread nature of non-compliance within the real estate sector in Maharashtra and underscores the need for developers to adhere to legal mandates.

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