MahaRERA Freezes 1,950 Real Estate Project Accounts in Crackdown on Non-Compliance to Protect Homebuyers

MahaRERA has frozen over 1,950 bank accounts linked to real estate projects across Maharashtra, aiming to enforce accountability and safeguard homebuyers affected by delays and incomplete developments.

Show-Cause Notices and Compliance Issues

Developers failing to meet deadlines or update project statuses were issued show-cause notices, with a 30-day window for compliance. Many projects did not provide the required updates, prompting strict action.

Compliance Push Under RERA Regulations

The Real Estate (Regulation and Development) Act, 2016 mandates developers to update project statuses quarterly and annually on MahaRERA’s portal. However, compliance has remained limited, with a January 2023 review showing only 3 of 748 projects were up-to-date.

Progress After Notices and Follow-Ups

Of 10,773 lapsed projects issued notices, 5,324 have responded, with 3,517 submitting occupancy certificates and 524 seeking deadline extensions. The remaining projects face scrutiny and potential penalties.

Further Action on Non-Compliant Projects

MahaRERA has decided to suspend or cancel the registrations of non-compliant projects, impose penalties, and block property registrations. Developers unwilling or unable to meet deadlines are required to apply for de-registration.

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