MahaRERA has frozen 1,950 project accounts across Maharashtra in a crackdown on non-compliant developers, aiming to enforce accountability and protect homebuyers affected by delays and incomplete projects.

A homebuyers' body urges stricter regulations to tackle misleading real estate ads, calling for tougher penalties and transparency to protect buyers nationwide.

Maharastra has highlighted concerns over 212 housing projects constructed between January and April 2023. Without necessary construction updates, these projects violate rules and have forced MahaRERA to take significant action.

Promoters must now use only qualified and certified real estate agents under MahaRERA. This guideline protects homebuyers and the real estate industry. Non-compliance might lead to project registration rejections, registration revocations, or promoter fines.

The Uttar Pradesh Real Estate Regulatory Act (UP-RERA) has improved transparency and strengthened real estate project bank account banking. A recent State Level Bank Committee (SLBC) statement stressed the need of managing these accounts according to RBI and RERA Act guidelines.