MahaRERA freezes accounts of 248 projects for non-compliance

Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of 248 real estate projects for not submitting quarterly progress reports. Notices have also been sent to 224 projects asking them to comply within 30 days or face action. Bank accounts of the suspended projects have been frozen and marketing and selling of inventory has been prohibited. MahaRERA is cracking down on non-compliance with the reporting system to ensure transparency and protect consumers.

Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) on Monday suspended the registration of 248 real estate projects for not complying with submission of quarterly progress reports (QPRs). The projects were among 700 registered with the regulator in February 2023. MahaRERA also sent notices under Section 7 of Real Estate (Regulation and Development) Act to 224 out 443 projects registered with it in March 2023, asking them to comply within 30 days or face action. Projects registered in February and March were directed to file their progress reports by July 20, and October 20 respectively.

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The real estate regulator began implementing the financial quarter-based project progress reporting system in January this year. Under this system, romoters are required to upload three forms containing information about current construction status, financial information about bookings and fund collection every quarter.

In September, MahaRERA kept in abeyance the registration of 388 out of 746 projects registered in January 2023. Out of these, 222 projects had tried to submit the quarterly reports, but only 40 projects were fully compliant and had the necessary information.

As part of the latest crackdown, MahaRERA has frozen the bank accounts of 248 projects whose registration was suspended. They have been prohibited from marketing and selling their inventory, and registrars have been directed not to register any agreements for sale of tenements in these projects.

The 248 projects facing action include 99 projects in the Konkan region including 39 from Thane, 12 from Mumbai suburban, and eight from Mumbai city; 69 projects in western Maharashtra including 48 in Pune; 28 projects in north Maharashtra including 23 from Nashik; 40 projects in Vidarbha region including 31 in Nagpur; and 10 projects in Marathawada region including 8 in Sambhaji Nagar.

“The project information that is known to the developer must also be in the public domain. This will help consumers make an informed decision regarding investment in real estate projects. MahaRERA’s insistence on compliance with the regulatory provisions of quarterly and annual forms will strengthen the hands of consumers,” said MahaRERA chairperson Ajoy Mehta.

He said completion of quarterly and annual forms was an inherent, essential and inevitable aspect of regulatory provisions in real estate sector. “More developers are co-operating in this than before. But it appears that many developers are not serious about it. MahaRERA will not tolerate this indifference,” he noted.

Mumbai Projects which faced action

Promoter Name: Project name

Azara Redstone LLP: Azara Residences

Namla Developers Private Limited: Fortune Makhdoom

Naqi Developers Pvt Ltd: Makhdoom Heights

Pinal Realty LLP: Sardar House Project A

Olympia Enterprises: Olympia Tower

Rockline Properties and Developers pvt Ltd: Rockline Properties

Sharcon Mutha: Amara

Sarah Constructions: Sarah Heights

Mumbai Suburban

Chinnapan Swamy Anthony: Rajdeep CHS ltd

Kranvis Realty LLP: Ashirwad CHS Ltd

M Mamtora Associates: Ascend Tower

Rock Estate: Rock Highland

Sacvir Dimensions LLP: Radha Continental

Star Construction: Ocean View

Vinayakaa Aapar Realtors LLP: Green Heights

V3 Parners: Bhagwan Residency

Trimurti Buildcon Builders and Developers: Goodwill CHS

Veena Developers: Veena Synergy

Elegant Builders and Developers: Elegant Residency

Heritage Homes: Heritage Signature