In a significant move, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of 388 real estate projects for non-compliance with mandatory quarterly progress reporting. As per the Real Estate (Regulation and Development) Act, developers must regularly update progress reports, including project details, approvals, financial transactions, and more.
After issuing notices and deadlines, MahaRERA took action against projects that persistently failed to comply, freezing associated bank accounts and prohibiting promoters from selling or marketing units within these developments. This stringent measure reflects MahaRERA’s dedication to transparency and accountability in the real estate sector, ensuring developers meet their regulatory obligations. Promoters can restore registration by adhering to the Real Estate Act and paying a Rs 50,000 penalty. MahaRERA’s proactive approach serves as a model for regulatory enforcement in the industry.
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