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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has declined to lift the suspension on the registration of 182 real estate projects due to their failure to meet the stipulated conditions for updating quarterly progress reports. This decision comes after the promoters of 222 projects had sought the removal of the suspension, claiming to have not only paid the requisite penalties but also provided updated quarterly reports on their projects.
However, upon conducting a thorough scrutiny of these claims, MahaRERA discovered that only 40 of the projects had indeed met all the necessary conditions for reinstatement. Consequently, MahaRERA has issued a directive to the promoters of the remaining 182 projects, instructing them to resubmit all the required information.
The regulatory body also identified various deficiencies in the reports that had been updated by these project promoters. This development follows a previous decision made in September by MahaRERA, in which they suspended the registration of a total of 363 projects due to their failure to provide regular updates on their progress.
The Real Estate (regulation and development) Act 2016 was established in the year 2016 and came into effect on 1st May 2017. The passing of this Act was considered a watershed moment in Indian real estate as it was aimed to protect home buyers while holding builders more accountable.
The state of Maharashtra was the one of the first states in the country to implement the Act. The MahaRERA Authority came into effect in May 2017, a year after the RERA Act was passed. As of November 2023, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has over 43,000 registered projects and 45,000 registered agents, making it India’s most active RERA authority. The Mumbai Metropolitan Region (MMR) and Pune are two of the most active real estate markets under the MahaRERA jurisdiction.
In conclusion, MahaRERA's refusal to lift the suspension on the registration of 182 real estate projects underscores the importance of meeting reporting conditions and regulatory obligations. This decision not only serves as a reminder to developers about the consequences of non-compliance but also emphasizes the authority's commitment to transparency, accountability, and the protection of the interests of homebuyers. Developers must now rectify the deficiencies in their reports and ensure compliance with MahaRERA's requirements to have their project registrations reinstated.
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