MahaRERA to cancel registration of 291 real estate projects for not updating details

It had initially sent a 15-day notice to developers who were not in compliance. Following that, a 45-day show cause notice was issued.

Out of a total of 363 projects, MahaRERA had initially put 363 projects on abeyance orders. Of these, 72 project developers have since submitted the required reports and paid a penalty of Rs 50,000. However, scrutiny is still ongoing for these projects, said the official.

For the remaining projects, developers who have not complied, MahaRERA plans to take stringent actions, which may include cancelling their registrations.

The temporary suspension order has led to the sealing of bank accounts associated with these projects. This action is likely to affect the financial operations of the developers. Developers of these projects are not permitted to engage in sales and marketing activities during this period of non-compliance. Additionally, the stamp duty and registration office has been directed not to carry out agreements for the sale of these projects, further restricting their activities.