MahaRERA suspends several projects for not submitting quarterly reports

MahaRERA has taken action against 248 projects out of the 700 registered in February for failing to submit quarterly reports, temporarily suspending them. Another 224 projects from March registrations are also on the verge of facing suspension, as per an official statement from MahaRERA issued on Monday.

The projects registered in February were required to submit reports by July 20, while those from March had time till October 20. Notices were sent to all 700 February-registered projects, with 248 failing to comply, and similarly, out of the 443 March-registered projects, 227 didn’t submit the required reports. When under suspension, developers cannot proceed with sales agreements for sale, marketing etc, said the official.

Ajoy Mehta, MahaRERA’s chairman, expressed disappointment that despite RERA norms, some developers aren’t adhering to regulations. He emphasized that such non-compliance won’t be tolerated, highlighting MahaRERA’s commitment to transparency for buyers, enabling informed decisions and preventing potential legal issues with property investments.