Pune:Â In a massive crackdown on non-compliance, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended 1,905 housing projects across the state for failing to update their project status within the stipulated deadline. The action, which includes freezing bank accounts linked to these projects, aims to enforce transparency and accountability in the real estate sector. Pune has emerged as the worst-hit city, with 487 projects facing suspension, followed by Raigad with 240, Thane with 204, and the Mumbai suburban region with 111.
The suspension means that developers of these projects are now restricted from conducting any financial transactions, and all property registrations related to these projects have been put on hold. MahaRERA has also imposed a penalty of ₹50,000 on each of these projects for failing to comply with regulatory norms. This decisive move follows an extensive review initiated by the regulatory authority in December 2024, during which 10,773 projects were found to have lapsed registrations due to the non-submission of mandatory documents, including Form 4 and the Occupancy Certificate.
Despite multiple notices and a 30-day period for rectification, the developers of these 1,905 projects failed to respond, leading to their suspension. As part of the enforcement measures, MahaRERA has directed banks to freeze the accounts of these projects and has informed the property registration department to block any transactions involving these developments. MahaRERA Chairman Manoj Saunik has reiterated that the crackdown is aimed at ensuring greater accountability among developers and protecting homebuyers from potential risks associated with incomplete or stalled projects.
In an effort to enhance transparency, MahaRERA has published the details of these suspended projects on its official website, enabling homebuyers to make informed decisions before investing in real estate developments across the state. While the crackdown has put developers on notice, MahaRERA has also highlighted that some progress has been made in the compliance process. Out of the 10,773 initially flagged projects, developers of 5,324 projects have responded to the notices, with 3,517 projects successfully submitting their Occupancy Certificates. However, another 3,499 projects remain under scrutiny and could face similar action if they fail to meet the compliance requirements.
The suspension of these projects is expected to impact Maharashtra’s real estate sector significantly. With property transactions put on hold for nearly 2,000 projects, the supply of new homes in key cities like Pune, Mumbai, and Thane could be affected. The move also serves as a wake-up call for developers, reinforcing the need for strict adherence to regulatory norms. The crackdown underscores the importance of timely project completion and financial transparency, ensuring that homebuyers are not left stranded with unfinished developments.
MahaRERA’s firm stance signals a larger shift towards greater regulatory enforcement in the real estate industry. By holding developers accountable for their obligations, the authority aims to restore confidence in Maharashtra’s real estate sector and ensure that homebuyers are not misled by false promises. The immediate future remains uncertain for the developers of these suspended projects, but the message is clear—non-compliance will no longer be tolerated.
