Due to incomplete reports, MahaRERA suspends the registration of 248 projects.

MUMBAI: Due to the failure to update their quarterly progress reports, MahaRERA has suspended the registration of 248 projects, including three MHADA projects in Pune and Beed that were registered in February of this year.

In a similar vein, the failure to update quarterly project reports may result in the suspension of 224 projects that were registered in March. MahaRERA is currently reviewing the most recent reports submitted by the developers of the 352 projects that were registered in February; if any are deemed to be lacking, they may be suspended.

Out of the 248 projects that have had their registration revoked, 99 are located in the Mumbai Metropolitan Region (MMR). The MahaRERA website must be updated with the quarterly progress report, which includes information on the number of units registered, the amount of money received, the expenses incurred, and any changes to the building plans.

This meant that developers of projects registered in February had to update this data by July 20 at the latest, and developers of projects registered in March had to update it by October 20 at the latest.

MahaRERA, however, suspended the registration of the 248 projects since a number of them failed to update information even after notices warning about the suspension of their project registration were served. 69 of these come from Western Maharashtra, 28 from North Maharashtra, 40 from Vidarbha, and 99 are from MMR.

Prior to this, in January of this year, the MahaRERA had halted the registration of about 363 out of the 700 projects. The promoters of various projects then corrected the data on the website and paid a Rs 50,000 fine. Developers of up to 112 of these projects, nevertheless, have not updated their reports with the MahaRERA as of yet.

“It’s highly likely that these projects’ registrations will be canceled. However, there is a procedure that must be followed before these projects’ registrations are canceled.

We will need to notify all parties involved in the project, such as the lenders or financiers. A MahaRERA representative stated, “We will have to notify them and give them some time before we cancel the registration.

The bank accounts of projects that MahaRERA suspends registration for are frozen, and the project promoters are unable to market, advertise, or sell the project’s units. Concerned deputy registrars are also instructed not to record any sales transactions or deposits related to this project.