Pune: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken stern action against 10,773 stalled housing projects across the state by issuing show-cause notices. This move comes after developers failed to adhere to mandatory regulations, leaving thousands of homebuyers and investors in distress.
The Mumbai Metropolitan Region tops the list of non-compliant projects, with 5,231 stalled developments, followed by the Pune division with 3,406 delayed projects. Other regions, including Nashik, Nagpur, Sambhajinagar, Amravati, Dadra and Nagar Haveli, and Daman and Diu, contribute to the remaining tally.
Compliance Obligations and Penalties
As per MahaRERA guidelines, developers must declare the project’s expected completion date during registration and regularly update the construction status through quarterly reports on the MahaRERA website. Upon completion, developers are required to submit occupancy certificates and project completion certificates or request an extension.
Failure to comply has resulted in the issuance of show-cause notices. MahaRERA Chairman Manoj Saunik stated, “Developers have been given a 30-day deadline to respond. If they fail to comply, actions such as suspension or cancellation of registration, penalties, freezing of bank accounts, and halting property sale registrations will be enforced.”
Region-wise Count of Stalled Projects
Mumbai Metropolitan Region: 5,231
Pune Division: 3,406
Nashik: 815
Nagpur: 548
Sambhajinagar: 511
Amravati: 201
Dadra and Nagar Haveli: 43
Daman and Diu: 18
Total: 10,773
This move by MahaRERA underscores its commitment to safeguarding homebuyers’ interests and ensuring accountability in the real estate sector. Developers who fail to address the notices within the stipulated time frame will face stringent actions, including the possibility of losing project registrations and access to financial resources.
