Macrotech Developers’ Projects Under Siege as MahaRERA Suspends 388

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    Maharashtra’s real estate watchdog, the Maharashtra Real Estate Regulatory Authority (MahaRERA), has taken stern action by suspending the registration of 388 real estate projects, including three owned by Macrotech Developers, for non-compliance with regulations regarding the online publication of project details. This suspension effectively prohibits these projects from engaging in further sales, marketing, or advertising activities. Sub-registrars have also been instructed not to register sale agreements and sale deeds for flats within these suspended projects, as stated in a recent MahaRERA press release.

    Among the suspended projects, 20 are situated within the city limits of Mumbai, with three of them attributed to Macrotech Developers. The affected Macrotech projects are Bellissimo in the Andheri area of Mumbai, as well as Crown Dombivli 1 and Lodha Panacea III in Thane district, as confirmed by MahaRERA. Other developers facing suspension include Prince KCD Heritage, responsible for the Prince KCD Heritage project, and Jangid Home, the builder behind Jangid Meadows. Queries have been dispatched to Macrotech Developers, Prince KCD Heritage, and Jangid Homes for their response to the situation.

    All 388 of the suspended projects had initially been registered in January 2023. MahaRERA’s decision to suspend these projects is rooted in its commitment to enforcing regulatory provisions mandating the publication of project details on its official website.

    MahaRERA reports that a total of 746 projects were registered in January, with developers given until April 20 to upload essential project details, including information on the number of flats, funds received, and funds utilized, onto the regulator’s website. Developers who failed to meet these requirements were issued notices, providing them with a 15-day window for response. Subsequently, for those who remained non-compliant, a final notice was served, granting them 45 days to justify why their projects should not be suspended, as outlined in MahaRERA’s official statement. Of the total registered projects, 346 have successfully uploaded the requisite details in adherence to the regulations. The current action pertains to the remaining 388 projects for which essential details had not been uploaded.

    The list of suspended projects released by MahaRERA includes 54 projects in Thane district, 31 in Palghar district, 22 in Raigad district, 17 in Mumbai suburban district, and three within Mumbai city district. Furthermore, 89 projects have been suspended in Pune, along with 13 in Satara, seven in Kolhapur, and five in Solapur. In the Vidarbha region, 41 projects have been suspended in Nagpur, six in Wardha, and four in Amravati.

    Also read: MAHARERA Introduces Mandatory QR Code Display for Real Estate Projects, Enhancing Transparency and Convenience

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