Maharashtra’s real estate regulator halted the registration of 388 projects and restricted their future sales, marketing, or advertising on failure to comply with the regulations about publishing the details online.
Thereafter, The Maharashtra Real Estate Regulatory Authority (MahaRERA) announced in a statement on September 18 that sub-registrars have also been instructed not to register sale agreements and sale deeds of apartments in the suspended developments.
Among the 388 projects, three halted projects are the responsibility of Macrotech Developers, a publicly traded business trading under the Lodha brand. According to MahaRERA, these projects are Crown Dombivli 1 and Lodha Panacea III situated in Thane district and Bellissimo in Mumbai's Andheri. Additionally, non-listed developers are namely Prince KCD Heritage, who are working on a project called Prince KCD Heritage and Jangid Home, which is developed in the building ‘Jangid Meadows.’
In January, 746 projects were registered. The developers had until April 20 to post information about their projects on the regulator's website, including the number of units, the monies received, and the funds used.
Moreover, notices were sent to developers who disregarded the criteria, giving them 15 days to respond. MahaRERA stated in the statement that those who still didn't react were given a final notice and given 45 days to explain why their projects shouldn't be put on hold.
The MahaRERA later released details of the total of registered and pending projects claiming that details of 346 projects have been uploaded in accordance with the rules. 388 projects for which the necessary information had not yet been uploaded have now been subject to action. Subsequently, in accordance with the MahaRERA list, 54 projects in Thane district, 31 in Palghar district, 22 in Raigad district, 17 in the Mumbai suburban district, and 3 in the Mumbai city district are among the suspended projects alongwith 89 projects in Pune, 13 in Satara, 7 in Kolhapur, and 5 in Solapur. 41 projects in Nagpur, 6 in Wardha, and 4 in Amravati in the Vidarbha region were also put on hold.