By Staff Member
In a significant move to enforce compliance with regulatory provisions, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of 388 real estate projects, including three belonging to Macrotech Developers. This suspension comes as a consequence of the developers’ failure to upload project details on the regulator’s website, a mandatory requirement.
All 388 projects in question were registered in January 2023, and the regulator’s action restricts any further sales, marketing, or advertising of these projects. Sub-registrars have also been instructed not to register sale agreements and deeds related to flats within these suspended projects, as outlined in a statement released by MahaRERA on September 18.
Macrotech Developers, a prominent listed company operating under the Lodha banner, has three suspended projects: Bellissimo in Mumbai’s Andheri area, and Crown Dombivli 1 and Lodha Panacea III in Thane district.
Among the non-listed developers affected by the suspension are Prince KCD Heritage with their project, Prince KCD Heritage, and Jangid Home, currently working on Jangid Meadows.
MahaRERA’s enforcement action followed a deadline in April, requiring developers to upload project details, including the number of flats and financial transactions, on the regulator’s website. Notices were initially issued to non-compliant developers, granting them 15 days to respond. Subsequently, a final notice provided a 45-day window for developers to present reasons why their projects should not be suspended.
According to MahaRERA, 346 projects successfully complied with the regulations by uploading the necessary details. However, 388 projects that did not meet this requirement faced suspension.
The suspended projects are spread across various districts, with a significant number in Thane, Palghar, Raigad, Mumbai suburban, and Pune. This move emphasizes MahaRERA’s commitment to ensuring transparency and adherence to regulatory guidelines in the real estate sector, promoting consumer protection and accountability. Developers are urged to promptly address the compliance issues to resume operations in full compliance with the law.