For real estate developers setting project completion deadlines is mandated by law. They have to turn in an occupancy certificate and a completion document if they finish on time. They must request an extension and provide an explanation for the delay if they are unable to complete by the deadline.

On Thursday, 1,950 real estate projects in Maharashtra had their registrations suspended by the Maharashtra Real Estate Regulatory Authority (MahaRERA). Consequently, no transactions are possible and the bank accounts associated with these projects are now frozen. Many people who intend to buy a home may be impacted by this decision.

What Was the Reason Behind MahaRERA's Action?

Many developers neglected to send status updates on their projects, even after their deadlines had passed, therefore MahaRERA took action. They frequently waited until the project deadlines had passed before updating the authority.

Developers of 5,324 projects reacted to MahaRERA's 10,773 notices by submitting occupancy certificates for 3,517 of the projects. Investigations of 1,283 projects are still ongoing, and some developers requested additional time to finish their projects.

What is the location of the suspended projects?

Mumbai, Pune, Nashik, Thane, and more than 30 other districts in Maharashtra are where the 1,950 projects are suspended. The areas most impacted are Mumbai Suburban (111), Raigarh (240), Thane (204), and Pune (487 projects).

What are the reasons behind taking this action?

If the project is completed on schedule, developers must follow certain deadlines and submit a completion form and occupancy certificate. Developers must ask for an extension and explain if a project is delayed. MahaRERA made its decision because some developers disregarded these guidelines and neglected to disclose the status of their projects.

Could More Projects Be Suspended?

The 1,950 projects are just the first phase of MahaRERA’s action. There are still 3,499 projects whose developers have not responded to their notices yet.

How to Check If a Project Is Affected If you’re worried about a specific project, you can check if it’s on the suspended list. Here’s how to do it:

  1. Visit the MahaRERA website: https://maharera.maharashtra.gov.in/

  2. Go to the “Projects” section.

  3. Click on "Revoked Projects."

  4. Then click on “View All Projects on the Map” to see the list and find the project.

The above steps can help you figure out whether your new home is affected or not.