MahaRERA suspends registration of 388 projects, freezes bank accounts

Maharashtra’s real estate regulator suspended the registration of 388 projects – including three by Macrotech Developers – and restricted their further sales, marketing or advertising for failing to comply with regulations on uploading details online.Sub-registrars have also been directed not to register sale agreements and sale deeds of flats in the suspended projects, the Maharashtra Real Estate Regulatory Authority (MahaRERA) said in a statement on September 18.

All the projects were registered in January 2023. The regulator’s decision was taken to enforce compliance with regulatory provisions on making details of the projects available on its website.Three of the suspended projects belong to Macrotech Developers, a listed company operating under the Lodha banner. The projects are Bellissimo in the Andheri area of Mumbai and Crown Dombivli 1 and Lodha Panacea III in Thane district, according to MahaRERA.Among the non-listed developers are Prince KCD Heritage with a project called Prince KCD Heritage and Jangid Home, which is building Jangid Meadows.For developers that did not comply with the requirements, notices were issued, giving them 15 days to reply. For those that still did not respond, a final notice was issued giving them 45 days to state why their projects should not be suspended, MahaRERA said in the statement.