89 builders’ bank accounts frozen by MahaRera in Pune
MahaRera Implements AI to Combat Unregistered Plot Advertisements
September 21, 2023
Pune: The Maharashtra Real Estate Regulatory Authority, also known as MahaRera, has taken action against 388 builders across Maharashtra, with 89 of them located in Pune, in response to their failure to update project information for potential homebuyers.
The authority has frozen the bank accounts associated with their projects. As a result, these builders are now prohibited from engaging in any form of advertising, marketing, or selling flats within the affected projects until further notice.
MahaRera has officially banned all such transactions and has instructed sub-registrars not to register agreements or sell flats within these projects. These orders specifically apply to projects registered in January 2023. By that time, MahaRera had registered a total of 746 projects. According to the Real Estate (Regulation and Development) Act, it was mandatory for these projects to provide updated information by April 20.
This information includes details such as the number of booked flats and garages, the amount of money received from sales, the amount spent on construction, any changes made to the building, and other relevant information. These details were required to be registered on the websites specified by Sections 1, 2, and 3 of the Act. However, many construction and real estate businesses have failed to comply with this requirement. Initially, the builders were given a 15-day notice by MahaRera. Those who did not respond were subsequently issued a 45-day notice under Section 7, which could lead to the cancellation or suspension of project registrations.
Out of these notices, 358 construction and real estate businesses responded, while 388 developers did not. Consequently, MahaRera has taken the step of freezing the bank accounts associated with the projects registered in January by these developers. According to the Real Estate (Regulation and Development) Act, it is mandatory to provide essential information to customers who have made or intend to make payments for their homes.
Breakdown of regions and actions taken:
In the Mumbai Metropolitan Region, there were 54 cases in Thane, 31 cases in Palghar, 22 cases in Raigad, 17 cases in Mumbai Suburban, and 3 cases in Mumbai City. The total number of cases in this region was 127.
In Western Maharashtra, there were 89 cases in Pune, 13 cases in Satara, 7 cases in Kolhapur, 5 cases in Solapur, and 3 cases each in Ahmednagar and Sangli. The total number of cases in this region was 120.
In Northern Maharashtra, there were 53 cases in Nashik, 3 cases in Jalgaon, and 1 case in Dhule. The total number of cases in this region was 57.
In Vidarbha, there were 41 cases in Nagpur, 6 cases in Wardha, 4 cases in Amravati, 2 cases each in Washim and Chandrapur, and 1 case each in Akola and Yavatmal. The total number of cases in this region was 57.
In Marathwada, there were 12 cases in Chhatrapati Sambhaji Nagar, 2 cases in Latur, and 1 case each in Nanded and Beed. The total number of cases in this region was 16.
In Konkan, there were 6 cases in Sindhudurg and 5 cases in Ratnagiri. The total number of cases in this region was 11.
