The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken a significant step by suspending registrations for 4,812 housing projects statewide and freezing their bank accounts.

This action comes after developers failed to update their construction status or apply for necessary extensions, despite multiple reminders.

The purpose of this suspension is to enhance transparency and protect the interests of homebuyers. As a result, property transactions related to these projects are effectively prohibited until compliance is achieved.

Notably, the majority of the suspended projects are located in major urban areas, with Pune leading the count at 1,219, followed by Thane (535), Raigad (465), Mumbai suburban (438), and Palghar (377).

Developers now face transaction bans on these projects and may incur penalties of up to ₹50,000 for not adhering to regulations.

This move follows an enforcement initiative that began in December when MahaRERA identified 10,773 projects that had lapsed without updated timelines.

MahaRERA has also instructed the property registration department to halt any sale or purchase of flats in these projects until developers present new timelines and status updates.

Officials have clarified that while registrations are suspended, projects cannot be entirely deregistered as there may already be existing bookings.

Under the Real Estate Act, MahaRERA holds the authority to enforce stringent financial discipline and accountability among builders.

A senior official from MahaRERA said, “Our primary goal is to ensure transparency and safeguard homebuyers’ interests. This action is essential to prevent buyers from being left in difficult situations due to stalled or unaccounted projects,”