MahaRera Slams Brakes On 391 Projects In Nagpur

Nagpur: Regulatory pressure has intensified on Nagpur's real estate sector after the Maharashtra Real Estate Regulatory Authority, or MahaRera, recently issued show-cause notices to 391 housing projects in the district for failing to upload mandatory quarterly progress reports, part of a wider crackdown on 8,212 defaulting projects across the state.The action stems from noncompliance with the Real Estate (Regulation and Development) Act, 2016, which requires developers to update project details every quarter through prescribed forms. These include disclosures on the number of flats and garages booked, funds received and spent, and any changes to construction plans — information considered critical for homebuyers tracking project progress.As per MahaRera norms, developers were required to submit updates for the January-March quarter by April 20. However, a majority of them failed to meet the deadline, prompting the authority to invoke provisions under Section 7 of the Act and issue notices seeking explanations within 60 days.Statewide, of 33,029 registered housing projects, 8,212 have not complied with the reporting requirement. Highest number of defaults has been reported from Mumbai Metropolitan Region and Konkan with 4,644 projects and Pune region (2,311). Vidarbha accounts for 483 such projects, of which Nagpur alone comprises 391, highlighting the city's share in the compliance gap."If any developer does not update the quarterly progress report despite repeated follow-ups, MahaRera will not hesitate to cancel or keep such project's registration in abeyance," said chairman Manoj Saunik in a statement, underlining that the regulator remains committed to protecting homebuyers' interests and ensuring transparency throughout a project's lifecycle.Failure to respond within the stipulated period could trigger stringent measures, including cancellation or suspension of project registration, a Rs 50,000 penalty, restrictions on advertising and sale of flats, and freezing of project bank accounts. Authorities may also direct the Joint District Registrar to halt registration of property transactions linked to such projects.MahaRera officials noted compliance obligations are clearly outlined at time of project registration, including requirement to maintain a dedicated bank account where 70% of buyer funds must be deposited and monitored through certified financial disclosures. Even in cases where no funds are withdrawn in a quarter, the developers are required to submit a self-certified statement detailing deposits.The regulator emphasised that timely submission of these reports is essential to ensure accountability and prevent the misuse of funds, warning that continued indifference from developers would invite strict enforcement action.
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