The Maharashtra Real Estate Regulatory Authority (MahaRERA) recently suspended the registration of 248 housing projects registered in February 2023 and 224 projects registered in March 2023 over the lack of quarterly reports. Although made to discipline developers across the state, stakeholders say the decision will likely hit buyers and developers negatively by bringing sales to a halt.

The Real Estate (Regulation and Development) Act requires developers to submit quarterly reports including details of sales, expenses, and changes made to the original plans. The suspension of registration was communicated at the end of their 30-day notices in July (for projects registered in February) and in October (for projects registered in March). While February saw a total of 700 registrations, March witnessed 443.