Maharashtra RERA Freezes Bank Accounts of Over 1,950 Stalled Real Estate Projects to Protect Homebuyers

Dated on: Friday 10th January 2025

Maharashtra RERA (Real Estate Regulatory Authority) has frozen the bank accounts of over 1,950 stalled real estate projects in the state. This decisive action aims to ensure developers use the funds for completing delayed or abandoned projects, thus protecting homebuyers' interests. Many of these projects, both residential and commercial, have been facing significant delays, leaving homebuyers in uncertainty.RERA’s freeze is intended to prevent developers from misusing funds meant for project completion. By holding developers accountable, RERA hopes to expedite the construction process and ensure the timely delivery of properties to homebuyers. This move is a direct response to growing concerns over stalled projects in the state, which have affected thousands of buyers.Developers are now required to use the frozen funds specifically for completing these projects, with RERA warning of further actions if developers fail to meet their obligations. The initiative aims to enhance transparency and protect consumers in the real estate sector.