A MahaRERA order (from 2022) highlights these rules again and reminds developers of what must be followed as per the Maharashtra Real Estate (Regulation and Development) Act.

Here is a simple breakdown.

What Does MahaRERA Say About Carpet Area Variation?

Builders are allowed a maximum variation of 3% in carpet area after the building is fully complete and after the Occupancy Certificate (OC) is received.

This is clearly specified:

“…variation cap of three percent… the price payable shall be recalculated…”

This means:

Up to +3% or -3% variation is allowed

No developer can arbitrarily increase or decrease area beyond this limit unless the buyer voluntarily agrees.

When Should Builder Confirm the Final Carpet Area?

MahaRERA makes it mandatory that after construction is completed and OC is granted, the promoter must:

• Confirm the final carpet area in writing.
• Share details of any change compared to the agreement.
• Recalculate the final cost accordingly.

This ensures transparency and protects buyers from last-minute surprises.

If the Carpet Area is Less than Promised (Up to 3%)

The developer must:

Refund the extra money

• Refund the amount within 45 days
• Add interest at the rate specified under RERA rules
• Interest is calculated from the date the buyer paid the excess amount

This is where most buyers benefit:
Even a small reduction (say 10–15 sq. ft.) means the builder owes you money with interest.

If the Carpet Area is More than Promised (Up to 3%)

The developer can:

Recover extra cost

• Charge for the additional area
• Raise the demand as per the next payment milestone
• Rate per sq. ft. must remain the same as mentioned in the agreement

Important:
The builder cannot randomly charge higher rates for the extra area.

If the Change is More Than 3%?

This is where the real power shifts to the homebuyer.

A variation beyond 3% is considered significant and not permissible without the allottees’ consent.

Buyers can:

• Refuse to accept possession
• Approach MahaRERA for compensation
• Seek cancellation with full refund + interest

Why is This Rule So Important?

Carpet area defines the actual usable space in your home.
Even small changes can mean:

• higher EMIs
• increased total cost
• layout changes
• reduced living space

MahaRERA ensures that developers cannot take buyers by surprise at the end of the project.

What Homebuyers Should Always Do

Before signing the agreement:

• Check if carpet area is clearly mentioned (RERA mandates this).
• Ensure the rate per sq. ft. is written separately and clearly.

At possession stage:

• Ask for the final carpet area sheet
• Compare with what’s in your agreement
• Calculate if you’re eligible for a refund or are being fairly charged

Bottom Line

MahaRERA protects homebuyers by ensuring that:

• Carpeting changes stay within limits
• Buyers get refunds with interest for reductions
• Excess charges are regulated and transparent
• No surprises come at the time of possession

This order is another reminder to both developers and homebuyers: carpet area cannot be manipulated, and buyers always have legal backing to enforce their rights.

Also Read: Bombay High Court Clarifies ‘Built-Up Area Wall to Wall’ Equals Carpet Area in Real Estate Development Dispute

The post Carpet Area Changes: What MahaRERA Rules Actually Say — A Simple Explainer for Homebuyers appeared first on Square Feat India.

The agency has also confirmed the arrest of mastermind Pavel Prozorov in Spain, through Spanish Police authorities, marking a crucial development in an international cybercrime case that has defrauded Indian investors of thousands of crores.

How the Scam Worked

• OctaFX presented itself as an online forex trading platform for currency, commodities, and crypto trading — but operated without RBI permission.
• Investors were lured with promises of high returns, receiving small initial profits to build trust — a pattern typical of Ponzi schemes.
• Between July 2022 and April 2023, Indian investors were duped of approximately ₹1,875 crore, with profits of ₹800 crore generated by the platform in India.
• Over the 2019–2024 period, OctaFX is estimated to have made over ₹5,000 crore in total profits from India, most of which were illegally transferred abroad.
• Trading manipulation: OctaFX allegedly used fake candlestick charts and deliberate slippage to ensure investor losses.
• Global layering: Operations were distributed across multiple jurisdictions to evade scrutiny — with entities in BVI, Spain, Estonia, Georgia, Cyprus, Dubai, and Singapore playing different roles from hosting servers to moving funds abroad.

Property & Asset Trail

While a major portion of the laundered funds were parked in cryptocurrency wallets, ED’s investigation has also led to the attachment of properties and assets worth over ₹2,681 crore, which include:

• 19 immovable properties
• A luxury yacht in Spain, owned by Pavel Prozorov
• Multiple shell entities and assets spread across India, Spain, Estonia, Russia, Hong Kong, Singapore, UAE, and the UK

A part of the siphoned money was reintroduced into India as FDI, further complicating the money trail. Funds were routed through dummy entities and mule accounts, masked as e-commerce transactions, and later transferred overseas as fake imports of software and R&D services.

Why This Matters for Real Estate

For the real estate sector, this case is a reminder of how illicit foreign funds are often parked in physical assets like property and luxury goods to evade detection. Such assets are increasingly being targeted by enforcement agencies as they tighten their grip on money laundering channels.

ED’s action has implications for property due diligence and the need for stringent KYC and compliance checks, especially as large-value real estate transactions can be a conduit for laundering illicit proceeds.

Legal Action Underway

• ED has already filed a Prosecution Complaint (PC) and one supplementary PC against OctaFX and 54 accused individuals/entities.
• The Special PMLA Court has taken cognizance of the case.
• Further investigation is ongoing, including efforts to trace additional assets and funds abroad.

A Cautionary Note for Investors

The OctaFX case underscores the dangers of investing in unregulated forex or crypto platforms. Such schemes often use aggressive marketing, fake returns, and complex offshore structures to deceive retail investors.

Regulators have repeatedly warned against forex trading through unauthorized platforms, and investors are advised to verify the regulatory status of any financial platform before investing.

Also Read: ED Attaches Assets Worth ₹307 Crore Linked to Illegal Betting App ‘Fairplay’

The post ED Attaches ₹2,385 Crore in Crypto Linked to OctaFX Scam; Properties Worth ₹2,681 Crore Seized Including 19 Assets & Luxury Yacht in Spain appeared first on Square Feat India.

Navgire had approached the Tribunal to condone a delay of 23 months and 20 days in filing for restoration of Appeals No. AT005000000053192 and AT005000000053193 of 2021. He claimed financial hardship, caused by being cheated by a former business partner, prevented him from complying with RERA requirements and attending hearings.

The Tribunal, however, found this explanation inadequate. It ruled that the delay was not backed by “sufficient cause,” especially since the developer failed to deposit the amount ordered by the Authority in its November 2021 directive — a prerequisite under Section 43(5) of the Real Estate (Regulation and Development) Act, 2016 before an appeal can be entertained.

The appeals were originally dismissed in February 2022 after Navgire repeatedly failed to appear or comply. The Tribunal noted that the restoration applications were filed only after recovery warrants had been issued against him, raising concerns of deliberate delay tactics to stall the recovery process.

The non-applicants opposed the restoration, stating that condoning such a delay would unfairly impact them and encourage negligent behavior by litigants.

Citing key Supreme Court guidelines on delay condonation, the Tribunal stressed that financial difficulty alone cannot justify such prolonged inaction. All related applications, including those for stay and restoration, were disposed of, and the original appeals were deemed no longer maintainable.

Each party was instructed to bear its own legal costs.

Also Read: Builder cancels booking, MahaRERA orders refund

The post MahaRERA Appellate Tribunal Rejects Developer’s Appeal Over Delay in Filing appeared first on Square Feat India.

Key Guidelines for Buyers
Homebuyers are advised to verify the following details on the MahaRERA website before entering into a transaction:

1. Construction plans approved by the local planning authority.
2. Commencement Certificate, detailing permissions granted to construct up to specific floors.
3. Title clearance report of the project land.
4. Any ongoing litigations or encumbrances related to the project.
5. Standard Agreement for Sale and Allotment Letter approved by MahaRERA, including parking, amenities, and facilities details.

These documents and details are mandatory for developers to submit during the registration process. Buyers can access them by searching for the project’s registration number on MahaRERA’s portal.

Mandatory Provisions for Developers
MahaRERA has made it compulsory for developers to sign agreements for sale with buyers once 10% of the total payment has been made. Additionally, the Agreement for Sale must follow the model draft provided by MahaRERA, which includes non-negotiable clauses on Force Majeure, Carpet Area, Defect Liability Period, and Conveyance Deed.

Developers must also provide detailed annexures listing parking types (garage, stilt, mechanical, or open) and precise dimensions. The annexure must also specify promised amenities and their completion timelines.

Safeguards for Registered Projects
To maintain compliance, MahaRERA enforces strict rules for registered projects. Developers are required to utilize 70% of collected funds exclusively for construction and must submit quarterly updates on project progress. Failure to comply leads to suspension of registration, freezing of bank accounts, and halting of transactions for the project.

MahaRERA also maintains a public list of projects that fail to adhere to these rules. Homebuyers are encouraged to review this list to avoid investing in non-compliant projects.

Quote from MahaRERA Chairman
Highlighting the importance of these measures, MahaRERA Chairman Manoj Saunik stated, “A stringent legal, technical, and financial scrutiny is undertaken before issuing a registration number for any project. We urge homebuyers to carefully examine all project details and insist on legally binding agreements to ensure a safe investment.”

Salient Features of MahaRERA Registered Projects

1. Financial discipline: Developers must utilize 70% of booking funds solely for construction.
2. Transparency: Comprehensive project details are available on the MahaRERA website.
3. Standardized transactions: Uniformity based on carpet area as defined by MahaRERA.
4. Grievance redressal: Buyers can file complaints with MahaRERA if needed.
5. Progress monitoring: Buyers can track project updates on the MahaRERA portal.

Empowering Buyers
MahaRERA’s guidelines aim to legally empower homebuyers and ensure accountability from developers. By remaining vigilant and utilizing the resources available on the MahaRERA portal, buyers can protect their investments and avoid potential risks in real estate transactions.

Also Read: builder fined by MahaRERA

The post MahaRERA Issues Guidelines to Ensure Safe Home Buying Practices appeared first on Square Feat India.

District-Wise Breakdown of Suspended Projects

Pune tops the list with the suspension of 487 projects, followed by Mumbai Suburban with 111, Palghar with 106, and Nashik with 98 projects. Other districts with significant suspensions include Raigad (240), Thane (204), and Ratnagiri (93). These numbers highlight the challenges faced by the real estate sector in key urban and peri-urban areas.

Smaller districts, such as Gadchiroli and Hingoli, reported only one suspended project each, indicating relatively fewer real estate activities or issues in these regions.

Withdrawn Registrations

MahaRERA also shared data on projects for which registration has been voluntarily withdrawn. Pune leads with 14 projects, followed by Palghar (5), Raigad (6), and Mumbai Suburban (4). Other districts, such as Nashik, Satara, and Kolhapur, reported fewer withdrawals.

Key Observations

The suspension and withdrawal of project registrations underscore ongoing challenges in the real estate sector, including delayed construction, financial constraints, and non-compliance with regulatory norms. The high numbers in major hubs like Pune and Mumbai Suburban reflect the pressure on developers in these highly competitive markets.

Commenting on the data, a senior MahaRERA official stated, “This action is part of our ongoing effort to ensure transparency and accountability in the real estate sector. Projects that fail to meet compliance standards or show progress are subject to regulatory action to protect homebuyers’ interests.”

Implications for Homebuyers

For homebuyers, this development serves as both a caution and a call for due diligence. Buyers are encouraged to verify the status of projects on MahaRERA’s official portal and seek updates directly from developers.

As MahaRERA continues its crackdown on non-compliant projects, the move is expected to drive more discipline and accountability among developers while ensuring greater protection for homebuyers across Maharashtra.

Also Read: builder fined by MahaRERA

The post How Many Real Estate Projects Has MahaRERA Suspended In Your District? appeared first on Square Feat India.

In the first phase, MahaRERA issued a 30-day deadline for developers to respond to the notices. Developers of 5,324 projects submitted replies, with 3,517 providing their Occupancy Certificates (OC) and 524 seeking extensions for project completion. The responses of 1,283 projects remain under scrutiny.

However, 3,499 projects have not responded, prompting MahaRERA to initiate further action. These projects risk suspension of registration, transaction restrictions, and other penal measures.

Promoting Accountability and Transparency
MahaRERA Chairman Manoj Saunik highlighted the critical role of transparency and accountability in the real estate sector. “The primary objective of the Real Estate (Regulation and Development) Act, 2016 is to ensure transparency, accountability, and financial discipline in the real estate sector, ultimately protecting homebuyers’ interests,” he stated.

He noted that while the law mandates quarterly and annual updates on project status, compliance has been inconsistent. “In January 2023, only three out of 748 projects had submitted the required information. However, consistent follow-ups have resulted in significant improvement, as seen in the response to our recent show cause notices,” Saunik added.

Strict Measures to Enforce Compliance
Developers registering with MahaRERA must declare their project’s proposed completion date and update the authority if there are delays. They must submit Form 4 with the OC upon completion or apply for an extension if required. Quarterly Progress Reports (QPRs) and annual updates are also mandatory.

Non-compliance with these obligations has led to the suspension of defaulting projects and freezing of their bank accounts. MahaRERA has also instructed Joint District Registrars not to process transactions for these projects, further tightening measures to enforce compliance.

The authority has reiterated its commitment to protecting homebuyers and ensuring that developers adhere to the timelines and reporting requirements outlined in the Real Estate Act.

With 1,950 registrations already suspended and more stringent action expected against non-responding projects, MahaRERA continues its robust efforts to bring transparency and discipline to the real estate sector.

Also Read: conciliation forum MahaRERA

The post MahaRERA Suspends Registration of 1,950 Real Estate Projects for Non-Compliance appeared first on Square Feat India.

MahaRERA Chairman Shri Manoj Saunik emphasized the significance of compliance, stating:
“Through the Compliance Cell, MahaRERA has initiated micro-monitoring of the real estate sector at multiple levels. Presently, in Maharashtra, there are 10,773 real estate projects that have lapsed, leading to investments of several homebuyers getting stuck. Developers must submit their OC with Form 4 or seek a deadline revision. If no action is taken within the 30-day window, MahaRERA will have no alternative but to cancel or suspend registrations, restrict sales, and freeze bank accounts. The industry must avoid reaching such situations.”

Massive Backlog of Lapsed Projects

The Mumbai Metropolitan Region (MMR) tops the list of lapsed projects with 5,231, followed by Pune (3,406), Nashik (815), Nagpur (548), Sambhaji Nagar (511), Amravati (201), Dadra & Nagar Haveli (43), and Daman & Diu (18).

Strict Regulatory Framework

MahaRERA’s action stems from violations of Section 11(1)(b), (c), (d), and (e) of the Real Estate (Regulation and Development) Act, 2016, which mandates quarterly updates on project progress. Developers are required to upload annual reports and project statuses on MahaRERA’s website.

As per Order 33/2022, issued in July 2022, MahaRERA clarified the consequences for non-compliance, including suspension of registrations, punitive measures, restrictions on sales, and freezing of project-related bank accounts.

Developer Responsibilities

To obtain a MahaRERA registration, developers must declare a clear project completion date. Towards the deadline, they are expected to submit an OC along with Form 4, certifying project completion. In case of delays, they must either apply for a deadline extension or de-register the project.

MahaRERA has taken a firm stand on projects that fail to meet these obligations, ensuring that homebuyer investments are protected and developers adhere to regulatory standards.

Also Read: MahaRERA Annual Report

The post MahaRERA Cracks Down on 11,000 Lapsed Housing Projects appeared first on Square Feat India.