Ahmedabad: In a major blow to developers across Gujarat, over 1,000 real estate project-linked bank accounts have been frozen by the Gujarat Real Estate Regulatory Authority (GujRERA) due to non-compliance issues. The developers failed to meet Quarter-End (QE) compliances, neither updating project completion status with GujRERA within the specified deadline nor seeking extensions for the same.

This action affects numerous developers in Ahmedabad, Vadodara, Surat, and Rajkot, prohibiting them from advertising or selling remaining units of the projects. Additionally, these developers cannot seek credit for the impacted projects.

“A developer is required to adhere to project-completion compliance norms laid out by GujRERA,” said a top GujRERA official, requesting anonymity. “This means the details of project completion must be updated with GujRERA in accordance with the date mentioned at the time of registration. If the developer fails to complete the project by the specified date, an extension needs to be sought from GujRERA. The authority learned that developers have not completed compliance for at least 1,000 projects or even applied for extensions.”