MahaRERA issues notices to 584 developers for non-update of quarterly information

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These are part of a total 746 new housing projects covering 50,288 apartments worth around Rs 22,449 crore that were registered with the regulator in January.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued show-cause notices to over 584 promoters of housing projects that were registered in January for not updating information related to their projects.

These are part of a total 746 new housing projects covering 50,288 apartments worth around Rs 22,449 crore that were registered with the regulator in January.

As per the section 11 of RERA Act, 2016, once the project is registered with the regulator, certain information provided by the project’s promoter at the time of registration needs to be updated every 3 months and financial details once in a year. The project proponent is expected to update details such as number of registrations, money received, expenditure incurred.

A homebuyer is expected to benefit from this with reliable information and updates about the specific housing project, its progress, cost and many such details are easily available through the regulator’s portal.

These new developers were expected to update this information by April 20 as the first quarterly report. However, these 584 projects have not updated this information and therefore the regulator has issued the notices to all of them.

All of them have been given a period of 15 days to update the information and action will be initiated against the developers that do not comply as expected.

Every developer is required to update the information in prescribed statement forms on the regulator’s website on a quarterly and annual basis. It includes important customer related matters such as changes in the approved building plan, current status of the project, how many plots, flats, garages have been registered, etc.

MahaRERA had issued notices to around 16,000 real estate developers and promoters across the state for not receiving satisfactory responses with regards to information about their projects.

As part of enabling the Close Monitoring System, the regulator has started reviewing the projects registered since its inception in May 2017 till March 2022.

Following this, in January, MahaRERA had issued show cause notices to 19,500 projects that had not updated the mandatory project information as per section 11 of the Real Estate (Regulation & Development) Act, 2016. However, over 16,000 project promoters had either not responded to these notices or have submitted unsatisfactory responses.

From here on, MahaRERA will be keeping a check and scrutinizing the quarterly financial progress reports of these new projects starting from the first quarter of since the registration.

Source: realty.economictimes.indiatimes.com

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