MahaRERA, the Maharashtra Real Estate Regulatory Authority, has issued show-cause notices to over 584 promoters of housing projects for not updating information related to their projects. As per the RERA Act, certain information needs to be updated every three months and financial details once a year. The regulator had expected these new developers to update the information by April 20, but they failed to do so. The regulator has given them 15 days to update the information, failing which action will be initiated.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued show-cause notices to over 584 promoters of housing projects for not updating information related to their projects. The projects were registered in January, and these notices are part of a total of 746 new housing projects worth around Rs 22,449 crore that were registered with the regulator in January, covering 50,288 apartments.
As per section 11 of the RERA Act, 2016, once a project is registered with the regulator, certain information provided by the project's promoter at the time of registration needs to be updated every three months and financial details once a year. This includes details such as the number of registrations, money received, expenditure incurred, and more. The project proponent is expected to update the details, which is aimed at benefiting the homebuyers by providing them reliable information and updates about the specific housing project, its progress, cost, and other such details easily available through the regulator's portal.
However, these 584 projects have not updated their information, which was expected by April 20 as the first quarterly report. Therefore, the regulator has issued the notices to all of them, giving them a period of 15 days to update the information. Action will be initiated against the developers who 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, the current status of the project, how many plots, flats, garages have been registered, etc.
Prior to this, MahaRERA had issued notices to around 16,000 real estate developers and promoters across the state for not providing 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.
To keep a check and scrutinize the quarterly financial progress reports of these new projects, MahaRERA will be monitoring them starting from the first quarter of registration. The regulator is ensuring that the projects are completed within the given timelines and there is no malpractice involved in the real estate sector.
The actions taken by MahaRERA are aimed at protecting the interests of homebuyers and bringing transparency in the real estate sector. It is expected that the strict regulations and monitoring by the regulator will ensure that the projects are completed within the promised timelines, and homebuyers are not affected by delays or malpractices in the sector.
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