The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recently taken action by issuing show-cause notices to 261 real estate projects across the state. The projects in question have less than 40% of their work completed but have promised possession of their flats by December 2023. The notices were issued solely on the basis of information submitted to MahaRERA by the developers themselves. The projects are spread across different regions in Maharashtra, including 26 in Mumbai city, 94 in Mumbai suburbs, 43 in Thane, 15 in Raigad, six in Palghar, and 67 in Pune.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recently taken action by issuing show-cause notices to 261 real estate projects across the state. The projects in question have less than 40% of their work completed, but have promised possession of their flats by December 2023. The notices are part of MahaRERA's monitoring exercise, and have been issued to the developers of the projects to ascertain how they intend to complete the work within the next nine months. The notices were issued solely on the basis of information submitted to MahaRERA by the developers themselves.
These 261 projects have a total of 45,539 flats, of which 26,178 are already booked by home buyers. The projects are spread across different regions in Maharashtra, including 26 in Mumbai city, 94 in Mumbai suburbs, 43 in Thane, 15 in Raigad, six in Palghar, and 67 in Pune. MahaRERA has given the promoters 15 days to respond to the show-cause notices, and will be closely scrutinizing their replies.
A MahaRERA official explained that the regulatory body will investigate the issues in each project and determine how they can be expedited. The authority is concerned that the projects may lapse, so it is essential to act early and warn the developers of the need to complete the projects within the promised time frame. The regulatory body is keen to emphasize that it is keeping a close eye on the developers and may even send investigators to the sites and summon them for a hearing if necessary.
The issuance of show-cause notices by MahaRERA is a significant step towards ensuring transparency and accountability in the real estate industry in Maharashtra. It sends a strong message to developers that they must adhere to the rules and regulations set out by the regulatory authority, and complete projects on time. Home buyers who have invested their hard-earned money in these projects can take comfort in the fact that MahaRERA is closely monitoring the situation and taking action to safeguard their interests.
Overall, the issuance of show-cause notices to these 261 projects is a positive development for the real estate sector in Maharashtra. It demonstrates that the regulatory authorities are committed to ensuring that developers fulfil their promises and deliver high-quality homes to buyers within the stipulated timeframe. It also highlights the need for transparency and accountability in the industry, which is essential for building trust and confidence among buyers.
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