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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has garnered a substantial response to the 10,773 notices issued to developers of lapsed housing projects. Out of these, 5,324 developers have responded, with many submitting occupancy certificates or seeking deadline extensions. Strict actions, including freezing bank accounts and halting transactions, have been implemented against 1,950 non-compliant projects, with similar measures underway for an additional 3,499. MahaRERA emphasises regular updates on project progress, aiming to enhance transparency and protect homebuyers' interests.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has witnessed a significant and positive reaction to the 10,773 notices it issued to developers of lapsed housing projects. These notices were sent to projects that failed to update their progress on MahaRERA's platform, even after their completion deadlines had expired. Developers were given a 30-day window to provide the necessary updates. Advertisement
As of now, developers of 5,324 projects have complied, with 3,517 submitting their occupancy certificates and 524 applying for deadline extensions. However, responses from 1,283 projects are still under review. For 1,950 projects that did not reply, MahaRERA has already suspended their registrations, frozen their bank accounts, and imposed transaction restrictions. A similar process has begun for 3,499 other non-responsive projects.
When registering a project, developers must clearly state its proposed completion date. If the project is not completed by the deadline, they are required to either submit the necessary occupancy certificates, apply for an extension, or deregister the project if progress halts. Quarterly and annual progress reports are also mandatory, ensuring transparency and accountability.
MahaRERA Chairman, Mr Manoj Saunik, highlighted the Act's objective of ensuring accountability and transparency. He noted a significant improvement in compliance rates following the issuance of show cause notices, although challenges remain with projects that have failed to respond.
MahaRERA has implemented strict measures against non-compliant projects, including cancelling registrations, imposing penalties, and instructing Joint District Registrars to not register sale or purchase of any flat in such projects. Bank accounts of the defaulting projects have also been frozen. This regulatory approach aligns with its mandate to safeguard homebuyers and maintain financial discipline in the real estate sector.
These actions not only ensure timely project updates but also set a benchmark for transparency in the real estate industry, fostering trust and reliability for stakeholders. The consistent efforts reflect MahaRERA's commitment to upholding its regulatory responsibilities effectively.
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