By Staff Reporter
In a decisive move, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended 248 projects out of the 700 registered in February for their failure to submit mandatory quarterly reports. Additionally, another 224 projects registered in March are on the brink of facing suspension, according to an official statement released on Monday.
Developers of projects registered in February were required to submit their quarterly reports by July 20, while those registered in March had an extended deadline until October 20. Despite the clear stipulations under RERA (Real Estate Regulatory Authority), a significant number of developers have not adhered to the reporting requirements.
Notices were issued to all 700 projects registered in February, with 248 of them failing to comply with the reporting mandate. Similarly, out of the 443 projects registered in March, 227 did not submit the required quarterly reports. When under suspension, developers are restricted from proceeding with various activities, including sales agreements, marketing, and other crucial aspects of project development, as per the official statement.
Ajoy Mehta, the Chairman of MahaRERA, expressed disappointment at the lack of compliance with RERA norms by some developers. He emphasized that such non-compliance would not be tolerated, underlining MahaRERA’s commitment to transparency for property buyers. The authority aims to provide potential buyers with comprehensive and accurate information, enabling them to make informed decisions about their property investments.
The suspension of projects for non-submission of quarterly reports underscores the regulatory authority’s dedication to upholding industry standards and ensuring developers adhere to the prescribed guidelines. This proactive approach not only fosters transparency but also serves to protect the interests of property buyers, preventing potential legal issues associated with non-compliant projects.