Maharera Notice
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By Staff Reporter

MUMBAI: MahaRERA, the Maharashtra Real Estate Regulatory Authority, has recently taken action against a significant number of new housing projects for failing to provide mandatory updates on their progress. Out of the 746 projects registered in January, a staggering 78% of them, totaling 584 projects, received notices from MahaRERA.

The notices were issued because these projects had not provided tri-monthly details regarding the amount of money spent on the projects, the funds collected from homebuyers, and the number of flats that had been booked. These updates are required to be submitted through forms 1, 2, and 3 on the MahaRERA website. The aim of these forms is to make essential project information easily accessible to potential investors.

The 746 projects under scrutiny comprise over 50,000 flats with a total value of more than Rs 22,000 crore. Promoters of these projects have been given 15 days to update the required forms, having missed the deadline for the first quarterly report due on April 20. In addition to quarterly reports, promoters are also expected to provide information on an annual basis, including any changes to the approved building plan and the project’s status.

MahaRERA has been actively reviewing projects registered since its inception in May 2017 and has issued show cause notices to promoters of a staggering 19,500 projects that failed to update necessary project information through forms and certificates on the regulatory body’s website. Out of these notices, around 3,500 promoters responded, while an additional 16,000 projects required a second notice from MahaRERA.

The actions taken by MahaRERA highlight the authority’s commitment to ensuring transparency and accountability in the real estate sector. By enforcing mandatory updates, MahaRERA aims to protect the interests of homebuyers and provide them with essential information to make informed investment decisions.

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