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Mumbai: The Maharashtra real estate regulator Pointing out several shortcomings in the report of an external auditor, the authority on Monday said it has issued show cause notices to 313 mega projects across the state.
An official statement said the watchdog has appointed a reputed audit firm as part of its mandate to look into projects at the micro-level, and notices have been sent to projects that have been red-flagged by the firm .
The drawbacks include the total expenditure incurred by a developer, which does not reflect on the ground, stating that there are situations where a developer has claimed 75 per cent of the budgeted expenditure, while the project is only 50 per cent complete.
Similarly, there are situations where the targeted date of completion is less than six months away, but the work is less than half completed, the statement said. MahreraData from developer ratings and bankruptcy courts.
Mahrera’s statement said that professionals having experience in banks and income tax recovery wing have been asked to visit such projects and investigate.
If any developer does not cooperate, the report of an investigator will be treated as final and action will be initiated, the statement warned.
Of the projects to which notices have been issued, suburban Mumbai has the maximum number of 109 projects, followed by neighboring Thane at 58, Pune The statement said that at the age of 56 and Mumbai City at the age of 44.
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