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Maharashtra Real Estate Regulatory Authority (Maharera) has issued cancellation notices to over 563 promoters of housing projects in the state for not updating information related to their projects.
These are part of a total of 746 new housing projects, comprising 50,288 apartments worth about Rs 22,449 crore, that were registered with the regulator in January.
As per the Real Estate (Regulation and Development) Act, 2016, once a project is registered with the regulator, certain information provided by the promoter of the project at the time of registration has to be updated every 3 months and financial statements annually Only one update is required.
The project proponent is expected to update details like number of registrations, funds received, expenses incurred.
A home buyer is expected to benefit from this as reliable information and updates about specific housing project, its progress, cost and many such details are easily available through the regulator’s portal.
To update this information, MahaRERA had issued 15-day show-cause notices to all these developers in May.
And out of these 183 developers have updated their quarterly reports on the website. The regulator has taken serious note of the apathy shown by the remaining 563 developers towards home buyers and has issued show cause notices to all of them as to why the registration of their projects should not be cancelled.
The regulator has directed these developers to respond within a period of 45 days and failure to respond within this period may result in cancellation of project registration.
In case of cancellation of registration, all the transactions of the project like bank account, new registration, construction may be suspended.
Earlier, MahaRERA had issued notices to around 16,000 real estate developers and promoters across the state for not getting satisfactory response regarding information about their projects.
As part of enabling a close monitoring system, the regulator has started reviewing projects registered since its inception in May 2017 till March 2022.
Subsequently, in January, MahaRERA had issued show cause notices to 19,500 projects which had not updated project information as mandated as per section 11 of the Real Estate (Regulation and Development) Act, 2016. However, over 16,000 project promoters had not responded either. or submitted unsatisfactory responses to these notices.
From here on, MahaRERA will scrutinize and scrutinize the quarterly financial progress reports of these new projects starting from the first quarter since registration.
While updating the form for withdrawal of money from the designated bank accounts, the developer needs to submit three separate certificates to the scheduled bank and also to MahaRERA through the online portal while submitting the same to the banks. of each withdrawal.
As part of regular updates, developers are expected to provide other details as and when they are changed, including changes in the encumbrance report and updates from the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI). information is included.
Project promoters are also expected to update any change in project professionals, including architect, engineer, chartered accountant, real estate agents, formation of legal entity or society, within a period of three months, as most allottees have Have booked your plot or apartment or building.
