[ad_1]
Pune, Maharera The government will issue show-cause notices to 18,000 builders who fail to update details of their registered projects every three months.
Section 11 of the Real Estate (Regulation and Development) Act mandates that information on registered projects relating to details such as financial disclosures and chartered accountant and architect certificates must be updated every quarter. A MahaRERA official said that the developers will have to respond to the notices within three months from the date of receipt.
The authority has issued 2000 such notices till January 10 and will complete the process of issuing the remaining notices in a month. “Earlier, auto-generated emails used to be sent to such developers. But he has not given any answer. Show cause notices have been sent and they now have to respond within a month or 30 days or face penal action as decided by the authority.
The 18,000 projects are a mix of old and newly registered and lapsed projects. most are from the project MumbaiPune, Thane and Nagpur.
Pune Nardeco secretary Abhay Kele said such checks were important and would ensure transparency in the real estate sector. “This will benefit both homebuyers and developers. We will encourage developers to follow the rules,” he said.
Homebuyers said such a system should have been in place from the very beginning. Neeta Parekh, who recently invested in a project in Pune, said regular updating of information required by developers would help track all projects. “We are visiting the site of the project where we have invested. But it would be better if there is a quarterly update. Then we can be sure about the timely completion of the project,” he said.
[ad_2]
Source link