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Mumbai: After Maharera Notices were issued to promoters of nearly 19,000 projects, promoters of nearly 705 lapsed projects sought renewal of registration between December and January, bringing relief to many home buyers. In addition, information on 700 completed projects was updated in January.
For the first time in the history of MahaRERA, the information about the completion of so many projects in a month has been updated on the website. Similarly, MahaRERA has never seen applications for renewal of registration of these many projects in just two months, officials said.
Section 11 of the Real Estate (Regulation and Development) Act mandates that promoters need to update the status of each project registered with MahaRERA on their portal every three months, but many are not following the rules. This forced MahaRERA to issue notices to promoters of 19,539 projects in December and January, following which many have started updating the status of their projects.
A MahaRERA official claimed that this is the first time in its history that so many projects have been reported completed in a month. He said that he too has never received so many applications for renewal of registration in two months.
He said that on an average, about 125-150 projects are updated every month on the MahaRERA website. In August 2022, 139 completions of projects were updated on the website. The number increased to 169 in September, 134 in October, 116 in November, 138 in December and 700 in January 2023.
The average number of renewals was 120 per month. 29 projects were renewed in July 2022, while 138 projects were renewed in August, 116 in September, 142 in October and 178 in November. However, this number increased to 705 between December and January.
From May 2017 to March 2022, at the time of establishment of the authority, MahaRERA has been reviewing the registered projects. Promoters have been given 30 days to update the status of the projects, failure of which will attract penal action.
The information that promoters need to update every three months includes changes in approved building plans, progress of the project, etc. Annually they need to update Account Statement from CA and Quality Assurance Certificate from Engineer.
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