[ad_1]
Maharashtra Real Estate Regulatory Authority (Maharera) has issued show cause notices to over 584 promoters of housing projects, which were registered in January, 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 section 11 of Rare Act, 2016, once the project is registered with the regulator, certain information provided by the project promoter at the time of registration needs to be updated every 3 months and the financial statement once a year. The project proponent is expected to update the details like number of registrations, funds received, expenditure incurred.
A homebuyer is expected to benefit from this, as reliable information and updates about a specific housing project, its progress, cost and many such details are easily available through the regulator’s portal.
These new developers were expected to update this information by April 20 as of the first quarter report. However, these 584 projects have not updated this information and hence the regulator has issued notices to all of them.
All of them have been given a period of 15 days to update the information and as expected action will be initiated against non-compliant developers.
Every developer is required to update the information in the prescribed return forms on the website of the regulator on quarterly and annual basis. This includes important matters related to the customers like changes in the approved building plan, current status of the project, how many plots, flats, garages are registered, etc.
before this, Maharera Notices were issued 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. To these notices or have submitted unsatisfactory responses.
From here on, MahaRERA will scrutinize and scrutinize the quarterly financial progress reports of these new projects starting from the first quarter of registration.
[ad_2]
Source link