The MahaRERA on February 10, 2023 issued a notification stating that developers can de-register themselves from a real estate project, if unable to proceed with it.
Reasons such as problems in finances, litigations, change in government regulations, family disputes, etc., can lead a developer to start the project he announced or make him incapable of completing the project construction, if already started.
However, the MahaRERA allows developers to de-register on the basis of conditions that projects which have no bookings only will be considered for de-registration. In case of projects having more than a single booking, then the affected homebuyers have to be first settled monetarily by the developer post which he can opt for the de-registration process.
The regulator, on February 13, 2023, also issued an order stating that registered real estate agents have to submit half yearly reports starting FY24.
The half yearly progress report from April to September has to be submitted by uploading on the registered webpage on the MahaRERA website before October 20, and the half yearly progress report from October to March has to be submitted before April 20. Failure to upload the detailed report will result in action taken on the agents by MahaRERA.
Information about all the real estate transactions done by the agents in that specific period of time, including the realty projects that have been given by developers to them for the purpose of sale, has to be mentioned in detail in the half yearly report. To ensure transparency, the half yearly reports uploaded by the agents will be available for home buyers to see, barring the financial transactions done by them.
As on February 6, 2023, there are 41,646 agents in Maharashtra. Of this, 39,934 are registered and 1,712 are not registered. This rule impacts all the registered agents.
With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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