July 19, 2023: Over 563 developers in Maharashtra have been issued warning notices of cancellation of their project registration by the Maharashtra Real Estate Regulatory Authority (MahaRERA). This step has been taken over the developers not complying with uploading the quarterly progress report details including finances on the MahaRERA, which is a mandatory guideline specified by the regulatory body.
In May 2023, MahaRERA had sent notices to 746 developers of cancelling their registration over not sharing mandatory project details. Of this, 183 developers uploaded the details. The remaining have been sent notices again now.
As per the notice sent by MahaRERA to the errant developers, they are given a time period of 45 days within which if they fail to upload the mandatory details, the project registration will be cancelled. Along with that things like project construction, bank transaction and new project registration of the developer will come to a halt.
Of the 563 developers, 124 are from Pune, 98 from Nashik, 71 from Thane, 48 in Nagpur and 38 in Mumbai.
Note that according to the Section 11 of Rera Act, developers should update project information on the MahaRERA portal every three months. This should include details like construction status, costs, etc. Failure to update information will result in strict actions like penalty and even project registration cancellation.
See also: MahaRERA seeks project status update from over 16,000 builders
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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.
Email: [email protected]
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