Notices to 2,000 housing projects in Maharashtra have been sent by MahaRERA, the real estate regulatory body of the state, for failure to update mandatory project information on the MahaRERA portal that will be of benefit to homebuyers. Additionally, the regulatory body is sending notices to another 16,000 projects, going forward.
MahaRERA has notified that failure to address the breach within 30 days will result in the regulatory body imposing a penalty of around 30%.
See also: MahaRERA grants permission to developers to de-register a residential project
In the scrutiny of MahaRERA are promoters registered with the regulatory body from 2017. According to the RERA Act, it is mandatory for developers to update information about the status of their project once in 3 months on the MahaRERA portal. Owing to Covid-19, developers could submit the project information as a single affidavit during the year end, but from 2022-23, the practice of updating information quarterly started again.
As per RERA Act section 11, a developer has to keep 70% of the money received from homebuyers in a separate bank account that is linked with the project RERA registration number. While withdrawing funds from this account, a developer has to upload project engineer’s certificate, architect’s certificate and chartered accountant’s certificate that state the status of project completion and construction costs. It is also important to update the portal quarterly with the number of units sold in the project. Also, the account where the project money is parked has to be audited every 6 months to keep check on whether the money being used is proportional to project construction.
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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