October 10, 2023: The Maharashtra Real Estate Regulatory Authority (MahaRERA) on October 9, 2023, announced that the authority will cancel registrations of 291 realty projects if they do not update their Quarterly Progress Reports (QPR) on the MahaRERA website and pay a penalty for non-compliance by November 10, 2023.
All the realty projects were registered in January 2023 and had to update the QPR by April 2023. The MahaRera initially gave a warning by sending a 15-day notice. Failure to comply led the regulatory body to send a 45-day show cause notice in September 2023 to these erring developers.
MahaRERA had sent notices to 363 developers to update details about their projects. Of this, 72 developers have updated their project details and also paid a penalty of Rs 50,000. The MahaRERA is verifying the details updated by these developers.
Around 291 developers have to still adhere to the MahaRERA compliance.
Effects of cancelation of project registration by MahaRERA
- Sealing of bank accounts that are linked with the projects
- Developers can’t sell or market their projects.
- Instructions were given to stamp duty and registration offices to not carry out agreements for the sale of these projects.
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