Of the 18000 plus real estate projects in Maharashtra that were sent MahaRERA notices on failure to update project related information, around 1,400 have acknowledged and reverted to the notice.
While 700 of these projects have updated their information, another 700 will be updating the information before the next 30 days. The MahaRERA expects more projects to respond to the show -cause notice and furnish project details.
Under Section 11, of the RERA Act, it is mandatory for developers to update all their project related information, including construction status, money spent, number of units booked, etc., on a quarterly basis. Failure to update the same attracts a penalty that can be around 30% of the total cost of the project.
