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.
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: anuradha.ramamirtham@housing.com
Related Posts
Maharashtra becomes the first state to initiate conciliation mechanism under RERA.
MahaRERA to start investigations on 300 projects over financial mismatch.
Maharashtra to build 30,000 affordable housing units over two years.
Maha govt postpones auction of Nirmal Developers’ Mulund plot.
Bank of Baroda seizes Nirmal Mall over loan default.
MahaRERA starts 1st batch of agent training programme.
