Real Estate

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has come down hard on developers who have failed to update details of their projects on the regulator’s website. Show cause notices have been served to 584 developers for not adhering to the requirement of submitting quarterly updates on details such as the total number of bookings and registrations, expenditure incurred on the project, construction status, litigation, changes to the project, and amount received from homebuyers. The developers had been directed to update the information by April 20, but only 162 of them followed the rule.

The registered housing projects, which totalled 746, include around 50,288 flats worth about ₹22,449 crore. MahaRERA has made it clear that all forms must be updated without delay from the first quarter, and the regulator will monitor the quarterly financial progress report of the projects from the first quarter onwards. Developers are required to open a separate account in a nationalized bank for each project, and 70% of the money coming from customers must be kept in this account. MahaRERA will take action against developers who remain indifferent to the rule.

As of 30 April 2023, there were 4,241 Real Estate projects in Maharashtra. Of this, 2,486 were under various stages of execution.

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