Real Estate regulator Maharashtra Regulatory Authority of India (MahaRERA) has issued notices to 563 real estate developers in Maharashtra warning of cancellation of their registration owing to non-compliance of uploading details on the website of MahaRERA for the homebuyers.
Out of the total 563 developers, Pune tops the list with 124 developers being non-compliant despite being issued notices earlier.
Background
The MahaRERA had in May 2023, issued notices to around 746 developers for non-compliance of uploading quarterly progress reports and other project details including financial disclosures on the website of the MahaRERA. Out of the 746 developers, 183 developers complied and uploaded details.
However, according to MahaRERA, 563 developers have not complied by not uploading details in the public domain despite receiving notices.
Warning notice giving 45 days:
“If the required information is not updated and responded within 45 days, the registration of the project will be canceled and all transactions like bank, construction, new registration of the project will be stopped,” the MahaRERA said in a statemen issued on July 18.
The notice issued by MahaRERA to developers reads, “You have chosen not to comply with the above-referred provision of Section 11(1) of the Act despite issuance of service of the notice. Please note that, if you fail show cause within the time period of 45 days mentioned herein, necessary orders as deemed fit shall be passed by the Authority entirely at your risk as to cost and consequences.”
Under the RERA Act, developers are required to submit project status, the financial position of the project, booking numbers, annual reports and other details.
Where are the projects?
According to a list shared by MahaRERA, out of 563 developers who have not complied, maximum non-compliant 124 developers are from Pune district, 98 in Nashik district, 71 in Thane district, 48 in Nagur district and 38 from Mumbai etc.
Non-compliance ratio
On February 18, Moneycontrol reported MahaRERA’s statement of around 75 to 80 percent of ongoing registered projects in Maharashtra not regularly uploading quarterly progress reports on the project status and finances.
Sanjay Deshmukh, Nodal Officer for MahaRERA’s lapsed project vertical, during a panel discussion on February 17, had said, “As per the RERA Act, a developer is supposed to submit quarterly and annual reports. However, for about 75-80 percent of the ongoing projects, quarterly reports were not uploaded. We have issued notices and developers have begun the compliance process.”