291 projects face MahaRERA axe if no updates by Nov 10 – ET Infra

PUNE: MahaRERA on Monday said 291 real estate projects, including 63 from the district, could face deregistration with the developers concerned not uploading the quarterly project report details on its website despite being issued notices last month.

“If these developers do not respond by November 10, Maharashtra Real Estate Regulatory Authority (MahaRERA) may dergesier the projects. If the developers want to restart the projects they would have to register again,” a senior MahaRERA official told TOI on Monday.

Of these 291 projects that face deregistration,104 are registered from the Konkan region, covering Mumbai, and 63 are from Pune district.

Last month, MahaRERA had send notices to developers of 363 real projects for not uploading the quarterly project report details on its website. Developers of 72 such projects responded to the notices by paying Rs 50,000 penalty and uploading the details. “The developers have the last chance of uploading the quarterly details of the projects or face deregistration. These are projects that were registered this year,’‘shared MahaRERA officials.

All developers, according to Real Estate (Regulation and Development) Act [RERA], have to upload the quarterly details of the projects. The details include progress of the projects, amount used and the target completion dates. These regulations require every developer to update the prescribed statement forms on a quarterly or annual basis. MahaRERA has called for strict implementation of the provisions to empower consumers with transparent information.

Homebuyers were of the view that such quarterly updates helped them understand the progress of the projects. “The details uploaded on the website will help the homebuyer understand whether the developer has been transparent with the details,” said Pratap Jadhav, a homebuyer.

Mini Menon, who was planning to invest in a project, checked the website and found the name of the builder on the list for not updating the project report. “I will only invest in the project after the developer uploads the details,” she told TOI.

Cancellation of these projects aims at ensuring that consumers have access to transparent and timely information. This can safeguard their investments in housing projects.

MahaRERA, after issuing the notices to the developers last month, had called for restriction of further sales, marketing or advertising of tho se projects. The sub-registrars were also directed not to register sale agreements and sale deeds of flats in the suspended projects.

  • Published On Oct 10, 2023 at 03:42 PM IST

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