Failing to update project information, MahaRERA issues registration cancellation notices to the promoters of almost 563 real estate developers.
Per the Real Estate Act of 2016, after any real estate project is regulated by a regulator, some information must be updated every three months, and the financial details must be updated once a year.
The real estate developers must update the details like the number of registrations done, money received by them, expenditures and more. They must also update about any changes in the professionals involved in their specific real estate projects, like engineers, architects, real estate agents, chartered accountants and more!
In May 2023, MahaRERA notified around 746 developers for failing to update their quarterly progress report and financial closure on the MahaRERA website. 183 developers, considering the notice, updated the details. However, 563 developers are still lagging in updating the details.
Out of 563 developers, 124 are from Pune, 98 are from Nashik, 71 are from Thane, 48 are from Nagpur, 38 are from Mumbai, etc.
The notice issued on 18 July 2023 states that if the developers fail to update the information required within 45 days, along with the cancellation of projects, transactions like bank, construction, and new registration of projects will be stopped.
The notice by MahaRERA states, “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 to show cause within 45 days mentioned herein, necessary orders as deemed fit shall be passed by the Authority entirely at your risk as to cost and consequences.”