The Maharashtra Real Estate Regulatory Authority (MahaRERA) has flagged 212 projects in the state, launched during January to April 2023, that have not updated the regulator about their construction status, raising doubts about their progress and concern that they may not be keeping to their timelines.
MahaRERA has made it mandatory for all projects to submit quarterly progress reports in a specific format. The regulator said, “no information on their construction status has been provided to the housing regulator,” making their progress doubtful.
“It is evident that these developers are not taking their projects and regulations seriously, as required,” the state regulator said in a release. “This negligence in fulfilling compliance and commitments towards homebuyers poses a significant risk. Therefore, to caution people, and save them from risking their lifelong savings, MahaRERA has published a district-wise list of such projects on its website,” it added.
Among these, Pune has the maximum number of projects at 47, followed by Nashik and Palghar with 23 projects each. Thane has 19 such housing projects, Raigad has 17, Sambhaji Nagar has 13 and Nagpur 8 projects.
Mumbai Metropolitan Region and the Konkan region have the highest number projects at 76, North Maharashtra with 31, Vidarbha with 21 and Marathwada with 20.
Every developer is required to submit the prescribed statement forms quarterly and annually to MahaRERA and update them on the website. This helps in closely monitoring of construction, expenses, and related aspects. It also helps in identifying discrepancies, if any, and allows homebuyers to access the required project related information they have invested in or want to invest in.
Out of 2,369 projects registered with MahaRERA between January and April last year, 886 had not submitted Quarterly Progress Reports. Notices were issued to such projects providing them with a 30-day window for rectification. The regulator has the authority to suspend the projects and freeze the project’s bank accounts, banning all transactions.
Reminders were also sent to them and later, penalty was levied on 672 projects, 244 of whom failed to update the progress reports despite payment of penalties. Attempts are underway to get them to update the project’s status, MahaRERA said.
Of the total defaulters, 60 projects were registered in January 2023, 58 in February 2023, 40 in March 2023 and 56 in April 2023.