Maharashtra Real Estate Regulatory Authority has again cracked the whip on new real estate projects registered in January this year whose details have not been uploaded with the regulator.
Out of 746 housing projects registered with MahaRERA in January, 584 projects were issued show cause notices for not updating the quarterly forms, containing details on the registration, money received from home buyers, its usage and project details every three months. The developers had been directed to update the information by April 20.Over 580 of them have not provided the details. They have been given 15 days to update the details or face action.
The 746 new housing projects translate into 50,288 flats worth about ₹22,449 crore.
Also read: MahaRERA sends show cause notices to 14 developers for not displaying registration numbers
Monitoring financial progress
MahaRERA has taken a clear stand that all forms should be updated without delay from the first quarter. “Carelessness and delay in this regard will not be tolerated,” it said. The regulator is going to monitor the quarterly financial progress report of the projects from the first quarter.
Under MahaRERA rules, developers must open a separate account in a nationalised bank for each project and 70 per cent of the money coming from customers have to be kept in this account. Submissions certified by the project engineer, architect and chartered accountant of each project are required to be submitted at the time of withdrawal of the amount.
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