The Maharashtra Real Estate Regulatory Authority (MahaRERA) has raised concerns on 212 housing projects spread across the state. These projects were launched between January and April 2023 and since no information on their construction status has been provided to the housing regulator, thereby making them doubtful.
"After registering a project with MahaRERA, it is mandatory to submit Quarterly Progress Report (QPR) in a prescribed format on the regulator’s website. Therefore, it is evident that these developers are not taking their projects and regulations seriously, as required. This negligence in fulfilling compliance and commitments towards homebuyers poses a significant risk. Therefore, to caution people, and save them from risking their life long savings, MahaRERA has published a district-wise list of such projects on its website" said an official.
According to statistics released by MahaRERA, Mumbai Metropolitan Region and Konkan have the highest number at 76, followed by Pune region at 64, North Maharashtra with 31, Vidarbha with 21 and Marathwada with 20.
Pune Leads In Non-Compliant Projects
District wise Pune has the maximum number of projects at 47. Following Pune are Nashik and Palghar to have 23 projects each. Thane has 19 such housing projects, Raigad with 17, Sambhaji Nagar has 13 and Nagpur with 8 projects.
"In addition to Section 11 Regulation Rules 3, 4 and 5 of the Real Estate (Regulation and Development) Act, as per Section 3 and 4 of Order No 33/2022 dated July 5, 2022, every developer is required to submit the prescribed statement forms quarterly/ annually to MahaRERA and update them on the website" said an officials.
"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" he said.
Non-Compliant Projects To Face MahaRERA's Action
According to MahaRERA, out of 2,369 projects registered with MahaRERA between January and April 2023, 886 of them had not submitted Quarterly Progress Reports. Consequently, notices were issued under Section 7, providing them with a 30 days window for rectification. Section 7 allows the regulator to suspend the project and freeze the project's bank account, banning all transactions. Thereafter, reminders were also sent to them. Later, penalty was levied on 672 projects, 244 of whom failed to update Quarterly Progress Reports despite payment of penalties. Attempts are underway to get them to update the project’s status.
"Of the total defaulters, 60 projects were registered in January 2023, 58 in February 2023, 40 in March 2023 and 56 in April 2023, thus, a total of 212 projects have not responded to all the communications of MahaRERA. Hence, due to their indifferent approach, MahaRERA has finally made their names public ( website ) to caution homebuyers and safeguard their interests" further added officials.
