The Maharashtra Real Estate Regulatory Authority (MahaRERA) has served show-cause notices to 584 developers for not updating details on its website. In January, 746 new housing projects registered with the regulator.
They were expected to update the requisite information on the website by April 20, however, just 162 developers have followed the rule. Collectively, there are 50,288 flats worth around ₹22,449 crore in these projects.
According to the regulation, it is imperative that developers register and update information about their projects on MahaRERA's website.
Info needs to be updated every quarter
The details include total number of bookings and registrations done, amount received, expenditure incurred on the project, construction status, litigation, changes to the project, etc. These details should be updated every quarter. The requirements to abide by the rules are detailed out to the developers at the time of registering their projects.
“MahaRERA has a clear stand that all the forms should be updated without any delay from the first quarter itself. Therefore, carelessness and delay in this regard will not be tolerated. We are going to monitor the quarterly financial progress report of the projects from the first quarter onwards. All of them (584 developers) have been given a period of 15 days to update the project information. If they remain indifferent, then action will be initiated against the developers,” said an official.
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