The Maharashtra Real Estate Regulatory Authority’s (MahaRERA’s) show cause notice spree has yielded a fraction of the result. Of the 19,539 projects sent notices between December and January, only around 1,400 have acted suo moto
While MahaRERA wants to pat its back by stating, “As a result of the show cause notices issued to over 19,000 projects by MahaRERA. A very good result of this is visible and in January 700 projects’ status got changed to completed, by the respective developers.
"Not only this but also 705 other projects have applied to MahaRERA for renewal of projects. This is for the first time in the history of MahaRERA that so many projects have been completed in a single month and also for such a large number of applications for renewal.”
However, on the other hand, this means that just over 7% of the project promoters have updated the details of their projects on MahaRERA’s website, a sign of how seriously the regulatory authority is viewed by the real estate community.
“These are tactics adopted by the developers to make MahaRERA into an irrelevant body. As it is, MahaRERA has increasingly become a toothless tiger,” said a lawyer who takes up real estate-related cases.
125-150 MahaRERA projects completed every month
Yet, presenting numbers, MahaRERA officials insist that it has started making erring builders accountable. Every month anywhere between 125-150 projects were completed and details were updated on their portal voluntarily. For example, in August there were 139 such projects, September, October and November had 169, 134 and 116 projects respectively. In December, the figure stood at 138 projects. Now, in January, there is a quantum jump to about 700.
Similarly, the number of applications received for the renewal of projects used to be an average of 120 per month.
In the show cause notices sent, the developers were given 30 days to rectify the errors and comply with the regulatory law. As a majority of them have not acted on their own, the promoters will be liable for penal action by MahaRERA.
As per the Act, every quarter, the developers are supposed to update project information such as changes in building plan approvals, project progress, updated booking data, etc.
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