MahaRERA notice to developers for not updating project info

Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has started serving show cause notices to 18,000 developers for not updating housing project information on the regulatory body’s portal.

The MahaRERA has conducted a review of over 39,000 ongoing real estate projects registered on its portal and found that nearly 18,000 promoters have not updated the information once every three months, as mandated by the provisions of the Real Estate (Regulation and Development) Act (RERA).

The Authority has started serving show-cause notices on their email asking why action should not be taken against them for the violation. So far, the regulator has served 2,000 notices and is expected to serve notices to all 18,000 by the end of January. The authority plans to levy penalties up to 30% if the developers failed to respond to the notice within 30 days.

Under the RERA provisions, the MahaRERA is expected to provide updated information to buyers to enable them to make an informed choice before investing into a housing project. The authority also geo-tagged each project in the state to provide precise data to home buyers on nearby amenities like hospitals, schools and connectivity points at the click of a button.

The provision states that the promoters should provide quarterly updates on the list of booked flats, garages, list of approvals obtained and approvals that are pending after obtaining the commencement certificate.

The promoters are also expected to upload all documents related to the conveyance of the project and borrowings on the project.

“All promoters are expected to provide the mandated information from 2017-18 to 2021-22. It is possible that during the Covid pandemic, the information was not updated. Therefore, the Authority had allowed promoters to submit the information in a single affidavit at the end of the year. But, from 2022-23, they are expected to provide updates on a quarterly basis,” a MahaRERA official said.