MahaRERA serves notice to 313 projects for discrepancies

Mumbai: MahaRERA on Monday issued show cause notices to 313 large projects which were red-flagged due to discrepancies seen on their registration pages. If they fail to respond in 30 days, the authority will send investigators to their respective project sites.

“The discrepancies seen in the data submitted by the promoters showed, for instance, that a project had shown 75% expenditure, but the construction percentage was only 50%. Another project had a possession deadline just six months away, but the project completion stood at less than 50%. Factors like the ratings of the promoters by market agencies, cases pending before the National Company Law Tribunal, and projects where more than 10 complaints by home buyers were pending came into play when the audit firm red-flagged these projects,” said a MahaRERA senior official.

The exercise is part of the monitoring of projects registered on its portal by the promoters. MahaRERA appointed a special audit firm to examine projects, which are large and involve big investments.

The authority has also decided that experienced invigilators will be sent for personal inspection of promoters who do not respond within 30 days.

As part of its project monitoring exercise, the authority has served notices to 19,539 lapsed projects to update their information and provide real-time status of their projects. It was found that 700 projects were already completed when their data was updated, and 705 other projects applied for re-registration.