The MahaRERA has issued cancellation notices to over 563 promoters of housing projects in the state not updating information related to their projects.
These are part of a total 746 new housing projects covering 50,288 apartments worth around Rs 22,449 crore that were registered with the regulator in January.
As per the Real Estate (Regulation & Development) Act, 2016, once a project is registered with the regulator, certain information provided by the project’s promoter at the time of registration needs to be updated every 3 months and financial details once in a year. The project proponent is expected to update details such as number of registrations, money received, expenditure incurred.
A homebuyer is expected to benefit from this with reliable information and updates about the specific housing project, its progress, cost and many such details are easily available through the regulator’s portal. MahaRERA had issued a 15-day show-cause notice to all these developers in May to update this information. And of these, 183 developers have updated their quarterly reports on the website. Read more...