Pune : Real Estate Regulatory Authority has issued show-cause notices to 584 of the 746 new housing projects registered in January for not updating quarterly information.
The notices have been issued as these the project-related update information was not updated on the website by April-end, said the MahaRERA officials on Monday . These projects are worth approximately Rs 22,449 crore and have about 50,228 units, they added. As per section 11 of the RERA Act , 2016, once a project is registered with the regulator, the information provided by the project’s promoter at the time of registration needs to be updated every three months. This information pertains to unit bookings, money received, expenditure incurred, changes in plans besides other crucial details. The developers who have been issued the show-cause notices have been directed to update the information within the next 15 days or face action. Read more...