After the MahaRERA issued notices to promoters of about 19,000 projects, promoters of as many as 705 lapsed projects have sought for renewal of registrations between December and January, bringing relief to many homebuyers. In addition, information on 700 completed projects was updated in January.
For the first time in the history of MahaRERA, information about completion of these many projects have been updated on the website in a month’s time. Similarly, MahaRERA has never witnessed applications for renewal of registration of these many projects in just two months, stated officials.
Section 11 of the Real Estate (Regulation and Development) Act states that promoters need to update the status of each project registered with MahaRERA every three months on their portal, but many have not been adhering to the rules. This forced MahaRERA to issue notices to the promoters of 19,539 projects in December and January, following which many have started updating the status of their projects.
An official from MahaRERA claimed that this is the first time in its history that an update on completion of so many projects have been reported in a month. He added that they also have never received so many applications for renewal of registration in two months.
On an average, information of about 125-150 projects being completed is updated every month on MahaRERA website, he said. In August 2022, 139 completions of projects were updated on the website. In September 169 projects, 134 in October, 116 in November, 138 in December, and the numbers went up to 700 in January 2023.
The number of renewals had an average of 120 per month. In July 2022, 29 projects were renewed, while in August 138 projects, 116 in September, 142 in October and in November 178 projects. However, between December and January, the number went up to 705.
MahaRERA has been reviewing the projects registered for the time the authority has been established, that is from May 2017 till March 2022. The promoters have been given 30 days to update the status of the projects, failure of which will lead to penal action.
The information that the promoters need to update every three months includes changes in approved building plans, progress of the project, etc. Annually they need to update accounts statement from CA and quality assurance certificate from engineer.