MahaRERA will issue show-cause notices to 18,000 builders failing to update details of their registered projects every three months.
Section 11 of the Real Estate (Regulation and Development) Act states that information on registered projects pertaining to details such as financial disclosures and chartered accountant and architects certificates must be updated every quarter. A MahaRERA official said the developers have to respond to the notices within three months from the date of receipt.
The authority has issued 2,000 such notices till January 10 and would complete the process of issuing the rest of the notices in a month. “Earlier, auto-generated emails were sent to such developers. But they have not responded. The show-cause notices have been sent and they will now have to respond within a month or 30 days, or face penal action as decided by the authority,” the official said.
The 18,000 projects are a mix of old and newly registered and lapsed projects. Most of the projects are from Mumbai, Pune, Thane and Nagpur.
Abhay Kele, secretary of Pune NARDECO, said such checks were important and would ensure transparency in the real estate sector. “This will benefit both homebuyers and developers. We would encourage the developers to abide by the rules,” he said.
Homebuyers said such an arrangement should have been in place from the beginning. Nita Parekh, who has recently invested in a project in Pune, said regular updates of necessary information by the developers would help all track projects. “We have been visiting the site of the project where we have invested. But it will be better if there’s a quarterly update. We can then be certain about timely completion of the project,” she said.
