Mumbai: After MahaRERA issued notices to 10,773 lapsed projects, the regulatory authority put in abeyance registration of 1,950 projects, as they failed to respond to the notices. Their bank accounts were frozen. Developers of 5,324 housing projects responded to the notices. MahaRERA may initiate action against the 3,499 projects that also failed to respond to notices.
The regulatory authority issued show cause notices to the developers of the projects that failed to update MahaRERA about the status of their project, despite the elapse of the project completion deadline. The developers were provided with a 30-day window to update their project’s information.
Accordingly, promoters of 5,324 housing projects replied to the show cause notices issued by MahaRERA. Of these, promoters of 3,517 projects submitted their Occupancy Certificates, and promoters of 524 projects applied for the extension of the project deadline. The response of the remaining 1,283 projects is being scrutinised by MahaRERA.
For those who did not respond to MahaRERA notices, action was initiated to keep the registration of 1,950 projects in abeyance, and their bank accounts were frozen. Restrictions related to transactions have been put in place for these projects.
Similarly, the authority may initiate similar action against the promoters of the remaining 3,499 housing projects, which failed to respond to the notices issued by MahaRERA.
Promoters have to state the project’s completion date while registering the project with MahaRERA. Once the project is completed as per the date stated by the developer, the developer is required to submit Form 4 along with the Occupancy Certificate. If work on the project is not completed by the date stated, then the developer has to apply for an extension of the deadline for the project. If the project becomes unfeasible, the developer has to apply for de-registration. Besides, the developers are required to mandatorily submit a quarterly progress report and annual progress reports on MahaRERA’s website.
MahaRERA Chairman Manoj Saunik said, “Every housing project is required to update the project’s status on the MahaRERA website periodically. However, in practice, it has been happening to a limited extent. After a review of registered projects in January 2023, it was discovered that only three out of 748 projects updated the required information. After a series of follow-ups, there has been a significant improvement in the flow of information. This is evident from the responses received to the show cause notices issued to lapsed projects.”|
Mumbai: After MahaRERA issued notices to 10,773 lapsed projects, the regulatory authority put in abeyance registration of 1,950 projects, as they failed to respond to the notices. Their bank accounts were frozen. Developers of 5,324 housing projects responded to the notices. MahaRERA may initiate action against the 3,499 projects that also failed to respond to notices.
The regulatory authority issued show cause notices to the developers of the projects that failed to update MahaRERA about the status of their project, despite the elapse of the project completion deadline. The developers were provided with a 30-day window to update their project’s information.
Accordingly, promoters of 5,324 housing projects replied to the show cause notices issued by MahaRERA. Of these, promoters of 3,517 projects submitted their Occupancy Certificates, and promoters of 524 projects applied for the extension of the project deadline. The response of the remaining 1,283 projects is being scrutinised by MahaRERA.
For those who did not respond to MahaRERA notices, action was initiated to keep the registration of 1,950 projects in abeyance, and their bank accounts were frozen. Restrictions related to transactions have been put in place for these projects.
Similarly, the authority may initiate similar action against the promoters of the remaining 3,499 housing projects, which failed to respond to the notices issued by MahaRERA.
Promoters have to state the project’s completion date while registering the project with MahaRERA. Once the project is completed as per the date stated by the developer, the developer is required to submit Form 4 along with the Occupancy Certificate. If work on the project is not completed by the date stated, then the developer has to apply for an extension of the deadline for the project. If the project becomes unfeasible, the developer has to apply for de-registration. Besides, the developers are required to mandatorily submit a quarterly progress report and annual progress reports on MahaRERA’s website.
MahaRERA Chairman Manoj Saunik said, “Every housing project is required to update the project’s status on the MahaRERA website periodically. However, in practice, it has been happening to a limited extent. After a review of registered projects in January 2023, it was discovered that only three out of 748 projects updated the required information. After a series of follow-ups, there has been a significant improvement in the flow of information. This is evident from the responses received to the show cause notices issued to lapsed projects.”|
