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MahaRERA, the regulatory authority overseeing real estate projects in the state of Maharashtra, has taken a resolute stance regarding the registration of suspended real estate projects. Builders of 291 such projects have been given a stringent ultimatum: they must update the quarterly progress reports for their projects by November 10 or face the cancellation of their registrations. These projects are distributed across key regions, with 104 located in the Mumbai Metropolitan Region (MMR), 63 in Pune, and 46 in Nashik. The genesis of these registration suspensions can be traced back to the failure of builders to submit Forms 1, 2, and 3 on the MahaRERA website.
These forms play a pivotal role in providing crucial insights into the status of each project. In response to the suspension, a portion of promoters, responsible for 72 projects, initiated corrective measures. They diligently updated their project information on the MahaRERA website and, in an act of compliance, paid fines amounting to Rs 50,000 per project. Notably, this group of projects spans various regions, including 27 located in the Pune district, 23 in the Konkan region, 14 in Nagpur, seven in Nashik, and two in Aurangabad. The meticulous verification of these updated forms is currently in progress.
However, a substantial number of promoters have yet to take corrective action, prompting MahaRERA to set a firm deadline of November 10 for compliance. To provide context, a total of 746 projects were registered in January of the current year, yet only three of these projects submitted their quarterly progress reports by April 20. As a result, MahaRERA issued two critical notices—a 15-day notice in May and a 45-day notice in July. During the notification periods, developers responsible for 380 projects heeded the call to action. They responded promptly and diligently updated their quarterly progress reports (QPR).
Regrettably, promoters of 363 projects failed to respond to the notices. Consequently, in the third week of September, MahaRERA suspended the registrations for these non-compliant projects. Subsequently, promoters of 72 of these projects took the necessary steps to rectify their progress reports and, in adherence to regulatory requirements, paid fines as stipulated. In the unfortunate event of registration cancellation, developers will be mandated to undergo a fresh registration process. This procedure includes a requisite fine of Rs. 50,000 per project to facilitate the reinstatement of registration.
MahaRERA's regulations, as embodied in their provisions, underscore the importance of transparency within the realm of ongoing real estate projects. These provisions mandate that builders provide comprehensive information pertaining to financial details, approvals, construction progress, and sales. This wealth of information is instrumental in empowering homebuyers to make informed investment decisions.
Furthermore, MahaRERA has demonstrated its commitment to transparency by introducing a QR-code-based mechanism that allows for easy access to portal information via mobile devices. In a significant step forward, starting in January, the Authority will undertake the task of rating housing projects based on a set of diverse criteria. This initiative aims to provide prospective homebuyers with invaluable guidance in identifying and investing in the highest-rated projects in the market.
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