Out of the 746 new housing projects registered with MahaRERA in January this year, 584 have been served notices for not submitting tri-monthly updates on project expenses, homebuyer payments, and a number of booked flats.
The notices sent by MahaRERA make up 78% of the total registered projects.
The 746 registered projects collectively have over 50,000 flats worth more than Rs 22,000 crore. To provide details about the project, promoters are required to submit Forms 1, 2, and 3 on the MahaRERA website. These forms include information on the booked flats, payments received from allottees, project expenses, and other relevant details.
As per MahaRERA officials, the aim is to provide easy access to fundamental project information for potential investors through digital means.
The promoters of the 746 projects were required to submit the initial quarterly report by April 20. Those who failed to provide the information have been granted a 15-day period to update the form. Additionally, promoters are expected to provide regular updates on the project on both a quarterly and annual basis, including any changes to the approved building plan and project status.
Since its establishment in May 2017, MahaRERA has been conducting reviews of registered projects and has sent show-cause notices to promoters of 19,500 projects for failing to update mandatory project information on its website. Out of those who received the notice, only around 3,500 promoters responded. As a result, MahaRERA had to issue a second notice to the promoters of 16,000 projects.
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