2000 Promoters of Real Estate Development Firms Receive Notices from MahaRera

Mumbai:

The MahaRera, which has begun a review of all projects filed since 2017, has written letters to 2,000 promoters for failing to update required project-related information on its website. Noncompliance with the regulatory body's instructions within one month will result in disciplinary action.

According to section 11 of the Real Estate (Regulation and Development) Act, the promoter is required to provide a variety of information, such as certifications from the engineer and the architect about the progress of the project, on its website for the benefit of home buyers.

70% of the money received from allottees must be deposited in a separate account at a scheduled bank to cover building and land costs. When withdrawing any funds from the separate account, certifications from the architect, engineer, and chartered accountant declaring that the withdrawal is proportional to the percentage of work performed must be submitted. The promoter must also post a quarterly inventory of the apartments and plots sold in the project to the website. In addition, the promoter is expected to submit statutory audit reports and update the registration-time formation every three months on the MahaRera website.

As part of its attempts to tighten its monitoring system, the MahaRera is assessing all projects registered with the authority since 2017 and has given letters to promoters who have not updated project-related information on the MahaRera website.

The total number of projects registered with MahaRera is 38,643, of which 9,999 have been completed. Within a month, the authorities will deliver notifications to a total of 18,000 projects. Officials from MahaRera noted that the majority of promoters had not updated their information after registration. Therefore, Maharera has begun issuing project promoters notifications.

Promoters have been notified for failing to update required project information on their website. Noncompliance with the regulatory body's instructions within one month will result in disciplinary action. Within a month, MahaRera will send notifications to a total of 18,000 projects.