MahaRERA Receives Positive Response to 10,773 Notices for Lapsed Projects
Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has received an encouraging response to the notices issued to developers of lapsed housing projects.
MahareraReal EstateHousing ProjectsShow Cause NoticesTransparencyReal Estate MumbaiJan 09, 2025
Out of the 10,773 lapsed projects that were served with show cause notices, 5,324 have replied with the necessary information.
This is a significant milestone in ensuring transparency and accountability in the real estate sector.
The housing regulator had issued show cause notices to developers who had failed to keep MahaRERA updated about their project statuses, despite the project completion deadlines having lapsed.
Developers were given a 30-day window to provide the required updates.
Of the 5,324 projects that responded, 3,517 have submitted their Occupancy Certificates, and 524 have applied for an extension of their project deadlines.
The responses from 1,283 projects are currently under review.
Action has already been initiated to keep the registration of 1,950 projects in abeyance, and their bank accounts have been frozen to restrict transactions.
For the remaining 3,499 projects that have not responded, a process has been initiated to take similar actions.
MahaRERA Chairman, Manoj Saunik, emphasized the importance of transparency and accountability in the real estate sector, stating, 'The primary objective of the Real Estate (Regulation and Development) Act, 2016 is to ensure transparency, accountability, and financial discipline to protect homebuyers’ interests.'
Developers are required to update their project statuses on MahaRERA’s website quarterly and annually to keep homebuyers informed.
However, compliance has been limited.
In January 2023, only 3 out of 748 projects had updated the required information.
After a series of follow-ups, there has been a significant improvement in the flow of information, as evident from the responses to the show cause notices of lapsed projects.
When registering a project with MahaRERA, developers must clearly mention the proposed completion date.
If the project is completed on time, they must submit Form 4 along with the Occupancy Certificate.
If not, they must apply for an extension.
If a project faces challenges, the developer must apply for de-registration.
Additionally, each project promoter must submit Quarterly Progress Reports (QPR) and annual progress reports on MahaRERA’s website within the specified time frame, along with the necessary supporting documents.
MahaRERA has decided to initiate strict action against non-compliant projects, including canceling or suspending their registrations, levying penalties, and instructing Joint District Registrars not to register the sale or purchase of any flats in such projects.
Bank accounts of defaulting projects have also been frozen to enforce compliance.
Frequently Asked Questions
What is MahaRERA?
MahaRERA stands for the Maharashtra Real Estate Regulatory Authority. It is the regulatory body responsible for ensuring transparency, accountability, and financial discipline in the real estate sector in Maharashtra.
How many lapsed housing projects were served with show cause notices by MahaRERA?
MahaRERA issued show cause notices to 10,773 lapsed housing projects.
What actions has MahaRERA taken against non-compliant projects?
MahaRERA has initiated actions such as keeping the registration of projects in abeyance, freezing bank accounts, and instructing Joint District Registrars not to register the sale or purchase of any flats in non-compliant projects.
What is the primary objective of the Real Estate (Regulation and Development) Act, 2016?
The primary objective of the Real Estate (Regulation and Development) Act, 2016 is to ensure transparency, accountability, and financial discipline in the real estate sector to protect homebuyers' interests.
What are developers required to do when registering a project with MahaRERA?
When registering a project with MahaRERA, developers must clearly mention the proposed completion date, submit periodic updates (quarterly and annually), and provide necessary documents such as the Occupancy Certificate or apply for an extension if needed.
Related News Articles
Current Gold Prices in Major Indian Cities: Latest Rates and Updates
Stay updated with the latest gold prices for 10 grams of 22-carat gold in major Indian cities across India.
Equinox India Developments Limited: The New Face of Indiabulls Real Estate
Listed real estate developer Indiabulls Real Estate Limited has undergone a transformation, changing its name to Equinox India Developments Limited with effect from June 20, 2024.
Real Estate Entrepreneur Kamlesh Kumar Jailed in Ranchi Amid Money Laundering Probe
The Enforcement Directorate (ED) has arrested Real Estate businessman Kamlesh Kumar in Ranchi under the Prevention of Money Laundering Act (PMLA).
Navneet Rana to Skip Maharashtra Assembly Polls, Eyes Rajya Sabha Seat
Navneet Rana, a prominent political figure in Maharashtra, has announced that he will not contest in the upcoming Maharashtra Assembly elections. Instead, he is setting his sights on a membership in the Rajya Sabha. This decision comes after a series of s
Micromitti to Launch SM-REITs: A New Era for Real Estate Investment in Central India
Micromitti, a leading PropTech firm in Central India, is set to introduce Real Estate Investment Trusts (REITs), AIF Category 2 Real Estate Funds, and Private Equity (PE) investments, providing high-return opportunities for individual investors.
Bhopal Sees Property Rates Soar by Up to 200% in 243 Locations
Property rates in Bhopal have increased by up to 200% in 243 locations, including prime areas like Arera Colony, 10 Number Market, and MP Nagar, sparking opposition from builders and developers.